​GTX Corp Awarded New US Air Force Contract and Expands Product Reach in Security and Alzheimer’s Settings

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The US military has the highest expenditure of any such group in the world, spending $610 billion—35% of global military expenditure—last year, according to a May 2018 report from the Stockholm International Peace Research Institute (SIPRI). Keeping track of the assets purchased as they are deployed around the world is an enormous challenge, and one for which evidence suggests that help is significantly needed. A 2014 report from ABC News highlighted an audit by the Department of Defense’s Inspector General, which discovered that 15,600 pieces of equipment valued at $419.5 million went missing in Afghanistan in 2013. Over $1 billion of US weapons and equipment went missing in Kuwait according to a 2017 report in Newsweek.

GTX Corp GTXO—whose flagship GPS SmartSole product helps people to accurately and discreetly track those in their care who may wander due to Alzheimer’s disease and other dementias, autism and other disabilities—just achieved another significant milestone with the awarding of a new contract from the US military for additional units of the company’s Personnel, Equipment Tracking System (P.E.T.S.).

The US Military Provides Further Validation for GTX Corp’s Technology

Edwards Air Force Base—home to the US Air Force Test Center and US Air Force Materiel Command—first contracted with GTX Corp a year ago for the P.E.T.S. platform, which enable large-scale GPS monitoring of both human and non-human assets in remote areas with poor cellular coverage. This second order from Edwards AFB, under which GTX Corp will provide the manufacturing, installation and ongoing maintenance of the P.E.T.S. platform, provides further validation for the operational success of GTX Corp’s tracking technology in a real-world, military setting.

The deployed units transmit encrypted latitude and longitude every second through lightweight (less than eight ounces) GPS transmitters, which are about the size of a garage door opener and are enclosed in military-grade, water-resistant encasements designed specifically for the Air Force’s use. The system also consists of repeaters, with extended batteries and solar panels to achieve months of useful battery life, which are strategically installed throughout the base, and base station receivers that collect the encrypted data for display and tracking.

“It is a true honor to support our military and to be entrusted with developing GPS technology solutions that, at their core, are designed to help save lives,” said Patrick Bertagna, GTX Corp CEO. “Edwards AFB conducts live ammunitions testing; hence, knowing where every person and asset are on the base in real time is of vital importance.”

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GTX Corp Distributor Wins Two-Year Contract in Norway for Wearable GPS Tracking Devices

Most recently, Safecall Denmark, GTX Corp’s Scandinavian distributor of GPS tracking devices, was awarded a two-year contract by the municipality of Oslo, Norway, to supply wearable GPS devices supported by a 24/7 cloud service center to assist in remote monitoring and track those with cognitive disabilities. Oslo is by far the largest municipality in Norway with over 670,000 people and is the economic center of the country. The municipality has identified two target groups to receive the fully subsidized solution—elderly people with dementia and cognitive impairment who still live independently, and children or adolescents with disabilities—and a dozen other municipalities are evaluating GTX Corp’s technology.

GTX Corp’s GPS SmartSole solution is one of three devices chosen by Oslo after a two-year study by the municipality in conjunction with SINTEF, one of Europe’s largest independent research organizations. The study concluded that the absence of GPS technology would significantly diminish quality of life for senior citizens and may hasten admission to nursing homes, thereby increasing the burden on a government that subsidizes healthcare expenditures. Children or adolescents with autism or functional impairments were found to have increased self-esteem and enjoyment in leisure activities, contributing to a higher quality of life.

“We are delighted that SafeCall has been awarded one of the biggest contracts in Norway to assist those with cognitive impairment or disabilities”, said Tommy Rasmussen, founder and owner of Safecall Denmark. “Our ability to provide Norwegian municipalities a comprehensive, easy to use and cost saving solution of a wearable GPS tracking device like the patented GPS SmartSole and our intuitive cloud services, enabled us to secure this contract.”

GTX Continues to Expand its Product Reach During a Productive Summer

The available markets that are available to GTX Corp and its GPS tracking technology continue to grow in scope. In August 2018, the company signed a distribution and collaboration agreement with Kiernan Group Holdings, an intelligence, law enforcement and national security consulting, training and risk services firm providing tailored solutions to complex security challenges. Kiernan Group has partnerships with the Department of Homeland Security, the Department of Defense and the International Association of Chiefs of Police. As part of this agreement, GTX and KGH will resell, cross-promote and collaborate on projects that fit their mutual core competencies with the goal of making the world a safer place.

Additionally, Kiernan Group founder and CEO Kathleen Kiernan, Ed.D., will join GTX Corp’s advisory board. Dr. Kiernan is Chair Emeritus of InfraGard National Members Alliance and adjunct faculty member at Johns Hopkins University and Naval Post Graduate School. “We thrive in the process of discovering new suites of solutions and fielding capabilities to the marketspace which may not have been envisioned when the technology was initially developed,” said Dr. Kiernan. “GTX Corp represents exactly that dynamic. It brings integrated solutions to those who need them the most, including our injured veterans and other vulnerable members of society. The convergence of technology expertise with practitioner knowledge is an unbeatable combination.”

George Mason University Chooses GTX Corp’s Tracking Technology for Alzheimer’s Wandering Prediction Technology

Funded by a grant from the Alzheimer’s & Related Diseases Research Award Fund to continue its machine learning wandering prediction research, George Mason University, the largest public research university in Virginia, selected GTX Corp’s flagship GPS SmartSole and tracking technology platform in August 2018 to conduct the study and continued research. This is the first study to link movement patterns to the progression of Alzheimer’s disease.

