Location Based Technologies, Inc. (OTC: LBAS) designs and builds dedicated GPS products and services that are both affordable and easy to use. The company’s extensive product lines – which are marketed under the PocketFinder and LBT brands – feature submersible waterproof, virtually indestructible GPS devices that provide customers with easy to manage, customizable location information that can be accessed from almost anywhere and at any time.
In recent months, the company has refocused its resources in an effort to realize sustainable market growth. In particular, LBAS signed contracts with both a world-class distributor and key strategic retail outlets in order to expand its sales in both the United States and Mexico. The company recently announced the shipment of initial orders related to its agreement with a leading distributor in Mexico. These orders are expected to generate significant device and service revenue throughout the remainder of 2015.
Additionally, following the introduction of its 3G vehicle tracker devices, LBAS recently launched a new auto dealership reseller program in North America focused on increasing installations at the time of new and pre-owned vehicle sales. The company expects this program to significantly strengthen its commercial sales and augment its ongoing business sales.
“Each of our key initiatives for 2015 provides dynamic growth opportunities that will carry us to our ultimate achievement of profitability,” Dr. David M. Morse, chief executive officer of LBAS, stated in a news release.
In its fiscal quarter ending May 31, LBAS leveraged the marketability of its product lines to promote strong financial growth. The company’s net revenue for the quarter was just under $552,000, representing a 21 percent year-over-year increase. This performance was attributable to increased sales for the period, including a 28 percent increase in paid monthly users, as compared to the previous year.
LBAS is in a favorable position to build on its recent financial performance in the months to come. Look for the company to maximize its presence in both domestic and international markets in the future through continued focus on expanding upon its existing sales agreements and product lines.
For more information, visit www.pocketfinder.com or www.locationbasedtech.com
