Positions GTX Corp with a clean balance sheet going into 2015
LOS ANGELES, CALIFORNIA – JANUARY 15, 2015 – GTX Corp.(OTCBB: GTXO), a pioneer and global provider of personal location wearable technologies, is pleased to announce the retirement of all senior secured convertible promissory notes previously held by an institutional investor. The entire principal balance of all the senior secured convertible notes was converted into common stock or retired. In total, $716,000 of debt and liabilities were extinguished from the balance sheet.
In addition to the retirement of all the senior secured convertible notes, the Company completed a small, at market, bridge financing at an effective price of $.011 per share with several strategic investors in the amount of $167,500.
“The elimination of this convertible debt along with this bridge round, has strengthened our balance sheet and helped to finance some of the production for the recent consumer launch of our SmartSoles,” commented Patrick Bertagna, CEO of GTX Corp. “This is pivotal time for GTX. With the commencement of commercial shipments starting this month, having a balance sheet free of senior secured debt and floorless convertible notes provides us with a wide range of opportunities to react to product demand and grow our business. The small bridge round we initiated is an example of this, which provided us with the necessary working capital to manufacture our core suite of SmartSole products. I would like to thank our shareholders, both new and old, for supporting us during this time and enabling us to achieve our 2015 objectives.”
Mr. Bertagna continued, “We have been highly encouraged over the last several weeks with the roll out of our SmartSole products and how well the concept of using GPS to improve safetyhas been resonating. The interest level that continues to come to us organically is a clear sign of the need for our SmartSole wearable monitoring platform,designed to help people afflicted with cognitive memory disorders. As we continue to execute in 2015 with all three of our product categories – our embedded SmartSoles, standalone trackers and digital apps, we expect to announce an increase in revenues both from the products we are shipping this quarter and the recurring revenues from our growing subscriber base. With that performance, we intend to explore corporate market opportunities to further enhance shareholder value for all our constituents.”
GTX Corp (GTXO) is a pioneer in wearable technology and a leader in enterprise 2 way GPS real-time personal location based services. Founded in 2002, headquartered in Los Angeles, California, with distributors in Canada, Mexico, Switzerland, Italy, Australia and Nepal and known for its game-changing and award-winningpatented GPS Smart Shoe, its blockbuster Smartphone GPS Tracking App, and GPS SmartSole, GTX provides solutions that answer the "where is" question: where is my mother, child, pet, vehicle and high value assets.
Through a robust enterprise platform and licensing subscription business model the Company offers a complete end to end solution of location based 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.
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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.
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