Attached files
| file | filename |
|---|---|
| 8-K - GTX CORP | v166942_8k.htm |
| EX-10.2 - GTX CORP | v166942_ex10-2.htm |
| EX-10.1 - GTX CORP | v166942_ex10-1.htm |
Exhibit
99.1
GTX Corp Secures $10 Million
Financing Commitment from Institutional Investor
GTX
Corp to Receive $10 Million Expansion Capital
Los Angeles, CA (November 18,
2009) — GTX Corp (OTC BB:
GTXO, www.gtxcorp.com), a
leader in embedded GPS real-time personal location services (PLS), has entered
into an agreement with Dutchess Opportunity Fund, II, LP, who will purchase up
to $10 million of registered common stock from the Company through an equity
line facility.
“The
completion of this facility, with an established financing partner such as
Dutchess, is a clear indication of optimism returning to the capital markets and
provides resources GTX Corp may need to facilitate its business model,” said
Murray Williams, GTX Corp’s CFO. “After giving consideration to the operating
milestones planned for the next two years along with factoring in the
flexibility of the terms and relatively low cost of capital Dutchess provides
compared to others, we strongly believe this financing facility will be a
beneficial complement to GTX Corp’s ability to execute its business plan, and
will enhance its long-term stockholder value, while avoiding unnecessary
dilution.”
In
accordance with the terms of the agreement, Dutchess has committed to purchase
up to $10,000,000 of the Company’s common stock, which GTX Corp may draw at its
sole discretion over thirty-six months according to a pre-negotiated pricing
formula.” We believe that GTX Corp’s technology is extremely promising and we
are excited to be the financial partner for the next phase of their
development,” stated Douglas Leighton, a Dutchess Managing Partner.
Over
recent months the Company has secured new patents, new partnerships, development
contracts and licenses in multiple vertical markets both domestic and
international, with India, Asia
and Latin America on the
forefront. The GPS patented Aetrex Shoe for seniors afflicted with Alzheimer’s
is on track to soft launch in early 2010. LOCi people - finding GPS Apps have
been downloaded in 58 countries while usage continues to rise and revenue
channels (Licensing, Subscription, Devices, Apps, Advertising, Professional
Services, etc.) have expanded from four to eleven. With the $10 million equity
facility the Company is well positioned for the execution and expansion
projected through 2012.
About
GTX Corp
Founded
in 2002 and based in Los Angeles, California, the company has evolved from
its early beginnings of putting a micro GPS device in a shoe- the patented
smart shoe www.gpsshoe.com
and continues to pave the way with innovative geo specific and
proximity alerting applications that help you know where someone or
something is at the touch of a button. Committed to being the "better people
finder" GTX Corp also owns and operates LOCiMOBILE, Inc www.locimobile.com which develops
applications for smart phones and Code Amber News Service, www.codeamber.com which is
dedicated to the recovery of missing persons and is the leading US and Canadian
syndicator of online Amber Alerts. The Company is committed to a strong
intellectual property strategy and owns an extensive portfolio of patents,
patents pending, registered trade marks, copy rights and URL's. GTX Corp is well
positioned to capture the PLS Market through its diverse product platform,
licensing model, brand recognition and strategic partners.
About
Dutchess Capital
Dutchess
Capital is an investment manager which provides creative financing for
promising, growth-stage companies. Founded in 2000, funds managed by
Dutchess have made over $200 million in direct investments in companies which
span a wide array of industries including; Telecom, Wireless Communications,
Healthcare, Biotechnology, Healthcare, Internet, e-Commerce, Technology, Media,
Oil & Gas, Defense, Homeland Security, Financial Services, Entertainment,
Nuclear Sciences, Precious Metals, Manufacturing, Apparel, Textiles, Consumer
Products and Alternative Energy.
For
almost a decade Dutchess, has been a global leader in CSLoCs and has transacted
in excess of $1.4 billion in such financings. The CSLoC is a creative financing
structure by which publicly traded companies can raise capital quickly,
efficiently and with less dilution than most traditional offerings.
For more
information, please visit: www.dutchessopportunity.com
For
information regarding GTX Corp:
Ross
Silver
Investor
Relations
(213)
489.3019 ext 646
ir@gtxcorp.com
Joel
Margulies
Public
Relations
(310) 433
0299
jmargulies@gtxcorp.com
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.
Safe
Harbor Statement under the Private Securities Litigation Reform Act of
1995:
All
statements included or incorporated by reference in this release, other than
statements or characterizations of historical fact, are forward-looking
statements. These forward-looking statements are based on our current
expectations, estimates and projections about our industry and business,
management's beliefs and certain assumptions made by us, all of which are
subject to change.
Forward-looking
statements can often be identified by words such as "anticipates," "expects,"
"intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will,"
"should," "would," "could," "potential," "continue," "ongoing," similar
expressions and variations or negatives of these words. These forward-looking
statements are not guarantees of future results and are subject to risks,
uncertainties and assumptions that could cause our actual results to differ
materially and adversely from those expressed in any forward-looking
statement.
The
risks and uncertainties that could cause our results to differ materially from
those expressed or implied by such forward-looking statements include the
continued growth in demand for our products, the continued, and increased demand
for industry standards-based technology, our ability to react to trends and
challenges in our business and the markets in which we operate; our ability to
anticipate market needs or develop new or enhanced products to meet those needs;
the adoption rate of our products; our ability to establish and maintain
successful relationships with our OEM partners; our ability to compete in our
industry; fluctuations in demand, sales cycles and prices for our products and
services; our ability to protect our intellectual property rights; general
political, economic and market conditions and events; and other risks and
uncertainties described more fully in our documents filed with or furnished to
the Securities and Exchange Commission.