Amit Ben-Haim, CEO of CloudTag PLC LON:CTAG, said: “I am extremely proud of the progress we have made throughout the financial year 2015 and recognise the immense effort it has taken from our dedicated employees across the Group in achieving so much in a comparatively short time.
“CloudTag has developed ahead of my planned strategy, and recently launched what we believe will be a leading product in our market, with capabilities which simply cannot be found anywhere else. It is now up to us to ensure that this product is adopted on as wide a scale as possible, to grow revenues and generate value for our loyal shareholders.”
CloudTag Inc (AIM:CTAG.L), the company which develops personal performance monitoring for the consumer health, wellbeing and fitness markets, has told DirectorsTalk its final results for the year ended 30 September 2015.
Financial and Operational Highlights
-- Surpassed CEO Amit Ben Haim's enhanced strategy for commercialisation and growth
— Completed integrated product design, comprising all hardware, software, smart device apps, testing and tooling with manufacturers, ahead of schedule
— Core development and operational skills brought in-house and multiple patent applications filed to enhance the IP estate
— Appointed John Wakely as Group Finance Director contributing experience in financial structuring and tax planning
-- Appointed Alon Moss as Group Chief Technology Officer (non Board appointment) -- Investment in product development increased to GBP698,000 (2014: GBP629,000) -- Prudent management of costs during the period
— Other administrative expenses maintained at GBP846,000 (2014: GBP830,000) despite increased recruitment, business development activities and preparation for the launch of the product at the Consumer Electronics Show 2016 in Las Vegas
-- Loss before tax of GBP1,989,000 (2014: GBP1,290,000)
Post Period End
— Launched first product set to schedule, CloudTag Track(TM) and the beatSMART(TM) Clip, at the Consumer Electronics show, Las Vegas, USA
— Signed significant distribution agreement with Second Chance Limited potentially worth at least $5.2 million
— Appointed Dr Gerald Bereika as Non-Executive Director, adding expertise to the Board in healthcare services and the psychology of behavioural change
— Appointed Jessie Pavelka, a well-known global fitness and weight loss expert as Global Brand Ambassador
-- Successful fundraisings of GBP938,400 in equity and GBP1.25 million debt facility
