Yahoo Finance GTX Addresses Product Demand Increase Regarding New Administration Policy Changes and Mandates
LOS ANGELES, CALIFORNIA , Jan. 28, 2021 (GLOBE NEWSWIRE) -- GTX Corp (OTC: GTXO) (“GTX” or the “Company”), a pioneer in the field of health and safety wearable GPS human and asset tracking systems, and a supplier of personal protective equipment (“PPE”), announced a significant increase in demand since the start of the year for many of its health & safety products including its COVID-19 IgG/IgM Antibody Rapid Test Kits, KN95 masks, Made in U.S.A. printed masks and other “PPE” products.
Since its launch in December that coincided with the vaccine rollout, the Company has seen over a 100% year to date increase in demand for its COVID-19 IgG/IgM Antibody Rapid Test Kits and has also seen a significant increase in government contracts for masks. The rapid test kit detects antibodies to SARS-CoV-2 with 97% accuracy in less than 15 minutes and provides an affordable and convenient testing solution that does not require a lab to obtain the results.
Several new Governmental Policy Changes and Executive Orders have also contributed to a noticeable increase in demand for many of the GTX products. In a recent Washington Post article, the President is quoted saying “The Future Will Be Made in America,” and directing regulators to tighten the definition of American-made products by creating a position in the Office of Management and Budget to oversee stepped-up purchases of domestic goods. As an authorized GSA government supplier and U.S based manufacturer, with many of its PPE health & safety products made in America, GTX supports “The Future Will Be Made in America,” campaign pledge to revive domestic manufacturing.
Below a few examples of other recent Executive Orders and Policy Changes which could impact GTX.
Biden's first Executive Order will require masks on federal property.
Increase supplies of masks, gowns, gloves, rapid Covid-19 test kits, testing agents and material for vaccines through federal agency actions that include authorizing the Defense Production Act.
A federal testing board will be created to increase testing, boost U.S. manufacturing of tests, and support screening for schools.
Travelers will have to wear masks in airports and in certain types of public transportation such as trains, ships, intercity buses, and airplanes.
U.S. Department of State for Travel Advisory for Mexico, effective January 26, 2021 all airline passengers to the United States ages two years and older must provide a negative COVID-19 viral test taken within three calendar days of travel.
Former CDC director Frieden recently recommended moving up from a cloth mask to a surgical mask, or from a surgical mask to an N95 or a KN95 mask because they are more effective.
Patrick Bertagna, GTX Corp CEO commented, "GTX made several strategic moves in 2020, from expanding its Health & Safety product line to include PPE, make and provide more Made in the U.S.A. products and increase our engagement with our GSA government channels. These moves combined with new administration’s policy changes and mandates, places GTX in a good position to address the upcoming demands for 2021. As vaccines continue to rollout, many people will start going back to work in an office, back to school, or simply just go out, but their need to be safe and stay safe will not stop. Masks, tests, sanitizers, will still be in demand and GTX will be there to supply them, just like we have been since the start of the pandemic. We also expect to launch our new line of GPS tracking devices, which we are already receiving pre-orders, as more people want to know where their loved ones or pets are or track and trace COVID patients. Wearable tracking and monitoring technology is at the core of GTX, so we expect the rollout of our new 4G SmartSoles to be a big part of our 2021 roadmap. In 2020 GTX not only made some strategic moves it also showed a profit for the first three consecutive quarters, took on no new convertible debt, while cleaning up the balance sheet by reducing existing debt. We are all still challenged by this evolving pandemic and business landscape; however, you have our management and board’s commitment that we will continue to forge ahead with purpose to deliver products that help make people’s lives better.”
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® -- 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 the area of 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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Forward Looking Statements
This news release contains forward-looking statements. The terms and phrases “expects,” “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.
