CloudTag notes share price rise

CloudTag, the company that brings personal monitoring to the wellbeing, fitness and digital health markets, notes the recent rise in its share price. The company confirms that there is no further information to be updated to the market since its announcement of 5 December.

As previously announced, the company has received an indicative, non-binding order from second chance for £880,000 subject to manufacturing and delivery date being agreed. To date, there have been no further orders and no manufactured stock has been received in the UK. There is no change to the company’s expectation of receiving its first consignment of stock in the UK later this month. The company confirms that it has not recognised any revenue in respect of this order. Further to the announcement of 28 November, the company has now received £2.08 million in respect of the issue of the tranche 1 notes to L1 and the release of the escrow amount.

Subject to the outcome of the extraordinary general meeting to be held on 12 December, the company expects to issue the tranche 2 notes (being £1.8m before expenses).

These monies, together with previously raised funding, are expected to meet the company’s immediate working capital needs. It should however be noted that until such time as sufficient revenues are generated by the company, for which there can be no certainty that this will occur, the company will continue to require further funding. The company is currently renewing its product brand names and is planning on announcing a new brand name in December.

At 3:19pm: (LON:CTAG) Cloudtag Inc share price was +2p at 13.63p

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