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Global Trek Xploration, Deeas Resources Enter Merger

March 21, 2008  - By
Image: GPS World

Global Trek Xploration, a provider of embedded miniaturized GPS technologies, has completed a share exchange transaction merger with Deeas Resources Inc.

In conjunction with the transaction, the combined public entity is operating as GTX Corp. Global Trek Xploration is now wholly owned by GTX Corp, a publicly-held company, with shares quoted on the Over-The-Counter Bulletin Board (OTCBB : GTXO.OB). Patrick Bertagna, founder, current CEO, chairman of the board, and president of Global Trek Xploration, assumed those same duties for GTX Corp. while Jeffrey Sharpe, CEO and president of Deeas Resources Inc., joined GTX Corp’s board.

“The next logical step was for us to become a publicly traded company,” Bertagna said. “The influx of new capital gives us the ability to launch our unique, miniaturized GPS technologies on to the global stage. We look forward to continuing the momentum we have achieved and sharing our successes with our shareholders.”

Concurrent with the share exchange, GTX Corp. also completed an equity financing through a private placement of its common stock and stock purchase warrants for an aggregate amount of $8 million. The proceeds from the first tranche of financing will support the continued development of its miniaturized GPS real-time tracking technology and the licensing of its gpVector technology to branded consumer product partners.

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