16th Jun 2016 09:07
LONDON (Alliance News) - CloudTag Inc on Thursday said it has raised GBP470,000 through issuing 7.8 million shares at 6.05 pence per share, but noted it will need to "carefully monitor" its working capital position in the lead up to the commercial release of its CloudTag Track product.
Shares in CloudTag were up 0.7% at 6.09p on Thursday morning.
CloudTag, which makes personal monitoring applications for the health and wellbeing market, said it was in the process of moving manufacturing to new production partners based in the Far East, from its current low-volume production partner in Taiwan, ahead of the release of its CloudTag Track product.
This comes a week after CloudTag said it was in talks with online retail giant Amazon.com Inc for its CloudTag Track wearable technology, which measures fitness levels.
CloudTag said it was recruiting three senior executives, who will drive sales in consumer markets in the UK, namely a UK & Ireland sales director, a European sales director and a business development director.
Alongside this, the company said it was focusing research and development efforts on new technologies which would maintain its differentiation, and was also hiring further staff within the team, including specialists in embedded systems electronics, mechanical engineering, and product and industrial design.
By Hannah Boland; [email protected]; @Hannaheboland
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