26th Jun 2015 08:02
LONDON (Alliance News) - CloudTag Inc Friday said it has made "considerable progress" towards launching its wearable device for the health, well-being and fitness markets in January 2016, as it posted a narrowed pretax loss for its first half.
The software and technology company reported a pretax loss of GBP494,000, narrowed from a pretax loss of GBP1.0 million a year before, mostly as a result of lower research and development, and other administrative costs. The company does not yet produce revenue.
The company raised GBP900,000 through the issue of unsecured convertible loan notes in December 2014, a fund-raising led by Amit Ben-Haim who the company then appointed as its Chief Executive Officer in February.
Following the half year end the company appointed a new chief technology officer and expanded its technical team, as it continued to work towards launching its wearable device at the Consumer Electronics Show in Las Vegas in January 2016.
It expects to begin field trials of the product at its new research and performance unit in the UK before the end of June, and said that it will continue to work closely with its technology partners Imec International and Preciousbluedot Ltd.
"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," said Ben-Haim in a statement.
Shares in CloudTag are untraded Friday morning at 2.75 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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