On 24 December 2015, the Company filed a number of UK patent applications covering the proprietary in-house designed sensors, signal processing algorithms, sensors utilising natural and man-made materials, innovative mechanical body attachments and the product system architecture. The Company is now focussed on increasing the Far East production with commercial quantities of devices in Q2 2016 so that they are ready for delivery pending orders being received from retailers, distributors and other partners. Production tooling has been setup and the production run of devices for the product launch were received by the Company in November 2015.
CLOUDTAG UPDATE FULL
Fully functional devices with the embedded algorithms measuring the full ECG, calculating energy expenditure and automatically identifying the various activity types were integrated with the mobile application and the Cloud architecture. The Company completed the development of its wearable product in November 2015, including the product design and electronics of the CloudTag Track and the beatSMART clip. The Directors of CloudTag are confident that several of these opportunities will lead to commercial arrangements and look forward to updating the market in due course as discussions progress further. Furthermore, B2B opportunities with insurance providers and mobile phone operators have been generated. These include discussions with some of the world's largest consumer technology manufacturers, one of Europe's leading sporting goods distributors and two of North America's largest department stores and retail groups.
Launching the Cloudtag Track at CES has enabled the progression of existing relationships with potential customers and the creation of new opportunities for commercialisation.
CLOUDTAG UPDATE UPDATE
CloudTag (CTAG:LN), the company that brings personal monitoring to the health, wellbeing and fitness markets, is pleased to release an operational update following the successful launch of its first wearable technology product, the CloudTag Track, at the Consumer Electronics Show in Las Vegas on 6 January 2016 and to announce an unsecured convertible loan facility of £1.25 million.