In The Boardroom With...
Mr. Patrick Bertagna
CEO, Founder, Chairman
Updated January 27, 2017
GTX 3Q 2016 Results: revenue up 99%, delivered first military test order, expanded distribution into Mexico
Patrick Bertagna, GTX Corp CEO, stated, “This was our 3rd quarter in a row with double digit revenue increases and a 99% increase over the same period last year. We are holding a steady positive trend of higher revenues, new revenues, higher margins, lower expenses and lower losses for both the 3 month and 9 month ending period 2016. The wearable technology industry is expected to see another big forecast jump to an estimated $25 billion by 2019 and is showing no signs of slowing down, which is very good news for GTX stake holders. Our early entry into this industry with patent filing dates going back to 2002, our brand recognition, industry knowledge and staying power is opening up incredible new opportunities for us. Limited capital is still a challenge for us to grow quickly, but we are growing and remain as committed and passionate as ever. Additionally management has elected to transfer accrued salaries into long-term convertible promissory notes, due onDecember 31, 2018. The total amount of salaries converted was $318,671, bringing down our outstanding accounts payable by 44%. Management will have the ability to convert up to 50% of their note into equity which is currently set at a fixed above market price, reflecting the continued long term commitment by senior management.”
• Revenue increased 99% over 2015 comparable period
• Subscriber revenue increased 139% over 2015 comparable period
• Gross profit margin increased from 24% to 65% over 2015 comparable period
• Operating expenses decreased 17% over 2015 comparable period
• Net operating losses decreased 34% over 2015 comparable period
• Delivered our first military test order
• Expanded distribution into Mexico
For more information: http://gtxcorp.com/press/
Updated November 9, 2016
KORE Position Logic Powers GPS SmartSole Soultion for Patients and Cargivers
KORE, the people powering IoT innovations and opportunities, today announced that the company will integrate GTX Corp’s (OTCBB: GTXO), GPS SmartSole® into the Position Logic platform. Additionally, Position Logic will be a distributor of GPS SmartSoles in North America.
GPS SmartSole combines a miniaturized GPS device and cellular communicator to send coordinates of loved ones suffering from Alzheimer’s, dementia, autism or any other cognitive memory disorder to their caregivers. GPS SmartSoles look and feel like regular insoles, and allow the wearer to be free from the stigma of visible bracelets, pedants and other traditional tracking devices. GPS SmartSole technology is integrated with a mobile app that allows caregivers to track their loved ones in seconds, lessening their worry and anxiety about wandering.
Per the agreement, Position Logic customers will now be able to purchase GPS SmartSoles as a hardware on the Postion Logic platform and then offer it to end-users in the personal tracking space.
“Currently there are 100 million people worldwide who are part of this at risk wandering group, including patients with Alzheimer’s, dementia, autism and traumatic brain injury, and that number is expected to reach 277 million by 2050. We’re happy to be working with Position Logic on this integration/distribution agreement and are eager to see the results we know they can drive in North America to help this population,” said Tom Adams, VP Sales Strategy.
“Position Logic is constantly seeking new innovative ways to support and deliver greater value to our service providers. With the integration of the SmartSole device in our device library; our service providers can differentiate themselves and offer additional personal monitoring and tracking services. The SmartSole hardware unique form factor presents several advantages especially around people prone to wandering or getting lost,” said Felix Lluberes, executive vice president, advanced applications, KORE.
GPS SmartSole Media Campaign Launched in the United Kingdom
LOS ANGELES, CALIFORNIA –November 1, 2016 – GTX Corp (OTCBB: GTXO), an IoT platform in the personal location GPS wearable and wandering assistive technology business, announced Unforgettable.org has launched an advertising campaign on radio, the SAGA Magazine and social media, designed to help create awareness for those who care for their loved ones suffering from dementia. The campaign provides heart-felt stories together with information, products and services of use to dementia sufferers and their care-givers, and features the GPS SmartSoles that provide a discreet, reliable solution for those who “wander”.
“We were thrilled to launch our first radio advertising campaign for Unforgettable on Smooth Radio London”, said James Ashwell, Unforgettable’s founder. The voiceover artist, actress Paula Wilcox, has her own personal link to dementia which I think really comes across. You can read about this and hear the ads on our website.”
Click here to read Paula’s story - https://www.unforgettable.org/blog/paulas-story-mum-was-so-blessed-to-have-dad-there/ or here for the radio commercial on the GPS SmartSoles - https://soundcloud.com/user-486166891/unforgettable-radio-ad-gps-smart-soles.
Updated October 13, 2016
Existing GTX Corp Distributor of GPS SmartSoles for Denmark Expands Into Norway
GTX Corp ( OTC PINK : GTXO ), an IoT platform in the personal location GPS wearable and wandering assistive technology business, announced existing Denmark distributor Safecall expanded their operations into Norway and signed an exclusive distribution agreement for both countries. Safecall first launched the GPS SmartSoles in Denmark last October. Due to an increase in product demand and the recent Dementia Plan 2020 announcement by the Norwegian government, it has expanded distribution into Norway and locked up exclusive rights. Safecall has already placed a blanket order of GPS SmartSoles for the remaining of the year for both Denmark and Norway and will be submitting another order to cover the first half of 2017 by end of next month.
