[May 19, 2008] GTX Corp Closes Second Tranche of Equity Financing Tweet LOS ANGELES --(Business Wire)-- GTX Corp (OTCBB:GTXO), a leader in the licensing of embedded miniaturized GPS Personal Location Service (PLS) technology, today announced the receipt of approximately $1.75 million in the second closing of a private placement of unregistered units of the Company's securities ("PIPE"). Each unit consists of one share of common stock and one common stock purchase warrant. The warrants have a three-year term and are immediately exercisable. If and when the warrants underlying the PIPE units are fully exercised, a total of $4.36 million will have been raised in this second PIPE. As part of this transaction, GTX Corp filed a registration statement covering the resale of the shares of underlying the units. Mark Abdou, of the law firm of Richardson & Patel, served as company counsel for the financing. The investors in the first equity transaction invested a total of $3.0 million at the time GTX Corp went public in March of this year. If and when the warrants underlying the first equity units are fully exercised, a total of $8 million will have been raised in the first round of funding. Proceeds from the PIPE will go to the continued refinement of their miniaturized GPS technology and the licensing of their gpVector(TM) technology to branded consumer product partners. In addition, funds will also contribute to the expansion of their patents and intellectual property. "This funding represents an important milestone for GTX Corp and is a clear affirmation of the value of our accomplishments and potential," noted Chief Executive Officer, Patrick Bertagna. Institutional investors participating in this round of funding include Whalehaven Capital Fund, Ltd., Multi Media Technology Ventures, Ltd., Chestnut Ridge Partners, LP and Crestview Capital Master LLC. Ron Paxson, portfolio manager and General Partner of Multi Media Technology Ventures, Ltd. added, "We are enthusiastic about GTX Corp's innovative technology and traction in this emerging market. Prior to 2008 we had invested over $2m and we are excited to participate in this financing round and continue to show our support and confidence in the company." About GTX Corp GTX Corp develops miniaturized Global Positioning System (GPS) satellite tracking and location-transmitting technology devices for integration into branded licensee consumer products. The company's Personal Location Services (PLS) platform consists of a matchbook-sized, location-reporting module that utilizes GTX Corp's "always-on" Assisted-GPS tracking capabilities. The system uses cellular transmission provided by our wireless carrier partner, AT&T, to deliver real-time geographic coordinates, rendered on Google Maps, to subscribers via secure Internet connections. With more than five years in research and development, strategic partnerships, and an ongoing program of intellectual property protection, GTX Corp continues its efforts to advance the GPS technology industry and the PLS space. The company is based in Los Angeles, California. www.gtxcorp.com [ Back To TMCnet.com's Homepage ]