Half Yearly Report

26th June 2015

CloudTag (CTAG:LN), the company that brings personal monitoring to the health, wellbeing and fitness markets is pleased to announce its interim results for the six months ended 31 March 2015.

Summary and current trading update

Period ending 31 March 2015

  • Completion of £900,000 fund raising led by Amit Ben-Haim through the issue of unsecured convertible Loan Notes in December 2014
  • Appointment of Amit Ben-Haim as CEO on the 10 February 2015, bringing with him the necessary skills to commercialise CloudTag

Post Period End

  • Removal of Company debt through the conversion of the Loan Notes
  • Company achieving development milestones in preparation for the launch of its wearable technology at the Consumer Electronics Show (CES) in Las Vegas in January 2016
  • Product finalisation stage reached with technical partner Imec International, a world-leading research centre in nanoelectronics, providing cutting edge algorithms and sensors
  • Strategic partnership with Adience, a mobile commerce and user profiling company with tens of millions of users
  • Appointment of a new CTO and expansion of the technical team with experienced engineers to bring more product development in-house
  • Opening of a new Research & Performance Unit (“RPU”) for the technical team, strengthening IP generation and improving control of the product development timetable

Amit Ben-Haim, CEO, commented:

“I am delighted with the progress the Company has made in the first half of this financial and calendar year with significant steps having been made to focus the business on releasing the wearable device in January 2016. Continuing the development of our technology while focussing expenditure on core business growth items, securing IP and technical ‘know how’ in the Company, growing our user base through strategic partnerships and removing debt through the conversion of the Loan Notes is vital to build shareholder value as we ready the Company for the product launch.”

Cloudtag Inc. Amit Ben-Haim +1 345 949 45 44 contact@cloudtag.com
UK Investor Relations. +44 (0) 20 7052 8469 investors@cloudtag.com