Location Based Technologies, Inc. CEO Letter to Shareholders

IRVINE, Calif., Dec 23, 2014 (BUSINESS WIRE) Location Based Technologies(R) Inc. (OTCBB:LBAS) CEO, Dave Morse, has released a letter to shareholders. Dear Shareholders, Year-end is a time for both reflection and a time to look forward. In looking back at 2014, LBT is particularly proud of achieving several key milestones in strategic areas: Total paid monthly users (defined as the total number of users that paid a minimum of $12.95 for a month of service during the past year) exceeded 72,000, an increase of more than double (123%) compared to the prior year; Service income achieved break-even levels in mid-2014, which will enable gross margins from service revenues to accelerate in future periods as many costs related to service revenue are fixed in nature; Monthly service income exceeded $100,000 per month starting in July 2014; Excluding the provision for inventory valuation reserves, the Company realized a 20% gross margin on device sales as compared to a negative 20% for the previ
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