IRVINE, Calif.--(LBAS), a leading-edge service provider of personal, pet and asset location devices, receives $850,000 in long term and bridge financing from an accredited investor also serving as the personal guarantor for a larger credit facility currently in process.)--Location Based Technologies, Inc. (OTCBB:
“I am excited about working with the company and look forward to their completing this final step in the process of bringing this extraordinary product to the market”
The initial infusion of capital will act as a bridge to the institutional financing, and will allow the company to finalize devices and begin production on the first runs of the PocketFinder®, PetFinder®, and PocketFinder Pets® products. “I am excited about working with the company and look forward to their completing this final step in the process of bringing this extraordinary product to the market,” said the investor/guarantor.
Once production ready devices are manufactured, the company will deliver market ready devices to secure purchase orders with waiting Tier 1 carriers, big box retailers, and various other global distribution channel partners who have expressed interest in distributing the PocketFinder® family of products.
“We are very pleased to receive this investment that bridges us to additional near-term funds. It represents the long awaited first critical step in bringing our PocketFinder® products to market,” said CEO Dave Morse.
The company anticipates having production ready devices to distributors, partner companies, and high volume customers for testing in Q1, 2011.
About Location Based Technologies, Inc.:
A publicly traded company (OTCBB:LBAS), Location Based Technologies, headquartered in Irvine, CA, designs and develops leading-edge personal locator devices and services that incorporate patented, proprietary technologies designed to enhance and enrich the way businesses and families interact globally. For more information, visit www.pocketfinder.com.
This news release contains forward-looking statements that involve risks and uncertainties. Actual results and outcomes may differ materially from those discussed or anticipated. For a more detailed discussion of these and associated risks, see the company's most recent document filed with the Securities and Exchange Commission.