Los Angeles, Calif. – November 20, 2014 – GTX Corp. (OTCQB: GTXO), a pioneer in location-based wearable technologies, announced today commentary on its third quarter performance.
Q3 2014 Highlights:
- Revenues up 60% over last year’s quarter
- Cost of goods sold decreased by 16% from last year’s quarter
- Increases in unit sales & subscriptions for drones and other niche applications
- Entered commercial production of flagship GPS SmartSoles
- Entered Security Market
- In Beta testing of BLE SmartSoles
- New “Brand Ambassador” retired professional boxer Ray Ciancaglini
“We are starting to see the ship turn with small and steady increases in performance that reflect the strategy we embarked on earlier this year, of direct sales and penetrating new markets with our core suite of embedded, all purpose and digital tracking and monitoring solutions,” commented Patrick Bertagna, Chief Executive Officer of GTX Corp. “Our current focus remains on the commercial roll out of our GPS SmartSoles, which are now in production and plan to start shipping to customers in early January. We have 1,500 GPS SmartSoles being manufactured, with 500 that are expected to arrive in December. As we begin to deliver our B2B international orders, domestic SmartSole pilot programs and to consumers that are on our pre-order list, we expect to see significant increases in Q1 2015 on both the unit and subscription revenues. We have recently signed up several new pilot programs with major accounts that we believe will contribute to our rollout and growth in 2015.”
Mr. Bertagna continued, “We do remain laser focused on our overall strategy of developing and selling products across each of our product lines – embedded, all purpose, and digital and building a global tracking and monitoring platform. We all have someone or something we care about and want to know there whereabouts at the touch of a button. A child, a parent, an employee or even a UAV drone, we all want to stay connected to who or what matters most and the GTX platform empowers that real-time connection. We are pleased to see the uptick in product and service revenue from our all-purpose product line through our Amazon sales and Drone-Mod partner, and expect that we will continue to see growth here through the fourth quarter. We also are anticipating an increase in our digital product line through the sales of our enterprise Track My Work Force App and will Beta release later this month, our new fully automated portal in order to handle large scale on boarding of new customers. In addition, the increase in our gross margin reflects successful implementation of our direct sale strategy and channel partner business model.”