Business
GTX Corp Announces Sale and Licensing of Patents and Technology to Inpixon
GTX Corp Announces Sale and Licensing of Patents and Technology to Inpixon.
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[{"type":"text","content":"\nCore Footwear Tracking Business and IP Protection Retained by GTXProceeds to Advance GTX Wearable Tech Development Pipeline LOS ANGELES, CALIFORNIA, July 08, 2019 (GLOBE NEWSWIRE) -- GTX Corp. (OTCQB: GTXO) (“the Company”), a pioneer in the field of wearable GPS, people and asset tracking Location-Based Services and Real-Time Location Systems, today announced that it has sold two patents and certain other assets and also provided two separate patent licenses to Inpixon (NASDAQ: INPX) in exchange for a combination of cash and shares of Inpixon common stock. More information regarding the transaction is available in the Form 8-K filed by GTX with the U.S. Securities and Exchange Commission.\n Inpixon, a leading indoor positioning and data analytics company based in Palo Alto, CA, entered into this transaction with GTX to acquire certain outdoor GPS-tracking technology and license intellectual property to expand the breadth of available systems it can offer to enterprise and government customers. “We are pleased to announce the completion of this transaction with Inpixon,” said Patrick Bertagna, CEO of GTX Corp. “After innovating and filing numerous patent applications in the fast-growing, GPS and digital wearables sector for more than fifteen years, this transaction validates the value behind our patents and certain proprietary technologies which we have created and commercialized. As discussed in our First Quarter Summary, GTX is focusing on high-margin, recurring revenue business and intellectual property licensing opportunities; following this transaction we will now be able to deliver results in excess of our earlier expectations and concentrate more on the higher revenue generating people and asset tracking business with our GPS SmartSoles® and line of NFC tags.” “During the balance of 2019 we are expecting to see an increase in IP licensing given the current number of IP licensing negotiations and discussions we are having, NFC pilots we are conducting and SmartSole® sales given the United Kingdom’s National Health Services’ expansion of their pilot programs, the government-funded municipality business throughout the Scandinavian countries and with our Flint Rehab collaboration for development of our next-generation SmartSoles®, which will include Ga...