|[January 23, 2014]
Location Based Technologies Closes Its Fiscal Q1 of 2014 with Positive Gross Margins
IRVINE, Calif. --(Business Wire)--
Location Based Technologies, Inc. (OTCBB: LBAS), maker of the consumer
focused PocketFinder personal GPS device and several commercial GPS
tracking devices, announced today that the Company achieved positive
gross margins in its first fiscal quarter of 2014. The gross margin
improvement represents the first time in the Company's history in which
gross revenue exceeded the cost of revenue.
During the first fiscal quarter of 2014, the Company generated $408,804
in gross revenue with a $381,807 cost of revenue.
"We believe that our gross margins will continue to improve as we move
closer to profitability," said Location Based Technologies' CEO, Dave
Morse. "As our customer base grows our embedded costs become a smaller
percentage of our cost of operations and that is the growth direction we
have been seeking," he added.
About Location Based Technologies
A publicly traded company, Location Based Technologies (LBAS) designs
and builds dedicated GPS products and services that are afordable 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
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 Location Based Technologies'
financial results is included in Location Based Technologies' filings
with the Securities and Exchange Commission, including its most recent
Annual Report on Form 10-K and subsequent filings.
PocketFinder and Location Based Technologies, Inc. are trademarks of
Location Based Technologies, Inc. registered in the U.S. and other
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