The study is funded for one year, but GTX Corp will continue with participants as long as possible to collect longitudinal data and, if needed, will replace the SmartSoles over a period of two to three years. The new study is focused on collecting initial tracking data for people with Alzheimer’s using GPS trackers, along with their medical history and sociodemographic data, to determine the feasibility of discovering patterns of movement. George Mason will purchase the GPS SmartSoles from GTX Corp, which provide the monitoring services.

In addition to having the participants wear the GPS SmartSoles, Janusz Wojtusiak, Ph.D., Associate Professor of Health Informatics and Director of the Machine Learning and Inference Laboratory at George Mason’s College of Health and Human Services, plans to integrate his system with the GTX platform utilizing the displayed maps highlighting areas in which the models predict a person to be.

“The future of patient monitoring is in advanced technologies, such as GTX’s SmartSole, aided by Artificial Intelligence and prediction,” said Dr. Wojtusiak. “By combining these two technologies, we can achieve what has not been possible before. The new study is getting us one step closer to safe care for people with Alzheimer’s and understanding how wandering patterns relate to progression of the disease.”

The research will be made available to GTX Corp, which will consider deploying the prediction algorithms into its backend monitoring platform, adding another layer of technology and overall value to the company’s proprietary GPS tracking platform and monitoring services. “Professor Wojtusiak’s team is doing a fantastic job combining advanced machine learning methods with our wander assistive GPS wearable technology,” said Andrew Duncan, GTX Corp director of business development. “This research, combined with AI, could play a major role in finding solutions to complex problems derived from Alzheimer’s, dementia and autism.”

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Partnership with Autism Society of America

According to an April 2018 report from the U.S. Centers for Disease Control and Prevention (CDC), about 1 in 59 children in the US have been identified as having autism. This latest estimate, an increase from a 2016 estimate of 1 in 68 children, is drawn from theCDC’s Autism and Developmental Disabilities Monitoring (ADDM) Network, the largest program to monitor autism and the only autism tracking system that examines health and education records. ADDM provides estimates of the prevalence and characteristics of autism spectrum disorder among more than 300,000 8-year-old children.

Studies have shown that 50% of children diagnosed with autism tend to wander or bolt from safe settings. Over one-third of these children have limited or no communication skills, hampering their ability to tell someone their name, address or phone number. Earlier in August 2018, GTX Corp announced a collaboration and support agreement with Autism Society of America, the country’s leading grassroots autism organization which has been improving the lives of all affected by autism for over 50 years.

As part of this alliance, every customer referred by the Autism Society to GTX Corp will receive a $25.00 discount on any purchase of a GTX Corp tracking solution. Additionally, GTX will also donate $25.00 to the Autism Society for every purchase made.

“We are excited to partner with GTX Corp and begin providing the thousands of families we work with, easy to use technical solutions for those who wander,” said Scott Badesch, President and CEO of Autism Society of America. “GTX Corp is a leader in helping parents and individuals maximize their safety in their homes and community. This partnership will help address the growing serious safety concerns of many families and individuals we serve.”

GPS SmartSoles May Soon be Available in the UK

According to multiple reports in the British news in June 2018, the National Health Service (NHS) is testing GTX Corp’s flagship GPS SmartSoles in Dorset, England, to assess their ability to keep track of dementia patients. “The use of GPS tracking for people with dementia can provide reassurance and even save lives,” said Sally Copley, director of policy, campaigns and partnerships with the Alzheimer’s Society to The Sun. In the same article, Tony Young, a national clinical director of NHS England, said, “GPS smart slippers help keep patients with dementia safe and give families peace of mind.” The number of people suffering from dementia in the UK is fast approaching one million.

Institutional Equity Financing Completed and Uplist Pending to OTCQB Venture Exchange

In July 2018, GTX Corp announced a $1 million round of financing at a 10x valuation trading price. The company has already received its first tranche and will draw down additional tranches of funding 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 also completed a reverse stock split in July as part of its comprehensive strategic plan to make the public side of our business more reflective of the company’s true value. Plans are underway to prepare for an uplisting to the OTCQB Venture Exchange, which will improve visibility, trading and ease of communicating with investors.

Subscriber and Revenue Growth in Q2

GTX Corp achieved notable operational progress in the second quarter of 2018 with single- or double-digit improvements in all major metrics over the comparable 2017 period. We note with particular interest the growth in subscribers and subscriber revenue, which indicates the company has been successful in adding higher-paying customers.

  • Overall revenue increased 7%
  • Subscriber revenue increased 108%
  • Total subscribers increased 52%
  • Cost of goods sold decreased 29%
  • Net profit increased 34%
  • Gross margin, excluding intellectual property, increased 66%

2018 has proven to be a watershed year for GTX Corp with demonstrable progress across product lines and end markets. We are particularly encouraged by the US Air Force’s decision to place a second order for the company’s P.E.T.S. system, keeping GTX Corp in position to make a meaningful impact on tracking valuable assets and conserving more of the hundreds of billions of dollars in expenditures by the US military. Bertagna asserted that “We are deeply committed to pursuing and growing this channel of government business and are currently in discussion with several other agencies.”

Update: The article has been updated to include the news that GTX Corp's distributor SafeCall being awarded a two year contract to supply the municipality of Oslo, Norway.

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