Revenues increased 57%, net profit increased 139%, net losses decreased 28%, operating expenses decreased 11%
Los Angeles, CA -- (ReleaseWire) -- 04/04/2017 --GTX Corp (OTCMKTS:GTXO), a pioneer and IoT provider of personal location GPS, BLE, cellular and RFID, tracking and monitoring wearable technology and wandering assistive technology, announced today commentary on the Company's financial results and operational highlights for year-end December 31, 2016.
- Revenues increased 57%
- Net Profit increased 139%
- Operating expenses decreased 11%
- Net Losses decreased 28%
- Net Cash used decreased 45%
- Domestic Subscribers increased 385%
- International Subscribers increased 138%
- Cash on hand increased 1,113%
- Began IP monetization campaign
- Completed development of next generation SmartSole
- Signed research collaborative agreement with George Mason University (GMU)
- Added 3 international distribution partners
- Added 2 domestic distribution partners
- Shipped our first military test order
- Enterprise Magazine named GTX as one of 25 most empowering IoT companies of 2016
Management commentary: Patrick Bertagna, GTX Corp CEO.
As highlighted above, 2016 was a positive trending year, we increased revenues and margins, while decreasing our operating expenses, losses and net cashed used. We grew the business, edging closer towards cash flow positive, especially in Q4, while managing our spending and even lowering our overall operating expenses by 11%. Some of that margin growth came from increasing our domestic and international subscriber base, which is a key contributor to our recurring revenue cash flow, and from our new IP monetization revenue stream. We managed to remain on page one in a google organic search for GPS Wearable Technology, we added several more States in our reimbursement program, signed on several new distribution partners and we continued to receive media and industry acknowledgement. Compared to 2015 we made basic fundamental progress that we expect to continue in 2017. What's worth noting in 2016 was not our modest growth or prudent cash management, but the long term strategic alliances we forged with key partners such as Inventergy, Telefonica, George Mason University (GMU), Ingenu, Position Logic and RACO. These partnerships along with others that are currently being forged, are part of our overall growth strategy. Our partnership with Inventergy was a key strategic move for GTX, as that partnership gave us our first entre into IP monetization. Inventergy will also be assisting in filing ongoing claims on our 3 Comm Protocol patents, exploiting the open continuation status of that portfolio. This could be very significant in this vastly evolving connected world, and being able to keep the patents alive and add more claims while holding on to those early filing dates, some going back to 2008, before Apple even launched their first iPhone. Inventergy gave us our first infusion of IP monetization and we expect more in 2017 and well into the future, but GTX has dozens of other patents in the wearables and footwear category which we plan to monetize as well.
Partnering with Telefonica Deutschland, part of Telefonica SA group a Spanish multinational broadband and telecommunications provider which is one of the largest telephone operators and mobile network providers in the world, opens many opportunities for us, especially across Europe. GMU utilizing GTX technology and data in order to study wandering habits in elderly people with Alzheimer's and dementia, this could be a game changer for the millions of people afflicted.
Looking forward, our long term growth strategy will stay the course of selling more tracking and monitoring solutions to the "needs" market - seniors with dementia or Alzheimer's, children with autism, military, etc. Once we can scale and bring our pricing down, we will go after the wants market, which is for people who want to track and monitor their child or pet, or valuable asset, but don't have to because of a medical condition. As we expand into broader markets we plan to introduce new solutions, such as bio metrics that will not only tell us where some is, but also tell us how someone is doing. While we continue to grow our core business down these paths, we will also be pursuing a parallel path of IP licensing. Over the years, we made very significant investments in building our IP portfolio, it is not easy or cheap to file and maintain patents and some of that is reflected in the debt and dilution we took on over the years. Even though we are still unclear of what the true long term value of our IP is and will be, what is clear is the world has caught up to our inventions. The world is now more connected than ever and millions of those connections stem from IoT and wearables, with location being at the forefront of those connections. Growing our fundamentals is imperative, but we remain confident that the IP investments we made along with aligning ourselves with key strategic partners will be our best and fastest path to fully recognizing our true value. Of course, I want to thank our board and management team, vendors, partners, shareholders and all the stakeholders that have supported us and continue with us on our journey. As a for-profit with Purpose Company, all our relationships are important and integral to our growth. Thank you for your continued support.
About GTX Corp
GTX Corp (GTXO) is a pioneer in Smart, Mobile and Wearable GPS, cellular and BLE tracking and recovery location based services. Through its proprietary enterprise monitoring platform and licensing, subscription recurring revenue business model, GTX Corp offers a complete end-to-end solution of hardware, software and connectivity, backed by an extensive portfolio of patents, patents pending, registered trademarks, copy rights and URL's. Headquartered in Los Angeles, California, with distributors in over 14 countries, GTX is known for its game-changing patented GPS Smart Shoe, block buster Smartphone GPS Tracking App, and award winning, patented GPS and BLE SmartSole, the world's first, invisible wearable wander guard GPS tracking device, initially created for quick recovery of those at risk of wandering due to Alzheimer's, dementia, autism or traumatic brain injury. GTX provides solutions that answer the "where" question: where is my mother, child, employee, vehicle, drone and high-value assets. The Company doesn't just make and sell the best GPS tracking products, they deliver in over 35 countries, innovative, miniaturized, low power consumption wearable tech that provides safety, security and peace of mind at the touch of a button. We put the "Where" in Wearable Tech.
Track My Workforce | GTX Corp
Social media - #withyou #smartsole
General information, investor relations, wholesale licensing, consumer purchase:
Consumer Purchase of GPS SmartSoles
GTX Corp United Kingdom
In the UK, GTX Corp operates from its London office.
For more information, please contact:
Nelson Skip Riddle
Tel: +44 7785 364100
Disclaimer: GTX Corp does not warrant or represent that the unauthorized use of materials drawn from the content of this document will not infringe rights of third parties who are not owned or affiliated by GTX Corp. Further GTX Corp cannot be held responsible or liable for the unauthorized use of this document's content by third parties unknown to the company.
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, especially in reference to IP monetization and strategic partners. 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 at http://www.sec.gov). 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.