30th Oct 2015 08:19
LONDON (Alliance News) - Personal health monitoring company CloudTag Inc on Friday said it has signed a licence deal with Imec International under which CloudTag has a commercial licence covering the algorithms developed for CloudTag and used in its devices.
As consideration for the agreement, Imec has agreed to take equity in CloudTag, the initial tranche of which will comprise 1.9 million CloudTag shares. No issue price for the shares was provided.
Subsequent tranches will then be issued following the commercial launch of CloudTag's product and thereafter.
"I am extremely pleased that Imec has decided to become a shareholder of CloudTag and to have secured this agreement as I believe this firmly validates the work we are doing and the future of our relationship with Imec," said CloudTag Chief Executive Amit Ben-Haim.
Shares in CloudTag were untraded early Friday, having last traded at 2.30 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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