GTX Corp Closes Million Dollar Institutional Financing at Premium to Market
LOS ANGELES, July 16, 2018 (GLOBE NEWSWIRE) -- (OTCBB:GTXO) , a pioneer in the field of wearable GPS human and asset tracking systems and wandering assistive technology, is pleased to announce the completion of several corporate initiatives including securing a million dollar round of financing at a 10x valuation of current trading price. The Company has already received its first tranche and will draw down additional tranches over the next 12 months. The financing will help position the Company for growth, support upcoming corporate initiatives and pay down some debt.
GTX Corp has also successfully completed a reverse split and is in the process of up-listing to the OTCQB Venture Exchange. Over the next 15 days GTXO will trade under the ticker symbol GTXOD and then will revert back to GTXO once all the trading platforms have been updated.
“We are thrilled to announce securing a new strategic partner that recognizes the true value of GTX Corp and is providing capital at a premium to market, along with business and corporate development services,” commented Patrick Bertagna, GTX Corp CEO. The reverse, up list and financing constituents a turning point and a milestone event for all of GTX Corp’s stakeholders.
This financing will provide the critical resources needed to scale and build out the business, Bertagna said. With the wearable technology and IoT industry growing rapidly, the infusion of resources comes at the perfect time and will allow the Company to focus solely on growth and execution, he concluded.
GTX Corp (GTXO) is a pioneer in smart, mobile and wearable GPS tracking and recovery location-based products, supported through a proprietary IoT enterprise monitoring platform. GTX offers a global end-to-end solution of hardware, software and connectivity. GTX Corp develops two-way GPS tracking technologies, which seamlessly integrate with consumer products and enterprise applications. GTX Corp utilizes the latest in miniaturized, low-power-consumption GPS, cellular, RF and BLE technology, enabling subscribers to track in real time the whereabouts of people or high-value assets through a complete –end-to-end, customizable transceiver module, wireless connectivity gateway, smart phone apps, middleware and IoT portal. Headquartered in Los Angeles, California, GTX is known for its game-changing and award-winning –think Dr. Scholl’s meets LoJack – the world’s first invisible, wearable technology tracking device created for those at risk of wandering due to Alzheimer’s, dementia, autism and traumatic brain injury. GTX Corp’s business model is built around technology innovation, and the Company holds over 85 patents, with many issued patents in the area of GPS tracking. The company has international distributors servicing customers in over 35 countries and is a U.S. military government contractor. Other customers include public health authorities and municipalities, emergency and law enforcement, NGOs, private companies, public and private senior care homes, and consumers.
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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 on the ). 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.
