The Global Positioning System has grown in popularity among consumers, especially for navigational purposes. In fact, Garmin (NDAQ: GRMN) is a $3.4 billion public company with millions of subscribers. However, a new breed of devices is quickly revolutionizing the market – personal locators. These devices can help consumers track their children, pets and other objects worldwide using GPS systems.  So, how can investors get involved in this new trend?

Location Based Technology (OTC-BB: LBAS) a leading producer of these devices via its PocketFinder® line of products. The market for these products is expected to grow at a compounded annual growth rate of more than 104% through 2012, according to RNCOS. Meanwhile, the firm also produces software designed to take advantage of smartphone GPS systems. In fact, its iPhone application was downloaded more than 10,000 times within weeks of its release.

Location Based Technologies expects to begin selling its products in the first quarter of 2009. The Oreo-sized GPS devices can be placed almost anywhere and tracked via phone or internet. A strong network of distributors and tight cost controls should help drive value in this company over the next five years. Meanwhile, a strong patent portfolio continues to build value in its technology. For an in-depth research report on this company, including financial projections, click here.