AVENTURA, FL--(Marketwired - March 09, 2016) - Orbital Tracking Corp. (TRKK) (the "Company"), a leading global provider of Mobile Satellite Solutions (MSS) for satellite based communications and asset tracking, including ground station construction, specialized engineering services and product design, announced today that it has developed its first global tracking product, a dual-mode asset tracker, which will be available in the marketplace later this year following final testing and receipt of necessary regulatory and compatibility certifications.
The Company's dual-mode asset tracker was designed to address the current technical and service cost challenges facing the global Asset Management Systems market, a market growing at a 20.5% compound annual growth rate and estimated to reach a value of $18.87 billion by 2020 according to research by Market and Markets. The first product designed and developed by the Company, the dual-mode tracker utilizes both cellular and satellite technology to provide truly global tracking, automatically switching between the cellular and satellite links making it an ideal solution for use in both populated and remote areas, including trans-oceanic routes. For commercial users in Transportation, Shipping, Logistics, Fleet Management and Construction, it features detailing reporting alerts, status and GPS location data allowing cargo and vehicles to be tracked nearly anywhere in the world while lowering operating costs by utilizing cellular when available and satellite in remote areas, optimizing roaming charges and delivering significant cost savings.
"We are extremely pleased with the progress we've made with our dual-mode tracker and look forward to bringing it to the market later this year," said David Phipps, Chief Executive Officer of Orbital Tracking Corp. "Built upon our global experience and expertise in MSS, we fully believe that this product will greatly benefit commercial and governmental customers by lowering costs and providing more reliable tracking capabilities. As global demand continues to grow for devices that can be used during emergencies anywhere in the world, we intend to continue being a pioneer and leader in the asset tracking market."
Orbital Tracking Corp. has been developing the dual-mode cellular-satellite tracker for more than a year and intends to apply for all required operating licenses and certifications. The dual mode tracker works in conjunction with Orbital Tracking Corp's brand mapping portal "orbitaltrack" in the U.S., and "gtctrack" for its UK and EU customers through its UK subsidiary, Global Telesat Communications. When launched later this year, the product will operate on the world's largest commercial satellite networks.
About Orbital Tracking Corp.
Orbital Tracking Corp. provides satellite based tracking, services as well as mobile voice and data communications services globally via satellite to the commercial and government users. Orbital specializes in services related to the Globalstar satellite constellation, including ground station construction, simplex tracking services and satellite telecommunications voice airtime. Orbital operates various e-commerce retail and tracking portals where users around the world can purchase satellite hardware and track assets in real-time on mobile devices or PCs. For more information regarding Orbital, please visit www.OrbitalTracking.com.
Certain statements in this release constitute forward-looking statements. These statements include the capabilities and success of the Company's business and any of its products, services or solutions. The words "believe," "forecast," "project," "intend," "expect," "plan," "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors, any of which could cause the Company to not achieve some or all of its goals or the Company's previously reported actual results, performance (finance or operating) to change or differ from future results, performance (financing and operating) or achievements, including those expressed or implied by such forward-looking statements. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the SEC, copies of which may be obtained from the SEC's website at www.sec.gov. The Company assumes no, and hereby disclaims any, obligation to update the forward-looking statements contained in this press release.