New Firm to Create Location Aware Enterprise Applications for Use with Personal Location Services (PLS) Products and Platforms Running on GPS Enabled Smart Devices Worldwide
LOS ANGELES, Calif. - July 10, 2008 -(BUSINESS WIRE)- GTX Corp (OTCBB: GTXO) ("GTX"), a leader in the licensing of embedded miniaturized GPS Personal Location Services (PLS) technology and Phantom Fiber Corporation (OTCBB: PHFB) ("Phantom"), a leading provider of mobile technologies and solutions designed to extend enterprise reach on wireless devices and global communication networks, today announced that they have agreed to form a joint venture company.
The benefit of the collaboration will be the development and global deployment of graphically rich geo-aware mobile applications that are agnostic to device technology, mobile carrier networks and connectivity platforms. These applications, when developed, will allow enterprises to seamlessly offer the expanding array of revenue rich GPS/PLS interactive social networking and location services to the work force and consumer.
GTX will own a 50% equity interest in the new enterprise for its contribution of cash and non-cash assets, such as competency in GPS technology, software licenses, engineering, general know how, human capital, customer lists, contracts and sales leads. Phantom will also own 50% of the newly formed joint venture company, based on its equivalent contribution, specifically in the areas of mobile deployment. Management and personnel will be provided in equal numbers by both GTX and Phantom, drawing initially from internal staffing resources.
The joint venture will begin to develop and market products and services in the Americas (North, South and Central) and has plans to expand globally in 2009. According to market researcher iSuppli, the global number of GPS-enabled handsets is forecasted to nearly triple from 2007 to 2011, with some 450 million mobile handsets being GPS capable by 2011.
Based on Phantom Fiber's Advanced Wireless Platform and the GTX gpVector™ tracking technology, this newest genre of mobile applications for industry is expected to deliver high-performance enhanced mobility on hundreds of GPS enabled mobile devices and more than 600 carrier network providers worldwide on leading mobile platforms including Java devices, iPhone, Android, Symbian, Palm, RIM-Blackberry, M/S Pocket P/C and Smartphone.
"Supported by the global forecast for GPS wireless connectivity, our joint venture will be providing users access to a host of innovative services extending far beyond the simple phone call." said Patrick Bertagna, GTX president and CEO. "Phantom Fiber has core competencies that enhance our location aware technologies, but even more importantly, joining forces will enable us to rapidly deliver GPS/PLS mobile apps through our collective presence. In combination, there are now no limits."
Jeff Halloran, president and CEO of Phantom Fiber said, "Our clients in a number of markets have asked for geo-location capabilities for a variety of reasons and that demand continues to increase. To date we have either recommended other solutions or have been unable to satisfy that requirement. With this collaboration we can now better support this demand and will further broaden our business and potentially introduce new opportunities. By leveraging our extensive customer base with this offering we will be paving the way for the new firm's immediate success."
About GTX Corp
GTX Corp develops miniaturized Global Positioning Service (GPS) satellite tracking and location-transmitting technology devices for integration into branded licensee consumer products. The company's Personal Location Services (PLS) platform consists of a matchbook-sized, location-reporting module that utilizes GTX Corp's "always-on" Assisted-GPS tracking capabilities. At the convergence of technology, media and telecommunications - the TMT sector of the telecom industry - GTX Corp continues its efforts to advance GPS technology as it defines the PLS space. The gpVector™ system uses cellular transmission provided by our wireless carrier partner, AT&T, to deliver real-time geographic coordinates, rendered on Google Maps, to subscribers via secure internet connections. With more than five years in research and development, strategic partnerships, and an ongoing program of intellectual property protection. The company is headquartered in Los Angeles, California, with an R&D facility in Palo Alto California. www.gtxcorp.com
For more information regarding GTX Corp, please contact:
Ryan Mulhern
Director of Investor Relations
GTX Corp
117 W. 9th Street
Los Angeles, CA 90015
(877) 489-3019 ext 7
About Phantom Fiber Corporation
Phantom Fiber Corporation is a leading developer of wireless platform software that enables its customers to deliver high-performance applications across global communications networks to mobile users. Their wireless platform extends the rich multimedia content and user experience of existing Internet web sites securely and instantly to over 1,500 mobile devices including cellular phones and PDA's. This platform is already deployed to most segments of the global gaming industry and can be used by enterprises seeking to implement high performance mobile applications in such markets as: remote video surveillance; banking and brokerage applications; as well as the logistics and distribution markets. For more information about Phantom Fiber, please visit our web site at www.phantomfiber.com.
For further information on Phantom Fiber, please contact their Investor Relations firm:
First Capital Investors, Inc.
321-221-2910
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