LOS ANGELES, CALIFORNIA – JANUARY 15, 2015 – GTX Corp. (OTCBB: GTXO), a pioneer and global provider of personal location wearable technologies, is pleased to announce the retirement of all senior secured convertible promissory notes previously held by an institutional investor. The entire principal balance of all the senior secured convertible notes was converted into common stock or retired. In total, $716,000 of debt and liabilities were extinguished from the balance sheet.
In addition to the retirement of all the senior secured convertible notes, the Company completed a small, at market, bridge financing at an effective price of $.011 per share with several strategic investors in the amount of $167,500.
“The elimination of this convertible debt along with this bridge round, has strengthened our balance sheet and helped to finance some of the production for the recent consumer launch of our SmartSoles,” commented Patrick Bertagna, CEO of GTX Corp. “This is pivotal time for GTX. With the commencement of commercial shipments starting this month, having a balance sheet free of senior secured debt and floorless convertible notes provides us with a wide range of opportunities to react to product demand and grow our business. The small bridge round we initiated is an example of this, which provided us with the necessary working capital to manufacture our core suite of SmartSole products. I would like to thank our shareholders, both new and old, for supporting us during this time and enabling us to achieve our 2015 objectives.”
Mr. Bertagna continued, “We have been highly encouraged over the last several weeks with the roll out of our SmartSole products and how well the concept of using GPS to improve safety has been resonating. The interest level that continues to come to us organically is a clear sign of the need for ourSmartSole wearable monitoring platform, designed to help people afflicted with cognitive memory disorders. As we continue to execute in 2015 with all three of our product categories – our embedded SmartSoles, standalone trackers and digital apps, we expect to announce an increase in revenues both from the products we are shipping this quarter and the recurring revenues from our growing subscriber base. With that performance, we intend to explore corporate market opportunities to further enhance shareholder value for all our constituents.”