Location Based Technologies, Inc. (OTCBB: LBAS), a leading developer of
comprehensive GPS tracker solutions, announced the signing of an
exclusive license agreement with UT-Battelle, LLC (UT-Battelle), which
manages and operates the Oak Ridge National Laboratory (ORNL) for the US
Department of Energy (DOE), to integrate and market UT-Battelle’s
electric power restoration forecasting system, called VERDE™ Analytics.
Integration of ORNL’s VERDE Analytics environmental situation
information with LBT GPS location information in near real-time, enables
mobile service providers to dramatically improve responsiveness when
managing through severe weather conditions and enhance worker safety at
the same time using a single source to view the mapped information. LBT
GPS tracker devices have been designed to significantly increase
situational awareness by providing highly accurate location information
for monitoring vehicles, mobile assets, as well as work crew personnel.
The VERDE Analytics system combines more than 50 non-proprietary
environmental and weather data feeds providing comprehensive maps along
with up-to-the minute projections for restoration of power operations.
“This is a tremendous enhancement to our product offering and opens a
new market segment for LBT,” said Location Based Technologies’ CEO, Dave
Morse. “The ability for companies to track assets while monitoring
severe weather will be of tremendous value to a number of companies,
particularly public utilities. When a severe weather-related event
occurs, our customers will be able to make better management decisions
and more effectively coordinate its people and assets from our platform.
It’s an extraordinary and unique proposition.”
LBT will have exclusive rights to market the VERDE Analytics maps with
their GPS location technology. Integration is expected to be complete
before the end of the second calendar quarter (Q2) 2014, at which time
it will be offered to commercial customers as well as public utilities
and other agencies throughout the US.
“This partnership will cost effectively help to speed restoring
essential utilities in times of national emergency by putting powerful
tools in the hands of repair crews managing through critical situations
out in the field,” said ORNL Researcher Steven Fernandez.
About Location Based Technologies
A publicly traded company, Location Based Technologies (LBAS) designs
and builds dedicated GPS products and services that are affordable and
easy to use. The Company’s consumer products are sold under the
PocketFinder brand, and its commercial products are sold under the LBT
brand. For more information, visit: www.pocketfinder.com
or www.locationbasedtech.com.
Forward-Looking Statements
This announcement contains forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Actual results may differ significantly
from management's expectations. These forward-looking statements involve
risks and uncertainties that include, among others, risks related to
competition, management of growth, new products, services and
technologies, potential fluctuations in operating results, international
expansion, outcomes of legal proceedings and claims, fulfillment and
data center optimization, seasonality, commercial agreements,
acquisitions and strategic transactions, system interruption, inventory,
government regulation and taxation and payments. More information about
factors that potentially could affect Location Based Technologies’
financial results is included in Location Based Technologies’ filings
with the Securities and Exchange Commission, including its most recent
Annual Report on Form 10-K and subsequent filings.
PocketFinder and Location Based Technologies, Inc. are trademarks of
Location Based Technologies, Inc. registered in the U.S. and other
countries.
Copyright Business Wire 2014