GPS technology-focused holding company GTX Corp (OTC: GTXOD) this morning announced the completion of several corporate initiatives, including its securement of a million dollar round of financing at a 10x valuation of its current trading price. Per the update, the company has already received its first tranche and will draw down additional tranches over the next 12 months. “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,” Patrick Bertagna, CEO of GTX Corp, stated in the news release. GTX Corp intends to use the financing to help position the company for growth, support corporate initiatives and pay down some debt. This update comes on the heels of GTX Corp’s successful completion of a reverse split in preparation for a proposed uplisting to the OTCQB Venture Market. As a result, the company’s shares will trade under the ticker symbol ‘GTXOD’ for the next 15 days before reverting to ‘GTXO’ once all trading platforms have been updated.
To view the full press release, visit http://nnw.fm/tOKV6
About GTX Corp
GTX Corp (GTXOD) 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 patented GPS SmartSole® — 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 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. For more information, visit the company’s website at www.GTXCorp.com
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