News Column

CloudTag Loss Narrows, Progressing Development Of Wearable Device

May 30, 2014

Hana Stewart-Smith

LONDON (Alliance News) - CloudTag Inc Friday posted a narrowed pretax loss for the half-year to end-March, as it launched its first product, and continued to develop its wearable technology.

The company, which develops wearable technology for sports and consumer well being markets.

CloudTag posted a pretax loss of GBP1.0 million, narrowed from a loss of GBP2.0 million in the previous year, as it cut down administrative expenses.

The company launched its first product, a mobile application called 'mycloudtag' alongside its partner Previousbluedot Ltd.CloudTag's software team are continuing development of the product to allow it to introduce new features in the coming months.

It is initially focusing on the UK and US markets, and said it is in advanced discussions with gym chains, health insurance companies and retailers.

CloudTag said it had recognised a shift in the market towards wearable devices for fitness purposes. It is seeking to launch a device using ECG technology as it is more accurate. The new product will also be entirely waterproof, opening it up for use in swimming and water sports.

"We look forward to progressing towards the launch of our wearable devices alongside updates to the App," the company said in a statement. "The board believes it is an exciting time for the company and its stakeholders."

Shares in CloudTag last traded at 4.50 pence.

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Source: Alliance News

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