· Commenced delivery on the GPS Shoe for Aetrex
· Continued International Expansion through Licensing to China, Australia and New Zealand
· Increased Portable GPS Device Sales
· Expands into Emerging Proximity Marketing Business by delivering real time daily promotions from over 100,000 Chamber of Commerce Businesses to 1 Million LOCiMOBILE users
· Decreased net loss by 25%
Revenue in the first quarter was 81% higher than the comparable prior-year period. The increase reflects growth in the Company's three subsidiaries, through multiple domestic and international channels and from both enterprise customers and consumers.
The decrease in net loss for the first quarter was due to overall cost cutting measures causing a decrease of approximately $161,000 or 25% in comparison to the comparable period in 2010.
Patrick Bertagna, CEO of GTX Corp, commented, "Our efforts to increase revenue and decrease net loss is evident with approximately $69,000 in revenues generated from the sale of LOCiMOBILE Apps, an additional $38,500 as a result of the Aetrex agreement and $5,000 from the Wuhan Test Agreement. The additional revenue increase was generated from device sales, software licensing, monthly monitoring subscriptions, advertising, Code Amber news feed subscriptions, sponsorships and Alertags.”
About GTX Corp (GTXO.OB) a leader in enterprise 2 way GPS real-time personal location services (PLS) was founded in 2002 and is based in Los Angeles, California with distributors in Mexico, Australia and Nepal and customers in 115 countries. GTX Corp utilizes the latest in miniaturized, low power consumption technology and offers a robust enterprise GPS and cellular location platform to track in real time the whereabouts of people, pets, vehicles and high valued assets. Answering the “where is” question through a licensing business model and providing a complete end to end solution of hardware, middleware, apps, connectivity and professional services, letting you know where someone or something is at the touch of a button. GTX Corp also owns and operates LOCiMOBILE, Inc which develops applications for smartphones and tablets, Code Amber News Service, and Code Amber Alertag. The Company has an aggressive intellectual property strategy and owns an extensive portfolio of patents, patents pending, registered trade marks, copy rights and URL's.
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