LOS ANGELES, CA--(Marketwired - May 10, 2016) - GTX Corp (OTCBB: GTXO), an IoT platform in the personal location wearable and wandering assistive technology business, announced today signing a Letter of Intent with a binding lock-up with Inventergy Innovations, LLC ("Inventergy"), a subsidiary of Inventergy Global, Inc a Silicon Valley-based intellectual property company, led by IP industry veteran and former Hewlett-Packard executive, Joe Beyers. INVT is dedicated to identifying, acquiring and licensing the patented technologies of market-significant technology leaders and leverages decades of corporate experience, market and technology expertise, and industry connections to assist Fortune 500 companies in leveraging the value of their innovations to achieve greater returns on their IP portfolios.
Joe Beyers, Founder, Chairman and CEO of INVT stated, "We are excited about teaming up with GTX to monetize this valuable intellectual property. We believe that the GTX patents are applicable to remotely configurable tracking and location devices including smartphones and other GPS based products that are in use today and will be even more heavily deployed in the future as the wearable market grows. Collectively this represents a very sizable addressable market."
As part of a final agreement, Inventergy will be granted exclusive rights to license or sell the three GTX patents - US 8,154,401, US 8,760,286, and US 9,219,978, commonly referred to as the "Comm. Protocol" or "286" Family. Inventergy will be spearheading the monetization campaign, with a proposed revenue share on all future licensing royalties or possible sale of the portfolio. Inventergy will begin making initial payments to GTX upon closing and quarterly pre-payments starting in Q1 2017. Inventergy will also be financing and managing the ongoing maintenance of the Comm Protocol patents in collaboration with GTX and will continue to file ongoing claims, exploiting the open continuation status of the portfolio. GTX will provide assistance on the ongoing filings under a consulting agreement in which GTX in will be paid shares of INVT common stock.
Andrew Duncan, head of IP strategy and business development at GTX Corp said, "We believe that the Comm Protocol Family of patents are essential for any company actively involved in the U.S. with handheld devices and technologies that incorporate 2 way GPS tracking. In partnership with Inventergy, we are looking forward to building a successful licensing program around these patents and together continue to invest in and expand the reach of the portfolio."
As part of an overall comprehensive monetization and licensing strategy, GTX has also brought on Darius Sankey, PhD as a new advisor to help manage the different ongoing campaigns. Dr. Sankey is a general partner at Accelerate-IT Ventures, was a managing director at Ocean Tomo, and a seasoned executive in the ventures capital and technology industries.
Dr. Sankey will be an integral part of the GTX team as the Company continues to explore other licensing and business opportunities by leveraging its broad patent portfolio.
Dr. Sankey commented, "GTX Corp has one of the most strategic Patent portfolios I have seen in the intersection of wearable technologies and personal wireless location based services. Tremendous value can be generated from the partnership between INVT and GTX Corp and I'm excited to bring expertise to help unleash the full potential of the GTX portfolio."
Patrick Bertagna, GTX Corp Chairman and CEO concluded, "Being at the forefront of this industry we have been filing patents since 2002, including these communication protocols which we filed back in 2008 when Apple hadn't even launched its first iPhone yet. Today GPS is in millions of devices and has become ubiquitous. After months of due diligence in looking for the right strategic partner to help us maximize IP revenues and monetize this treasure trove of patents, we are very excited to have partnered with Inventergy and to have Dr. Sankey join our team. Our commitment to monetizing our IP and increasing our overall enterprise value is strong and we are making the pledge to our shareholders that we will properly manage and create value of our biggest asset, our intellectual property portfolio."
About Inventergy Global, Inc.
Inventergy Global, Inc. is a Silicon Valley-based intellectual property company dedicated to identifying, acquiring and licensing the patented technologies of market-significant technology leaders. Led by IP industry pioneer and veteran Joe Beyers, the Company leverages decades of corporate experience, market and technology expertise, and industry connections to assist Fortune 500 companies in leveraging the value of their innovations to achieve greater returns. For more information about Inventergy Global, visit www.inventergy.com.
About GTX Corp
GTX Corp (GTXO) is a pioneer in Smart, Mobile and Wearable GPS, cellular and BLE tracking and recovery technology. Empowering the global community and keeping you connected to who and what matters most with monitoring location based services. Headquartered in Los Angeles, California, with distributors in over 14 countries, GTX is known for its game-changing and award-winning patented GPS Smart Shoe, blockbuster Smartphone GPS Tracking App, and innovative GPS and BLE SmartSole. GTX provides solutions that answer the "where" question: where is my mother, child, employee, vehicle, drone and high value assets. Through a proprietary global enterprise IoT monitoring platform and licensing subscription business model, the Company offers a complete end to end solution of hardware, middleware, apps, connectivity and professional services. Letting you know where or how someone or something is at the touch of a button, delivering security and peace of mind in an instant. GTX Corp also owns and operates LOCiMOBILE, Inc which develops applications for smart phones and tablets and Code Amber Alertag. The Company has a comprehensive intellectual property strategy and owns an extensive portfolio of patents, patents pending, registered trademarks, copy rights and URL's and was featured in a 38 page research piece which outlines the value proposition of the Company's IP portfolio and more recently in the SeeThruEquity research report.
The patented GTX Corp wearable technology products and tracking devices, enable wearers to be monitored remotely, thereby helping to ensure their safety in case they wander or become lost due to cognitive disorders such as Alzheimer's, dementia, autism and TBI. For more information on the Company's flagship product the GPS SmartSole visit us:
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Forward Looking Statements
This news release contains forward-looking statements. The terms and phrases "expects," "would," "will," "believes," and similar terms and phrases are intended to identify these forward-looking statements. Forward-looking statements are based on estimates and assumptions made by GTX in light of its experience and its perception of current conditions and expected future developments, as well as other factors that GTX believes are appropriate in the circumstances. Many factors could cause GTX's actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements. Certain risk factors that may cause actual results to differ are set forth in GTX's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (which may be obtained at http://www.sec.gov). These factors should be considered carefully, and readers should not place undue reliance on GTX's forward-looking statements. GTX has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.