LOS ANGELES, CA--(MARKET WIRE)--Jan 9, 2009 -- GTX Corp (OTC BB:GTXO.OB - News), a leader in the 2-Way GPS/PLS marketplace, is pleased to announce its state of the union as it commences the new year with an increase in its IP portfolio, a consumer-ready mobile product, and the acquisition of a new company dedicated to locating missing persons across the country.
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GTX Corp was awarded US Patent No. 7,474,206 B2 entitled "Footwear with Embedded Tracking Device and Method of Manufacture." The company continues to pursue licensing opportunities with footwear brands for its embedded 2-Way GPS/PLS platform. This significant patent addition adds to the increasing portfolio of intellectual property specifically designed for use in the footwear category. GTX Corp believes footwear is the best consumer product to house its miniaturized GPS module to monitor children and seniors.
To capture market share for those not included in the children or senior segments, GTX Corp plans to release consumer product LOCime, a mobile tracking application that turns the latest iPhone into a tracking device capable of using the GTX Corp platform. LOCime version 1.2 will be distributed through the Apple App Store (pending the App Store certification). Currently LOCime versions 1.0 and 1.1 are available through the company. Version 1.2 will be the first national commercial release of LOCime followed by versions 2.0, 2.1, and 2.2 in Q1 and Q2.
In an ongoing effort to locate missing persons, GTX Corp entered into an Asset Purchase Agreement with BigHits.Com, Inc. on Dec. 24, 2008. GTX Corp purchased certain assets of BigHits to operate the business of Code Amber News Service (CANS), the predominant online news publisher of local, state and national missing person's alerts. CANS' websites include www.codeamber.com, www.codeamber.org, and www.codeamber.net. In addition, GTX Corp retained the services of Code Amber's management team, Bryant Harper (President) and Linda Spagnoli (Director of Communications), pursuant to consulting agreements.
Many companies have been impacted by the current economic climate and face significant near-term challenges. The company's cash position gives us the ability to help weather this storm. Management is making adjustments to preserve its cash position while the economy works to overcome the temporary setbacks caused by the collapse of the global financial markets, such as reducing management's cash compensation.
True to its seven year history, GTX Corp is committed to providing innovative technology platforms that locate people in real-time and continues to invest in its future for the benefit of its shareholders, employees, customers and the communities it serves.
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