25th Jan 2016 08:07
LONDON (Alliance News) - Wearable technology company CloudTag Inc on Monday said it has signed a sales and distribution deal worth at least USD5.2 million in device sales.
The company has signed the deal with sporting goods distributor Second Chance Ltd and the agreement will cover the Track and beatSmart Clip wearable products.
The deal will see Second Chance buy a minimum number of units from CloudTag at a fixed price in 2016, which will then be distributed to its retailer network.
"I am delighted to have closed our first commercial contract with a proven distributor in the EMEA region and to guarantee some minimum product sales. This marks a significant milestone for the company," said Amit Ben-Haim, CloudTag's chief executive.
Shares in CloudTag were up 28% on the news to 2.73 pence, one of the best performers in the AIM All-Share early Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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