- Patrick Bertagna, CEO of GTX Corp, says the new financing will be used to position the company for future growth, execute initiatives and pay down some debt
- The financing is secured at a 10x valuation of current trading price; the company has already received its first tranche and plans to draw down additional tranches over the next 12 months
- GTXO Corp is a pioneer in wearable GPS human and asset tracking systems; it recently debuted new GPS trackers for children, the patented GPS SmartSole size small, and the Invisabelt
GTX Corp (OTC: GTXOD) terms a confluence of financial events, including its proposed uplisting, reverse split and $1 million in premium-to-market financing from a new strategic partner, as a turning point and milestone for the company’s stakeholders (http://ibn.fm/OVgna).
The reverse split of the stock was approved and made effective by FINRA in early July. Temporarily, the company’s trading ticker symbol will be ‘GTXOD’, but in the near future, after all trading platforms have been updated, the company’s ticker symbol will return to ‘GTXO’. GTX Corp is also in the process of uplisting to the OTCQB Venture Exchange (http://ibn.fm/8ENle).
“We are thrilled to announce securing a new strategic partner that recognizes the true value of GTX Corp and is providing capital at a premium to market, along with business and corporate development services,” Patrick Bertagna, GTX Corp CEO, stated in a news release.
Los Angeles, California-based GTXOD develops and markets two-way GPS tracking technologies for real time tracking and monitoring of people or high value assets through a wireless gateway, transceiver module, smartphone app and IoT portal. GTXOD’s tracking devices and services are offered in a global market, providing smart and wearable GPS tracking products across 35 countries.
These products can also be used to identify the location of wanderers — the elderly, people with Alzheimer’s, dementia patients and those with traumatic brain injury. Now, that technology can be used for children, as well. GTX Corp has released two new GPS products to safeguard the location of kids. They are the patented SmartSole® size small and the GPS Invisabelt for toddlers and kids. The Invisabelt is offered in two waist sizes, S/M and M/L, and it is available in sport grey and heather pink (http://ibn.fm/3qfde). The company said that the products sold out within days of their introduction to the market.
For more information, visit the company’s website at www.GTXCorp.com
