As part of Location Based Technologies’ (OTCBB: LBAS) push toward
profitability, the company reports year-over-year service revenue growth
from FY2013 to FY2014 at approximately 197%.
To further accelerate growth, Location Based Technologies (LBT) is
launching several new marketing ventures aimed at expanding PocketFinder
retail exposure in North America which will include the automobile
dealer aftermarket offering of LBT's 3G GPS vehicle tracking solutions.
In order to accomplish this fast-track approach, LBT is announcing
receipt of outside financing to: a) fund a large portion of the
marketing development costs; b) increase inventory; and c) to help fund
channel and consumer targeted promotions.
LBT estimates that the financing of these initiatives will help propel
LBT to reach cash flow positive operations by the first part of 2015.
"We are committed to furthering the success of our PocketFinder branded
product line and pursue a market leadership position for personal GPS
tracker solutions," said Dave Morse, CEO of Location Based Technologies.
"These key initiatives will be major contributors in reaching our goal
of operational stability with positive cash flow as soon as possible."
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 LBT’s financial results is
included in LBT’s filings with the Securities and Exchange Commission.
PocketFinder and Location Based Technologies, Inc. are registered
trademarks of Location Based Technologies, Inc.
Copyright Business Wire 2014