Updated September 14, 2016
GTX Corp Expands Distribution in Mexico
"Mexico is an important, sizable and strategic market for GTX. As a neighboring country with a total population of over 122 million and a growing middle class representing 47% of total households, it not only represents a market size close to 40% of the U.S. but also a strategic entre into Latin America," stated Andrew Duncan, director of business development for GTX Corp. "We are pleased to add C&R to our growing list of international partners and look forward to meeting with Claudio this week in our office to discuss our product rollout and strategic initiatives for the rest of the year."
With an estimated 1 million Americans currently living in Mexico, the country is also seeing a growing number of U.S. retirees, attracted by better weather, similar to Florida, Arizona and California, which benefit from a more relaxed lifestyle, affordable quality health care and an overall much lower cost of housing and living.
Claudio Quinzanos, C&R Care Solutions CEO, stated, "We are excited to be offering the GPS SmartSole as well as other smart and useful GPS solutions from GTX Corp, to caregivers in the senior assistance market for those suffering from Alzheimer's and dementia, as well as the security market to help prevent criminal acts such as kidnappings. We are convinced that this discreet, accurate, wearable tracking technology is the best solution to fulfill our customers' needs and makes for a better and safer society in Mexico and all over the world."
Updated August 16, 2016
GTX revenue up, units now in 35 countries
Updated July 13, 2016
GTX Corp and RACO Industries Sign Distribution Agreement to Sell SmartSoles
Updated July 6, 2016
GTX Corp Signs Definitive Patent Agreement With Inventergy and Receives First Payment
Updated June 29, 2016
GTX Corp Signs Research Collaboration Agreement With George Mason University's College of Health and Human Services
Updated June 17, 2016
SecuritySolutionsWatch.com: Patrick, thank you for joining us again today. Please update us on the latest developments at GTX and in the GPS SmartSole market as a whole.
Patrick Bertagna: “We are seeing a noticeable uptick in activity and sales over the past few months. We have recently added several new distributors both domestic and international and in negotiations with several more which we expect to close in the next 15-45 days, we signed a significant IP licensing agreement with Inventergy (INVT) which we will start seeing revenues from licensing fees come in beginning this month. George Mason University has begun a clinical trial on studying wandering patterns with Alzheimer’s and dementia patience and they will be utilizing our tracking and monitoring technology, we were just listed in the 2016 technology edition in Enterprise Magazine - 25 Most Empowering IoT companies, we are currently testing and developing new technology with the military in both the U.S. and UK. And as a one off but very telling about our space, Lenovo announced this week they are launching a connected sneaker. As you know we have been a pioneer in the wearable tech industry, we launched the world’s first Smart Shoe 5 years ago and last year we launched the world’s first Smart Insole, so we have a lot of heritage, experience and intellectual property wrapped around footwear and electronics. It’s very exciting to see larger companies enter this space and validate what we have been doing at GTX for many years.”
Updated June 9, 2016
Updated May 17, 2016
Updated April 22, 2016
SmartSoles address the “needs” market, which comprises of persons with Alzheimer’s, autism, dementia, and traumatic brain injury, all of which have high tendencies to wander
Updated April 11, 2016
Patrick Bertagna: I have spent the past 35 plus years building consumer product and technology companies and GTX is the perfect mix of both, being it’s a “wearable tech” company. We were certainly one of the pioneers in the wearable tech industry and my back ground of design, manufacturing and sales of consumer products combined with my tech and intellectual property background, having founded 2 software companies, enabled me to bring those skill sets together under one roof at GTX. Prior to GTX I had founded 6 other companies.
SecuritySolutionsWatch.com: One will read on GTXcorp.com that, GTX Corp (GTXO) is a pioneer in Smart, Mobile and Wearable GPS, cellular and BLE tracking and recovery technology. Empowering the global community and keeping you connected to who and what matters most with GPS, cellular, BLE tracking and recovery location based services. Headquartered in Los Angeles, California, with distributors in over 14 countries, GTX is known for its game-changing and award-winning patented GPS Smart Shoe, blockbuster Smartphone GPS Tracking App, and innovative GPS and BLE SmartSole. Please give us an overview of the SmartSole and your other GPS solutions.
Patrick Bertagna: The SmartSole is our flagship product, think Dr. Scholl’s meets LoJack. We make a miniaturized GPS and Cellular module and embed it inside an orthotic insole. The application is for people who have a memory disorder and have a tendency to wander, anyone with Alzheimer’s, dementia, autism, traumatic brain injury, etc. Currently there are over 100 million people worldwide who are afflicted with one of these debilitating aliments. Being that our module is small and robust we also imbed it inside other form factors and we are starting to look at OEM deals. And then we have our tracking App, which basically turns a smartphone into a tracking device, the application there is for mobile work force, sales people, delivery people, service business like electricians and plumbers, police officers, just about anyone that works in the field and benefits their superiors to know where they are at any time at the touch of a button.
