On my Nexus 7, when I select "Menu => Exit Application => Shutdown Application", the "GPS signal acquisition" flashing dot on the status bar goes away, for me.
You might also try making sure that our app is fully shut down on your phone... for me, I click the bottom right Droid button which shows me the list of running apps, and I can swipe the iFly GPS app off the screen, to fully shut it down. Even for the Nexus, after doing this Shutdown, iFly still shows up under the list of running Apps. Please Swipe it off the screen and see if the "GPS acquisition" target icon goes away.