|By Business Wire||
|August 9, 2013 09:00 AM EDT||
Location Based Technologies, Inc. (OTCBB:LBAS) announced that it has signed a distribution agreement with Beijing Lava Technology Co. Ltd., an Apple approved distributor for its online, brick and mortar stores, and authorized distributors in Asia. The agreement is one of the final steps preceding the launch of LBT’s GPS products into the Asian markets. Beijing Lava Technology Co. Ltd. serves China, Singapore, Japan, Korea, Taiwan, Malaysia, and Indonesia.
LBT estimates that it will begin selling its PocketFinder devices in Singapore through Apple’s online store and authorized distributors in the near future with other Asian countries to follow thereafter.
Of particular interest is China which, according to TechCrunch, became the world’s fastest growing market for iOS and Android devices in 2012. China now accounts for 24% of all of the connected devices in use worldwide and Berg Insight reported that Asia-Pacific was the strongest regional market for M2M services, recording a year-on-year growth rate of 64 percent and reached 34.5 million connections by year-end 2012.
About Location Based Technologies, Inc.
A publicly traded company, Location Based Technologies (OTCBB: LBAS) designs and builds dedicated GPS products and services that are affordable and easy to use. PocketFinder, Location Based Technologies’ small personal GPS locator device, provides an easy solution to help people use technology to stay connected to the people, pets and assets they value most. PocketFinder products include the GPS Vehicle Locator, Personal GPS Locator and GPS Pet Locator. For more information, visit http://www.pocketfinder.com.
PocketFinder and Location Based Technologies, Inc. are trademarks of Location Based Technologies, Inc. registered in the U.S. and other countries.
This news release contains forward-looking statements that involve risks and uncertainties. Actual results and outcomes may differ materially from those discussed or anticipated. For a more detailed discussion of these and associated risks, see the company's most recent document filed with the Securities and Exchange Commission.