9th Jun 2016 07:29
LONDON (Alliance News) - CloudTag Inc on Thursday said it and its European distributor are concluding initial product deliveries with a number of high street and online retailers and is holding talks with online retail giant Amazon.com Inc.
CloudTag, which makes personal monitoring applications for the health and wellbeing market, said it is now in the process of completing initial delivery requirements for a range of retailers alongside distributor Second Chance Ltd.
CloudTag did not name any of the retailers for which the deliveries are being completed, but said it includes the largest online e-commerce and cloud computing company in the UK and US and a major British multinational department store, amongst a series of others.
Under the agreements, the retailers will be required to acquire a minimum value of USD5.2 million of units.
In addition, CloudTag said it is holding talks with Amazon Marketing Services to execute a sales and marketing strategy for the release of its products.
CloudTag said its initial sales focus will be on the UK and Germany.
The group said it now intends to increase its staff numbers to back its expansion and will issue 6.0 million shares at 5.05 pence per share to raise GBP300,400. It also will issue 1.8 million shares at the same price to cover professional advisory and introductory fees provided by a third party.
CloudTag shares were up 30% to 5.90 pence early Thursday, the best performer in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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