CloudTag Inc (LON:CTAG) Chief Executive Officer Amit Ben-Haim caught up with DirectorsTalk for an exclusive interview to discuss the launch of CloudTag Track at the CES 2016 show, positive feedback, what this means for shareholders and the next steps
Q1: Amit, thanks for joining us today.
A1: Giles, good afternoon. I am speaking today from Las Vegas where CloudTag is taking part at the CES show and where, yesterday, we have launched our product.
Q2: Indeed. I was just about to say, great to see the launch of the new fitness tracker, the CloudTag Track. How’s it been?
A2: Well I think I can summarise by saying it was an amazing reception for the product and in particular to the dual mode, mainly 23 hours on the wrist and 1 hour upper left torso for training. I think people like the design of the wrist device, the Track as you call it and we call it, and the non-intrusive chest click, the beatSMART.
Q3: So what’s the feedback been like?
A3: The feedback, as I mentioned, was extremely positive and a clear understanding of what CloudTag is about, from the viewpoint of accuracy, design simplicity, ease of use and simplicity of user interaction, achieving their weight and body sculpture goals. Obviously, most important is the commercial traction for the company and yesterday being the first day, we already held meetings with some of the leading US department stores and retailers interested in stocking CloudTag, seeing the ability to engage their current client and increase the in-store spend. They also saw the opportunity to link their rewards programmes with our rich data allowing their buyers to use our specifically designed buyer’s cloud-based dashboard. Beyond those merchants, and again this is in line with our strategy, we met with national US insurance companies as well as US local health authorities seeing CloudTag Inc as an opportunity to improve the quality of life of their insured and under-care population. All in all, we are looking to supply this market by the end of May 2016.
Q4: Brilliant. So what does this mean to shareholders now that the product has been launched?
A4: Obviously, it’s time to show the shareholders that the share price will increase. We are now in commercial conversations, as I mentioned, with various bodies in the USA and Europe and we hope very soon to sign on some supply agreements and, as I said before, the share price will follow suit. The other thing that was very much interesting, and again in line with the value for the shareholders, is that I was invited last night to a small group, a private dinner with Phillips, and throughout the five keynote speakers, it was clear that CloudTag Inc is spearheading the future of the wearables. By means of analysing the data we collect on the user and by adding artificial intelligence and machine learning, we provide the user with data that is meaningful, allowing them to follow their set goals, be it weight loss or body sculpturing, with high accuracy and prediction, bringing the user to their target goals within the period they have specified. Beyond that, we’re also harnessing all of our other internet of things which are available for us to add a much larger holistic view where the doctors and the care people and all other care providers can all share the same information and make a change to our users. This is the most important thing, as I’ve mentioned in previous interviews to date, people get data of what they have done with no meaningful trajectory towards what they want to achieve and it is on an island so each one gets his own data and still play on his own island, what we’re saying is we’re connecting all the islands, the care providers.
Q5: What are the next steps now for CloudTag Inc?
A5: Obviously, we have a few more days here at CES where we believe we will be able to continue and meet with more of the above, from different countries as well as it is an international show. We’ll go back home and we’ll start the production phase, going towards May of this year, and fulfil those orders in June and going onwards.
