(PRWEB) June 15, 2011
Paragon CEO Mervyn Price stated, “The Company has made significant progress with product development and is advancing toward the next phase of engineering and manufacturing. This new round of financing should provide the capital necessary to get our line of tracking devices to market.”
“Investors recognize our platform as the smart, cost-effective choice for managing GPS,” said Price. “Our clients are going to trust us to carry their tracking needs forward and provide real time analysis and location application.”
The GPS market is growing at a rapid rate. The market for these products amounted to $7 Billion in 2010, growing at an annual rate of 18%. The location-tracking device industry is projected to be 22 Million Units in 2012.
“Paragon is a terrific example of a business whose expertise, products and services both accelerate the transition and develop a strong financial and competitive position for the company,” said Ed Baxter, Managing Partner of Regus Advisors Inc. “Paragon has aggressively grown in every capacity since its inception only two years ago, the company’s management team continually exceeds expectations. Paragon is on track to fundamentally change the way GPS is viewed around the world.”
The demand for personal tracking devices is rapidly growing with no clear market leader, providing Paragon a unique opportunity to achieve a dominant position within the LBS (Location Based Services) market. Securing partnerships with multiple cellular carriers throughout the country will significantly increase our service area allowing greater reliability and accuracy when locating one of our tracking devices. Paragon is determined to become a leading provider of reliable, low cost tracking devices.
About Paragon GPS Inc: Paragon GPS is an OEM (Original Equipment Manufacturer) supplier of our unique and proprietary tracking devices to resellers, distributors, integrators and specific organizations primarily in the United States. Our exclusive technology allows us to design and manufacture the world’s smallest personal tracking devices. Our proprietary software platform provides accurate and reliable service for location and tracking. Our product line includes the KidTracker™, PeopleTracker™, CarTracker™, KeyTracker™ and PetTracker™ utilize global positioning satellites and cellular tower triangulation to conveniently and accurately track the location of any asset, person, pet or mobile object.
Paragon GPS is headquartered at 17311 Dallas Parkway, Dallas, TX 75248 USA. Tel: 972.733.3349.
For More Info visit http://www.paragongps.com or write to: info(at)paragongps(dot)com
Safe Harbor Statement - This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approvals for anticipated actions. Such statements are based on management's current expectations and are subject to certain factors, risks and uncertainties that may cause actual results, events and performance to differ materially from those referred to or implied by such statements. In addition, actual or future results may differ materially from those anticipated depending on a variety of factors, including continued maintenance of favorable license arrangements, success of market research identifying new product opportunities, successful introduction of new products, continued product innovation, sales and earnings growth, ability to attract and retain key personnel, and general economic conditions affecting consumer spending. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Paragon GPS Inc., does not intend to update any of the forward-looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law.
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