SecuritySolutionsWatch.com: Patrick, I think is fair to say that every one of us knows of a situation in our own families where someone, young or old, or with a certain illness, is at a higher risk for potentially wandering off. The GTX solutions are indeed compelling in providing oversight, protection, security and peace of mind. Are there any particular heart-warming success stories you can share with us?
Patrick Bertagna: We have many stories, from mothers finding their autistic child to a wife who sleeps better at night knowing if her husband wanders she’ll receive a text message right away.It’s really incredible how manypeople tell us how we have changed their lives or the lives of their loved one. We have wonderful heart felt stories and some on video:
SecuritySolutionsWatch.com: What is your perspective Patrick regarding the size of this market?
Patrick Bertagna: The wandering recovery market is very big- 100 million people today and expected to grow to 277 million by 2015. So even 1% or 2% of that market is an absolute big win for us. And then some of the other market segments are very large as well, it is estimated there are close to 30 million small and medium businesses (SMB’s) in the U.S. and perhaps close to 200 million worldwide, which makes for a very sizeable market.
SecuritySolutionsWatch.com: It’s clear why several healthcare groups have joined GTX in strategic cooperation. Care to tell us about these strategic relationships.
Patrick Bertagna: Our alliances are certainly growing but already only after 1 year from launching our SmartSoles we have vendor numbers or reimbursement codes in 5 states, we have recently begun working with the Department of Health and Human Services, have done pilots with The Health Ministry in the UK and Canada, we are in conversation with several large insurance providers. We also work closely with non-profits like the Alzheimer’s association and some autistic foundations and the list is growing. Please see some of our reviews here.
SecuritySolutionsWatch.com: We read with great interest regarding recent patent protection for GTX. Care to elaborate?
Patrick Bertagna: That’s the crown jewel of the Company. We have an extensive IP portfolio with over 80 patents. It is becoming more apparent that these patents are very significant and valuable, especially with a priority filing dates going back to 2002 when many of the location based technologies had not yet been fully developed, and certainly not with the functionality pertinent to wearable technology today.
SecuritySolutionsWatch.com : Congratulations of the recent launch in Latin America. Please tell us more about your distribution channels and what might be on the horizon?
Patrick Bertagna: Distribution is very important to us and we are extremely focused on building those channels. We currently have over a dozen distributors across the globe and in conversation on any given day with another dozen. Latin America is our next big push, we have pilots testing in about 4 countries in LATAM and expect to announce some new partners in the coming months. Europe is also very strong for us and we have most of North Western Europe covered and we are now starting conversations with Southern countries like Spain and Greece. We are also in conversations and testing in the Middle East, India, and a few countries in Asia. Our goal is to have distribution in over 20 countries and sell in over 40 counties by the end of the year.
SecuritySolutionsWatch.com: Kudos, also, on the being a winner in the 2015 New Product & Technology Awards. This is indeed, quite impressive. Any other acknowledgements you’d like to mention?
Patrick Bertagna: Yes besides the 2015 New Product and Technology award, we also came in second place at the CTIA Wearables, Health and Fitness awards, with Microsoft in first and Samsung in third, so not a bad place to be in-between those two tech giants. We were also listed in AARP top 10 New Technology, we were a finalist in the Connect World awards, and recently featured in Entrepreneur.com . Overall we have been greatly honored by our peers in the industry and we are truly humbled and appreciative.
SecuritySolutionsWatch.com: What resources are available for the GTX community on your site? Where can you place an order?
Patrick Bertagna: either at www.gpssmartsole.com or http://gtxcorp.com/products/
SecuritySolutionsWatch.com: As a relatively small publicly-held company today, albeit with a huge market opportunity and growth potential, what would you like the investment community to know about the stock (OTC GTXO) ?
Patrick Bertagna: We don’t just make tech gizmos, we sell solutions that have purpose and we are creating value by building a Brand, keeping it Relevant and protecting it with Intellectual Property. GTX is a great Main Street story- our solutions change and save lives, that’s pretty compelling. And on the Wall Street side, we are one of the few pure plays in the wearable technology space – with potential exponential growth. We have one of the best solutions in the market, protected with a lot of IP and best of all our business model is a recurring, high margin subscription model. And management believes that the Company is currently undervalued.
SecuritySolutionsWatch.com: Thanks again Patrick for joining us today...are there any other subjects you would like to discuss?
Patrick Bertagna: I am truly pleased to share with everyone, that SmartSoles has just been featured on the Galileo show on Pro Sieben Sat 1, a prominent well respected show in Germany on cable TV Channel. Here is the link: https://www.youtube.com/watch?v=qGrCUWyL8Fc. We could probably talk for another hour with all the different opportunities we have in front of us right now, but in the interest of time, I’d like to finish up by saying we are very excited about some of the initiatives we are working on - with police departments across the country, to adding to our list of vendor numbers for reimbursement codes and our latest patent grants in the “286” family. Thank you, this was fun and I look forward to the next interview.