Business
GTX Corp Secures a $500,000 Revolving Line of Credit for Product Financing and Signs up Two New Distributors
GTX Corp Secures a $500,000 Revolving Line of Credit for Product Financing and Signs up Two New Distributors.
About this update from Metalert Inc
[{"type":"text","content":"\nLOS ANGELES CALIFORNIA, Jan. 03, 2019 (GLOBE NEWSWIRE) -- GTX Corp (OTCQB: GTXO) (“the Company”), a pioneer in the field of wearable GPS human and asset tracking systems and wandering assistive technology, today announced securing a revolving line of credit for production financing, and onboarding two new distributors, one in Canada and the other in the U.S.\n A private institutional partner will provide inventory and production financing in the form of an interest and royalty based credit line, whereby the Company can draw down on an as needed basis upon product demand and receipt of purchase orders. The initial credit line is for $500,000 and based on payment history and product demand the lender may increase the line to three million dollars. This credit line will provide the Company growth capital without taking on more convertible debt. The Company also signed up two new distributors which officially launched SmartSole sales over the Holidays. Senior.com, located in Orange County, CA, is the foremost internet resource exclusively focused on empowering the senior community and offers a one-stop-shop for seniors and their families. They service over 1.7 million users, offer over 500 top brands and sell over 150,000 products aimed at giving seniors a better quality of life in their own homes. Red Dot Alerts, a subsidiary of FCi, an industry leader in security, telecom and wireless, based in Ottawa, Canada, also placed an initial order and has begun selling. Patrick Bertagna, GTX Corp CEO, stated, we are excited to add Senior.com and Red Dot Alert to our growing list of distributors and now that we have secured non-dilutive product financing we expect to see continued growth with our Flagship GPS SmartSoles, along from the military, our track my workforce app, other GPS, BLE and NFC products, including our RT15 weapons tracker, Rover Tracker for pets and our line of supply chain management NFC asset tracking solutions. GTX Corp is a For-Profit with Purpose Company that owns and licenses more than 85 patents, is a U.S. military contractor, manufactures many of its products in the USA, and has multiple consumer products in the marketplace that are all available on the Company’s online store, on Amazon, and through authorized resellers and distributors across the globe. Consumer Purchase of GPS SmartSoles About...