GBT Technologies Inc (GTCH)

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SAN DIEGO, Aug. 04, 2022 (GLOBE NEWSWIRE) -- GBT Technologies Inc. (OTC: GTCH ) (the “Company”), a technology company focused on developing a portfolio of Intellectual Property targeted on integrated circuits design automation, IoT (Internet of Things), mesh radio technology and Artificial Intelligence (AI), today announced that on August 1, 2022, the Company and GTX Corp (OTC: GTXO) (“GTX”), a pioneer in the fields of health & safety GPS wearables, human & asset tracking systems, and personal protective medical equipment supplies, entered into a second Letter of Intent (“LOI”) (the initial LOI was signed on June 10, 2021). The second LOI establishes a mutual path to evaluate the viability and market size of the Company’s Intellectual Property (IP) with the goal of the parties to enter a worldwide exclusive licensing agreement for GTX to manufacture, sell and distribute GBT’s products. The main focus is aimed on the qTerm – an AI driven, human vital sign device ( https://qterm.me ).
“We believe this proposed relationship with GTX can improve our go to market efforts for our qTerm device particularly as it is our first fully developed commercial release. GTX’s proven extensive global reach, experience in getting innovative products to market, and deep understanding of our technologies, were critical factors in our decision to enter into this letter of intent, which potentially may lead into a formal license agreement.” stated the Company’s Chief Technology Officer, Danny Rittman.

Patrick Bertagna, GTX Chief Executive Officer, stated, “My team and I are excited to have the opportunity to expand our product line and capabilities with GBT’s qTerm as well as exploring other products in the GBT portfolio. I believe that qTerm, an intelligent, human vital sign monitoring device, has the capability to enhance our existing offerings to our global customers and distribution partners.”

Any relationship between the parties as contemplated by the LOI is subject to the parties, finalizing due diligence, and entering into a material definitive agreement approved by each parties Board of Directors on or before December 31 st 2022.