GPS-enabled technologies provide a host of benefits to both businesses and consumers. According to a study by Motorola (NYSE: MSI), businesses that implement GPS fleet tracking technologies report yearly fuel savings of more than $51,500. As a result, market demand for innovative GPS tracking devices has been on the rise in recent years. Location Based Technologies, Inc. (OTC PINK: LBAS) is addressing this demand by designing and manufacturing tracking devices to better manage people, vehicles and assets. The company’s product line includes an innovative selection of personnel tracking, vehicle tracking and asset tracking solutions.
LBAS currently markets its products under the PocketFinder and LBT brands. Through PocketFinder, the company markets a selection of consumer products specially designed to track and locate mobile assets, people, pets or other valuable items. Through LBT, LBAS markets tracking products targeted at commercial applications. The LBT Vehicle Tracker, for example, combines reliable tracking features with a host of additional capabilities – including temperature measurement, light and humidity monitoring, engine monitoring and starter interrupt engine capabilities – designed to improve the safety and cost-effectiveness of fleet operations.
In 2014, LBAS achieved several key milestones that demonstrated the viability of its business model. In addition to recording positive overall gross margins for the first time in its history, the company’s monthly service income exceeded $100,000 per month beginning in July 2014. This financial growth was a result of an increase in total paid monthly users, which exceeded 72,000 last year.
Throughout 2015, LBAS has turned its attention toward cutting costs and expanding its distribution capabilities. The company previously partnered with a world-class distributor and expanded relationships with key strategic retail outlets in Mexico in pursuit of this goal. Additionally, LBAS outlined a major initiative focused on partnering with auto dealerships in the U.S. that’s expected to provide a boost to financial results.
In its most recent quarterly report, LBAS identified the introduction of a new 3G wearable device and a more complete solution for the pet markets as key initiatives moving forward. As the company continues to focus on research and development efforts, rising demand for location-based products should support an opportunity for financial growth in the future.
For more information, visit www.pocketfinder.com or www.locationbasedtech.com
