GTX Corp. (OTCMKTS:GTXO) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement.
On September 11, 2017, GTX Corp. (the “Company”) entered into a purchase order contract number FA9302-17-P-FO49 with Edwards Air Force Base – AFTC/PZIEA. to the purchase order, GTX agreed to provide various supplies, services and the installation of said supplies. In return, GTX is to receive an award of $180,000. The purchase order contract is set to be effective as of September 18, 2017.
On September 14, 2017, the Company entered into a Lock-Up Agreement with DiamondRock, LLC (“DiamondRock”) for shares issued to conversions of existing convertible promissory notes previously issued by the Company to DiamondRock. The Lock-Up Agreement provides DiamondRock with an orderly process for conversion. In consideration for the conversion guidelines, DiamondRock has agreed not to sell any shares acquired from conversion of the outstanding convertible promissory notes until October 14, 2017.
About GTX Corp. (OTCMKTS:GTXO)
GTX Corp is a holding company that owns and operates two subsidiaries engaged in wearable technology business. The Company’s subsidiaries are Global Trek Xploration (GTX California) and LOCiMOBILE, Inc. The Company and its subsidiaries are engaged in the design, development, manufacturing, distribution and sale of five related products and services in the global positioning system (GPS) and Bluetooth low energy (BLE) wearable technology personal location and wandering assistive technology business. Through an enterprise (Internet of things (IoT)) monitoring platform and licensing subscription business model, the Company offers a solution of hardware, middleware, applications, connectivity and professional services. The Company has focused on building channels of distribution for its product lines of embedded devices, Stand-Alone devices and Digital Applications, which all funnel into the GTX Corp IoT monitoring platform.