SAN DIEGO, Aug. 04, 2022 (GLOBE NEWSWIRE) -- GBT Technologies Inc. (OTC: GTCH) (the “Company”), a technology company focused on developing a portfolio of Intellectual Property targeted on integrated circuits design automation, IoT (Internet of Things), mesh radio technology and Artificial Intelligence (AI), today announced that on August 1, 2022, the Company and GTX Corp (OTC: GTXO) (“GTX”), a pioneer in the fields of health & safety GPS wearables, human & asset tracking systems, and personal protective medical equipment supplies, entered into a second Letter of Intent (“LOI”) (the initial LOI was signed on June 10, 2021). The second LOI establishes a mutual path to evaluate the viability and market size of the Company’s Intellectual Property (IP) with the goal of the parties to enter a worldwide exclusive licensing agreement for GTX to manufacture, sell and distribute GBT’s products. The main focus is aimed on the qTerm – an AI driven, human vital sign device (https://qterm.me).
“We believe this proposed relationship with GTX can improve our go to market efforts for our qTerm device particularly as it is our first fully developed commercial release. GTX’s proven extensive global reach, experience in getting innovative products to market, and deep understanding of our technologies, were critical factors in our decision to enter into this letter of intent, which potentially may lead into a formal license agreement.” stated the Company’s Chief Technology Officer, Danny Rittman.
Patrick Bertagna, GTX Chief Executive Officer, stated, “My team and I are excited to have the opportunity to expand our product line and capabilities with GBT’s qTerm as well as exploring other products in the GBT portfolio. I believe that qTerm, an intelligent, human vital sign monitoring device, has the capability to enhance our existing offerings to our global customers and distribution partners.”
Any relationship between the parties as contemplated by the LOI is subject to the parties, finalizing due diligence, and entering into a material definitive agreement approved by each parties Board of Directors on or before December 31st 2022.
About GBT
GBT Technologies, Inc. (OTC PINK: GTCH) (“GBT”) (http://gbtti.com) is a development stage company which considers itself a native of Internet of Things (IoT), Artificial Intelligence (AI) and Enabled Mobile Technology Platforms used to increase IC performance. GBT has assembled a team with extensive technology expertise and is building an intellectual property portfolio consisting of many patents. GBT’s mission, to license the technology and IP to synergetic partners in the areas of hardware and software. Once commercialized, it is GBT’s goal to have a suite of products including smart microchips, AI, encryption, Blockchain, IC design, mobile security applications, database management protocols, with tracking and supporting cloud software (without the need for GPS). GBT envisions this system as a creation of a global mesh network using advanced nodes and super performing new generation IC technology. The core of the system will be its advanced microchip technology; technology that can be installed in any mobile or fixed device worldwide. GBT’s vision is to produce this system as a low cost, secure, private-mesh-network between any and all enabled devices. Thus, providing shared processing, advanced mobile database management and sharing while using these enhanced mobile features as an alternative to traditional carrier services.
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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 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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Contact Us
GTX Corp United Kingdom
In the UK, GTX Corp operates from its London office. Please contact: Nelson Skip Riddle
Email: NSRiddle@GTXCorp.com Tel: +44 7785 364100
Disclaimer: GTX Corp does not warrant or represent that the unauthorized use of materials drawn from the content of this document will not infringe rights of third parties who are not owned or affiliated by GTX Corp. Further GTX Corp cannot be held responsible or liable for the unauthorized use of this document’s content by third parties unknown to the company.
GTX Corp is a For-Profit with Purpose Company which has an extensive line of health & safety products, 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.
Forward-Looking Statements - GBT
Certain statements contained in this press release may constitute "forward-looking statements". Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as disclosed in our filings with the Securities and Exchange Commission located at their website ( http://www.sec.gov). In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, governmental and public policy changes, the Company’s ability to raise capital on acceptable terms, if at all, the Company’s successful development of its products and the integration into its existing products and the commercial acceptance of the Company’s products. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release.
