2nd Quarter Highlights and Financial Results http
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Posted On: 08/17/2016 4:58:43 PM
2nd Quarter Highlights and Financial Results
http://orbitaltracking.com/company-news/orbit...l-results/
Company Strengthens Balance Sheet and Improves Cash Flow Through Elimination of Outstanding Long-Term Debt
Second Quarter 2016 Highlights
On May 17, 2016, Orbital Tracking Corp. entered into exchange agreements with holders of the Company’s outstanding $504,168 convertible notes in exchange for newly designated Preferred Series G Stock. This transaction eliminated all outstanding long-term debt of the Company, significantly improving both its balance sheet and cash flows.
In May, the Company announced the continued Asian expansion of the business with the launch of its first commercial retail site on Alibaba.com’s wholesale marketplace and sales inquiries from the region continue to increase.
smile The Company’s subsidiary, Global Telesat Communications Ltd. (“GTCL”) was chosen by a number of leading organizations to provide satellite communications devices for use by security personnel at high profile events, including the UEFA European Football Championships, the Rio 2016 Olympics, and was chosen by the Endurance Rally Association (“ERA”) (endurorally.com/) as the preferred mobile satellite communications provider for the Peking to Paris Motor Challenge 2016, supporting rally racers and all ERA staff, for the three months ended June 30, 2016. smile
In June, GTCL reached a new European sales milestone, selling its 3,000th DeLorme® inReach 2-Way Satellite Communicator. This milestone is the result of a growing three-year European sales partnership between DeLorme and GTCL serving the needs of adventurists, recreational users, lone workers, governments, law enforcement and military customers.
The Company continued to expand the range of satellite-enabled devices offered for sale to consumers through signed Distributor Agreements with leading suppliers of Personal Locator Beacons (PLB’s) and Emergency Position Indicating Radio Beacons (EPIRBs). These new products are GPS-enabled rescue beacons that when activated, broadcast the users’ location to Search and Rescue services during an emergency making them an ideal addition to the Company’s existing range of satellite-enabled communication and emergency messenger devices.
At the end of Q2, the Company’s subsidiary GTCL launched a new mobile friendly website in June of 2016, which has been positively impacting website sales year-to-date. smile
http://orbitaltracking.com/company-news/orbit...l-results/
Company Strengthens Balance Sheet and Improves Cash Flow Through Elimination of Outstanding Long-Term Debt
Second Quarter 2016 Highlights
On May 17, 2016, Orbital Tracking Corp. entered into exchange agreements with holders of the Company’s outstanding $504,168 convertible notes in exchange for newly designated Preferred Series G Stock. This transaction eliminated all outstanding long-term debt of the Company, significantly improving both its balance sheet and cash flows.
In May, the Company announced the continued Asian expansion of the business with the launch of its first commercial retail site on Alibaba.com’s wholesale marketplace and sales inquiries from the region continue to increase.
smile The Company’s subsidiary, Global Telesat Communications Ltd. (“GTCL”) was chosen by a number of leading organizations to provide satellite communications devices for use by security personnel at high profile events, including the UEFA European Football Championships, the Rio 2016 Olympics, and was chosen by the Endurance Rally Association (“ERA”) (endurorally.com/) as the preferred mobile satellite communications provider for the Peking to Paris Motor Challenge 2016, supporting rally racers and all ERA staff, for the three months ended June 30, 2016. smile
In June, GTCL reached a new European sales milestone, selling its 3,000th DeLorme® inReach 2-Way Satellite Communicator. This milestone is the result of a growing three-year European sales partnership between DeLorme and GTCL serving the needs of adventurists, recreational users, lone workers, governments, law enforcement and military customers.
The Company continued to expand the range of satellite-enabled devices offered for sale to consumers through signed Distributor Agreements with leading suppliers of Personal Locator Beacons (PLB’s) and Emergency Position Indicating Radio Beacons (EPIRBs). These new products are GPS-enabled rescue beacons that when activated, broadcast the users’ location to Search and Rescue services during an emergency making them an ideal addition to the Company’s existing range of satellite-enabled communication and emergency messenger devices.
At the end of Q2, the Company’s subsidiary GTCL launched a new mobile friendly website in June of 2016, which has been positively impacting website sales year-to-date. smile
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