iFi Systems' Child Tether is a button-sized device that helps keep children, pets, and pretty much anything else that moves from getting lost in public places. It doesn't use GPS, instead relying on RF to sound an alert if the device wanders too far away from the receiver, and uses beeping tones to point the owner/parent toward the missing child or pet.
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Too big... it looks as big as the pagers you get at restaurants!