GTX Corp Secures $10 Million Financing Commitment from Institutional Investor
GTX Corp to Receive $10 Million Expansion Capital
Los Angeles, CA (November 18, 2009) — GTX Corp (OTC BB: GTXO, www.gtxcorp.com), a leader in embedded GPS real-time personal location services (PLS), has entered into an agreement with Dutchess Opportunity Fund, II, LP, who will purchase up to $10 million of registered common stock from the Company through an equity line facility.
“The completion of this facility, with an established financing partner such as Dutchess, is a clear indication of optimism returning to the capital markets and provides resources GTX Corp may need to facilitate its business model,” said
In accordance with the terms of the agreement, Dutchess has committed to purchase up to $10,000,000 of the Company’s common stock, which GTX Corp may draw at its sole discretion over thirty-six months according to a pre-negotiated pricing formula.” We believe that GTX Corp’s technology is extremely promising and we are excited to be the financial partner for the next phase of their development,” stated Douglas Leighton, a Dutchess Managing Partner.
Over recent months the Company has secured new patents, new partnerships, development contracts and licenses in multiple vertical markets both domestic and international, with India,
About GTX Corp
Founded in 2002 and based in Los Angeles, California, the company has evolved from its early beginnings of putting a micro GPS device in a shoe- the patented smart shoe www.gpsshoe.com and continues to pave the way with innovative geo specific and proximity alerting applications that help you know where someone or something is at the touch of a button. Committed to being the "better people finder" GTX Corp also owns and operates LOCiMOBILE, Inc www.locimobile.com which develops applications for smart phones and Code Amber News Service, www.codeamber.com which is dedicated to the recovery of missing persons and is the leading US and Canadian syndicator of online Amber Alerts. The Company is committed to a strong intellectual property strategy and owns an extensive portfolio of patents, patents pending, registered trade marks, copy rights and URL's. GTX Corp is well positioned to capture the PLS Market through its diverse product platform, licensing model, brand recognition and strategic partners.
About Dutchess Capital
Dutchess Capital is an investment manager which provides creative financing for promising, growth-stage companies. Founded in 2000, funds managed by Dutchess have made over $200 million in direct investments in companies which span a wide array of industries including; Telecom, Wireless Communications, Healthcare, Biotechnology, Healthcare, Internet, e-Commerce, Technology, Media, Oil & Gas, Defense, Homeland Security, Financial Services, Entertainment, Nuclear Sciences, Precious Metals, Manufacturing, Apparel, Textiles, Consumer Products and Alternative Energy.
For almost a decade Dutchess, has been a global leader in CSLoCs and has transacted in excess of $1.4 billion in such financings. The CSLoC is a creative financing structure by which publicly traded companies can raise capital quickly, efficiently and with less dilution than most traditional offerings.
For more information, please visit: www.dutchessopportunity.com
For information regarding GTX Corp:
(213) 489.3019 ext 646
(310) 433 0299
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All statements included or incorporated by reference in this release, other than statements or characterizations of
historical fact, are forward-looking statements. These forward-looking statements are based on our current
expectations, estimates and projections about our industry and business, management's beliefs and certain
assumptions made by us, all of which are subject to change.
Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans,"
"predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing,"
similar expressions and variations or negatives of these words. These forward-looking statements are not guarantees
of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ
materially and adversely from those expressed in any forward-looking statement.
The risks and uncertainties that could cause our results to differ materially from those expressed or implied by such
forward-looking statements include the continued growth in demand for our products, the continued, and increased
demand for industry standards-based technology, our ability to react to trends and challenges in our business and the
markets in which we operate; our ability to anticipate market needs or develop new or enhanced products to meet
those needs; the adoption rate of our products; our ability to establish and maintain successful relationships with our
OEM partners; our ability to compete in our industry; fluctuations in demand, sales cycles and prices for our products
and services; our ability to protect our intellectual property rights; general political, economic and market conditions
and events; and other risks and uncertainties described more fully in our documents filed with or furnished to the Securities and Exchange Commission.