GTX Corp Signs Letter of Intent with GPS Care Limited to Set Up Commercial Operations through a Joint Venture in Hong Kong, Macau, Taiwan, and China
LOS ANGELES, July 11, 2012 /PRNewswire/ — GTX Corp (OTCBB: GTXO), a leader in customizable, patented 2-way GPS solutions and GPS Care Limited, headquartered in Hong Kong, recently signed a letter of intent to formulate a joint venture to set up commercial operations to sell, distribute and support the entire GTX Corp platform of GPS enabled hardware, software, connectivity and monitoring services.
Under the agreement GPS Care Limited will contribute $2 million in cash along with human resources and local infrastructure. Whereas, GTX shall make non-cash asset contributions including, licensing of Intellectual Property, technology, general know-how, human capital, contracts, sales leads; as well as the rights to sales and distribution of all GTX products and services including its flagship GPS Smart Shoe and Smartphone Apps. Initially the operating regions shall be confined exclusively to Hong Kong, Macau, Taiwan, and the People’s Republic of China, however may expand to neighboring countries such as the Philippines, Indonesia, Malaysia and Thailand upon further market analysis and final approval by GTX Corp.
Upon completion of funding GTX Corp and GPS Care Limited shall execute a definitive Joint Venture Agreement facilitating the launch of the GPS Personal Tracking technology owned by GTX Corp and its subsidiaries. GTX Corp will initially own 45% of the JV and have 2 out of the 5 board seats. It is the intention of both parties that the agreement will be completed by or before September 30, 2012; however, the parties may extend the execution date if they mutually see the need and agree to do so.
GPS Care Limited was founded by Dr. Wing Leung who received his Ph.D in Applied Physics from Stanford University and served as the President of Gemstar Technology, Inc. from 1996 to 1999. From 2000 onward he has been the President of CNLink Networks, Inc. providing Internet services for International Enterprises in China and is on the board of ANPAC Semiconductors Limited, based in Hong Kong.
GTX Corp had been exploring ways to penetrate the Asian markets for several years and even signed a Platform Test Agreement last year with a local footwear manufacturer, which after several months’ negotiations ended. “After exploring this very large market with such tremendous potential for over a year, our board felt that forming a joint venture rather than looking for a distributor, would give us more input in the process and more equity in the outcome and this would be a far more effective way to enter the Asian markets. Dr. Leung brings a core understanding of the region and proven track record in building technology companies and we look forward to working with him and his team,” stated Patrick Bertagna, Chairman and CEO of GTX Corp.
About GTX Corp (GTXO.OB) - The leader in enterprise 2 way GPS real-time personal location services (PLS) was founded in 2002 and is based in Los Angeles, California with distributors in Mexico, Australia and Nepal and customers in 148 countries. GTX Corp utilizes the latest in miniaturized, low power consumption technology and offers a robust enterprise GPS and cellular location platform to track in real time the whereabouts of people, pets, vehicles and high valued assets. Answering the “where is” question through a licensing business model and providing a complete end to end solution of hardware, middleware, apps, connectivity and professional services. Letting you know where someone or something is at the touch of a button, GTX Corp also owns and operates LOCiMOBILE, Inc which develops applications for smart phones and tablets, Code Amber News Service, and Code Amber Alertag. The Company has an aggressive intellectual property strategy and owns an extensive portfolio of patents, patents pending, registered trade marks, copy rights and URL’s.
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