LOS ANGELES CALIFORNIA, April 21, 2022 (GLOBE NEWSWIRE) — GTX Corp (OTCQB: GTXO) (“the Company”), a pioneer in the field of location based wearable GPS human and asset tracking systems and Posifon AB, a Swedish IT/Telecom company focused on senior health care monitoring, today announced that a national agreement has been signed that gives all municipalities and healthcare providers across Sweden access to supply the GPS SmartSole tracking solution and monitoring services. Sweden has a population of more than 10 million people of which approximately 3% have some form of cognitive issues such as Alzheimer’s, dementia, or autism, and under the Health and Medical Services Act, Sweden’s health system provides universal coverage to all legal residents.
“This is a significant development and opportunity to expand the sales and distribution of the GPS SmartSole to over 300 healthcare organizations, from memory care clinics to hospitals and social care organizations across Sweden, and we are excited that our long-term distribution partnership with Posifon is expanding not only in Sweden but across other parts of Scandinavia and Europe as well,” stated Andrew Duncan GTX Director.
“We have been working on this national tender for over 2 years and we are very excited to have been selected to provide the GPS SmartSole and other health care products to this national buying organization,” More than 1,100 different organizations, including all health care providers, can now use a simplified form of procurement to buy their chosen products. This will increase the volume of SmartSoles we distribute and provide more people with the benefits of using this innovative monitoring solution,” stated Henrik Essunger, Managing Director Posifon.
The GPS SmartSole is a truly unique wearable technology that brings comfort and security to caregivers of Alzheimer and Dementia patients. After many years of testing and evaluation, the Swedish authorities determined that the most effective way of keeping seniors with Alzheimer’s and Dementia, safe and secure, is to standardize and nationally implement the use of the latest GPS tracking technology available on the market. The GPS SmartSole has been selected as one of these essential senior care technologies, provided through the national organizations.
As the Western World continues to face an unprecedented crisis related to Alzheimer’s, every person diagnosed that is not confined to a memory care unit is at risk of wandering and becoming lost. Wandering is one of the most common, complex, burdensome, and costly behaviours of the disease and is a safety issue with far reaching implications for the person with the disease, their caregiver, law enforcement and health care providers such as Medicare, Medicaid, Department of Health and Human Services (DHS) and the National Institute of Health (NIH).
GTX Corp’s patented GPS SmartSoles, are the world’s first wearable yet invisible tracking and monitoring technology. Placed in the wearer’s shoes they contain a state-of-the-art Nordic GPS module connected through global cellular networks that send a GPS location to the monitoring portal and app used by the caregivers. The SmartSoles which were initially created as a wander guard solution for those at risk due to Alzheimer’s, dementia, autism, or traumatic brain injury and tend to wander or become lost or disoriented, can also be used for people at risk of kidnapping, such as government employees, journalists and corporate executives. SmartSoles come in three trim-to-fit sizes for men, women, and children, are water resistant, include an inductive charging pad, and are assembled in Rhode Island, U.S.A.
GTX Corp is a For-Profit with Purpose Company which has an extensive patent portfolio, is a proud U.S. military contractor and has multiple wearable tracking products sold through its online store, Amazon and authorized resellers and distributors servicing customers across the globe.
About GTX Corp GTX Corp (OTC: GTXO) is a pioneer in smart, mobile, and wearable GPS tracking and recovery location-based solutions, supported through a proprietary IoT enterprise monitoring platform and intellectual property portfolio. GTX offers a global end-to-end solution of hardware, software and connectivity and develops two-way GPS tracking technologies, which seamlessly integrate with consumer products and enterprise applications. GTX utilizes the latest in miniaturized, low power consumption GPS, Cellular, RF, NFC and BLE technology, enabling subscribers to track in real time the whereabouts of people or high value assets. GTX is known for its game-changing and award-winning patented GPS SmartSole® — think Dr. Scholl’s meets LoJack, the world’s first invisible wearable technology tracking device created for those at risk of wandering due to Alzheimer’s, dementia, autism and traumatic brain injury. GTX’s business model is built around technology innovation and holds over 85 patents, with many issued patents in GPS tracking. The company has international distributors servicing customers in over 35 countries and is a U.S. Military Government contractor. Other customers include public health authorities and municipalities, emergency and law enforcement, private schools, assisted living facilities, NGOs, small business enterprises, senior care homes, and consumers.
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Based in Goteborg, Sweden, Posifon AB is an IT/telecom company that, based on app- and mobile technology, develops new services for increased welfare. Positioned as an innovative company with a close connection to its customers, Posifon’s vision is that everyone, regardless of age, family situation, living situation and ability should be able to feel safe, independent, and part of a community. Safety and independence mean a higher quality of life. To fulfill the vision, Posifon develops and offers mobile safety alarms with advanced additional services. Posifon is the leading player on the market for GPS based personal safety alarms in Sweden, have a strong market share in Norway and works through partners throughout the rest of Europe.
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Forward Looking Statements
This news release contains forward-looking statements. The terms and phrases “expect,” “would,” “will,” “believes,” and similar terms and phrases are intended to identify these forward-looking statements. Forward-looking statements are based on estimates and assumptions made by GTX considering its experience and its perception of current conditions and expected future developments, as well as other factors that GTX believes are appropriate in the circumstances. Many factors could cause GTX’s actual results, performance, or achievements to differ materially from those expressed or implied by the forward-looking statements. Certain risk factors that may cause actual results to differ are set forth in GTX’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (which may be obtained on the SEC Website). These factors should be considered carefully, and readers should not place undue reliance on GTX’s forward-looking statements. GTX has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required.
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