GTX Corp Signs
Letter of Intent with GPS Care Limited to Set Up Commercial Operations through
a Joint Venture in Honk Kong, Macau, Taiwan, and China
Los Angeles, July 11, 2012 – GTX
Corp (OTCBB: GTXO), a leader in
customizable, patented 2-way GPS solutions and GPS Care Limited, headquartered
in Honk Kong, recently signed a letter of intent to formulate a joint venture
to set up commercial operations to sell, distribute and support the entire GTX
Corp platform of GPS enabled hardware, software, connectivity and
monitoring services.
Under
the agreement GPS Care Limited will contribute $2 million in cash along with
human resources and local infrastructure. Whereas, GTX shall make non-cash asset contributions
including, licensing of Intellectual Property, technology, general know-how,
human capital, contracts, sales leads; as well as the rights to sales and
distribution of all GTX products and services including its flagship GPS Smart
Shoe and Smartphone Apps. Initially the operating regions shall be confined
exclusively to Hong Kong, Macau, Taiwan, and the People's Republic of China, however may expand to neighboring countries
such as the Philippines, Indonesia, Malaysia and Thailand upon further market analysis and final approval
by GTX Corp.
Upon completion
of funding GTX Corp and GPS Care Limited shall execute a definitive Joint
Venture Agreement facilitating the launch of the GPS Personal Tracking
technology owned by GTX Corp and its subsidiaries. GTX Corp will initially own
45% of the JV and have 2 out of the 5 board seats. It is the intention of both
parties that the agreement will be completed by or before September 30,
2012; however, the
parties may extend the execution date if they mutually see the need and agree
to do so.
GPS Care
Limited was founded by Dr. Wing Leung who received his Ph.D in Applied Physics
from Stanford University and served as the President of Gemstar
Technology, Inc. from 1996 to 1999. From 2000 onward he has been the President
of CNLink Networks, Inc. providing Internet services for International
Enterprises in China and is on the board of ANPAC Semiconductors
Limited, based in Hong Kong.
GTX
Corp had been exploring ways to penetrate the Asian markets for
several years and even signed a Platform Test Agreement last year with a local
footwear manufacturer, which after several months’ negotiations ended. “After exploring this very large
market with such tremendous potential for over a year, our board felt that
forming a joint venture rather than looking for a distributor, would give us
more input in the process and more equity in the outcome and this would be a
far more effective way to enter the Asian markets. Dr. Leung brings a core
understanding of the region and proven track record in building technology
companies and we look forward to working with him and his team,” stated Patrick
Bertagna, Chairman and CEO of GTX Corp.
About
GTX Corp (GTXO.OB) -
The 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 148 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 smart phones 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.
Online:
www.gtxcorp.com - www.facebook.com/gtxcorp - www.twitter.com/gtxcorp
Product and
licensing e mail - info@gtxcorp.com
Public
Relations contact Suzy Ginsburg (713) 721.4774 suzy@gcomworks.com
Investor
Relations ir@gtxcorp.com
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