27th Mar 2015 09:42
LONDON (Alliance News) - CloudTag Inc Friday said its pretax loss narrowed in the last financial year and said it is expecting initial production runs of its wearable technology to begin in the second half of 2015.
The makers of MyCloudTag, a health app, reported a pretax loss of GBP1.3 million in the year ended September 30, narrower than the GBP2.8 million loss reported a year earlier as administrative costs fell.
The company does not currently generate any revenue and launched the MyCloudTag app in May 2014. The company is focusing on integrating its app with its CloudTag wearable device which it is currently developing.
CloudTag are expecting initial production runs of its wearable device, a 24-hour flexible activity tracker, to begin in the second half of 2015, when orders for mass manufacturing will start, it said.
CloudTag shares were untraded on Friday morning, last trading at 2.76 pence per share.
By Joshua Warner; [email protected]; @JoshAlliance
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