LOS ANGELES, June 25, 2018 (GLOBE NEWSWIRE) -- GTX Corp (OTCBB: GTXO) (“the Company”), a pioneer in the field of wearable GPS human and asset tracking systems and wandering assistive technology, announced today it has filed for a reverse split as part of a strategic plan to up-list to the OTCQB Venture Exchange as well as realize a more attractive share price. GTXO is in final preparations to enact a reverse stock split that will bring the Company’s share price above $0.10, making GTXO eligible to up-list from the OTC Pink Marketplace to the OTCQB.
Patrick Bertagna, GTX Corp CEO, commented, “This is a long-term plan the Company’s board and management have been strategically working on over the past several months in order to make the public side of the business more reflective of the positive milestones and forward progress achieved in recent months, along with positioning the Company for the future. The Company has experienced an overall solid first quarter, with double-digit increases or decreases in all the major metrics - revenues were up, subscribers were up, margins and profits were up, while cost of operations, professional services, G&A and net losses decreased. GTX Corp also successfully completed the delivery of its first large-scale military contract. In addition to these achievements, the Company has also secured a strategic financial partner that has begun providing funding and will continue to provide the growth capital needed throughout 2018 and 2019 in order to support long-term success.”
As part of this restructure plan, GTX Corp engaged Weinberg & Company, a leading, international, full-service, multi-office CPA firm serving clients throughout the United States and the Pacific Rim, and the Company has also engaged NetworkNewsWire for its corporate communications.
As reported on its Form 8-K, the Company held a special meeting of its board of directors on June 14, 2018, at which meeting the board of directors, by an affirmative vote of the majority of the Company’s outstanding shares of capital stock, approved the amendment to the Company’s restated certificate of incorporation to effect the reverse stock split at a ratio of one-for-seventy-five shares (1:75).
The trading symbol for the common stock will remain “GTXO.” The new CUSIP number for the common stock following the reverse stock split will be 362408 205.
The Company is committed to transparency and plans to make several more announcements over the coming weeks outlining the development of this comprehensive strategic plan.
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 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.
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In the UK, GTX Corp operates from its London office. For more information, please contact: Nelson Skip Riddle
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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 SEC Website). 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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