IRVINE, Calif.--(BUSINESS WIRE)--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.
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.