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GTX Corp and Phantom Fiber Sign Joint Venture:

GTX Corp and Phantom Fiber Sign Joint Venture Letter of Intent to Pursue Multi-Billion Dollar Geo Specific Mobile App Market
Thursday July 10, 9:43 am ET
New Firm to Create Location Aware Enterprise Applications for Use with Personal Location Services (PLS) Products and Platforms Running on GPS Enabled Smart Devices Worldwide
LOS ANGELES--(BUSINESS WIRE)--GTX Corp (OTCBB:GTXO) (“GTX”), a leader in the licensing of embedded miniaturized GPS Personal Location Services (PLS) technology and Phantom Fiber Corporation (OTCBB:PHFB) ("Phantom"), a leading provider of mobile technologies and solutions designed to extend enterprise reach on wireless devices and global communication networks, today announced that they have agreed to form a joint venture company.

The benefit of the collaboration will be the development and global deployment of graphically rich geo-aware mobile applications that are agnostic to device technology, mobile carrier networks and connectivity platforms. These applications, when developed, will allow enterprises to seamlessly offer the expanding array of revenue rich GPS/PLS interactive social networking and location services to the work force and consumer.
GTX will own a 50% equity interest in the new enterprise for its contribution of cash and non-cash assets, such as competency in GPS technology, software licenses, engineering, general know how, human capital, customer lists, contracts and sales leads. Phantom will also own 50% of the newly formed joint venture company, based on its equivalent contribution, specifically in the areas of mobile deployment. Management and personnel will be provided in equal numbers by both GTX and Phantom, drawing initially from internal staffing resources.
The joint venture will begin to develop and market products and services in the Americas (North, South and Central) and has plans to expand globally in 2009. According to market researcher iSuppli, the global number of GPS-enabled handsets is forecasted to nearly triple from 2007 to 2011, with some 450 million mobile handsets being GPS capable by 2011.
Based on Phantom Fiber’s Advanced Wireless Platform and the GTX gpVector™ tracking technology, this newest genre of mobile applications for industry is expected to deliver high-performance enhanced mobility on hundreds of GPS enabled mobile devices and more than 600 carrier network providers worldwide on leading mobile platforms including Java devices, iPhone, Android, Symbian, Palm, RIM-Blackberry, M/S Pocket P/C and Smartphone.
"Supported by the global forecast for GPS wireless connectivity, our joint venture will be providing users access to a host of innovative services extending far beyond the simple phone call," said Patrick Bertagna, GTX president and CEO. "Phantom Fiber has core competencies that enhance our location aware technologies, but even more importantly, joining forces will enable us to rapidly deliver GPS/PLS mobile apps through our collective presence. In combination, there are now no limits."
Jeff Halloran, president and CEO of Phantom Fiber, said, "Our clients in a number of markets have asked for geo-location capabilities for a variety of reasons and that demand continues to increase. To date we have either recommended other solutions or have been unable to satisfy that requirement. With this collaboration we can now better support this demand and will further broaden our business and potentially introduce new opportunities. By leveraging our extensive customer base with this offering we will be paving the way for the new firm’s immediate success."

Phantom Fiber Corporation is a leading developer of wireless platform software that enables its customers to deliver high-performance applications across global communications networks to mobile users. Their wireless platform extends the rich multimedia content and user experience of existing Internet web sites securely and instantly to over 1,500 mobile devices including cellular phones and PDA’s. This platform is already deployed to most segments of the global gaming industry and can be used by enterprises seeking to implement high performance mobile applications in such markets as: remote video surveillance; banking and brokerage applications; as well as the logistics and distribution markets. For more information about Phantom Fiber, please visit our web site at www.phantomfiber.com.