Cloudtag Inc Share News (CTAG)

LONDON (Alliance News) - Personal fitness app-creator CloudTag Inc Thursday said it has appointed Commercial Director Andy Jackson as chief executive in order to drive its development programme and grow the operational management team.

CloudTag, which in March floated on AIM in a GBP1.5 million listing, said it expects to make further appointments to the board.

In a trading update, CloudTag said that product development since March has continued in line with the company's expectations, with initial products on track for launch in the first-half of 2014.

CloudTag said it will bring forward the launch of its stand-alone user interface and mobile application, which is intended to provide access to the latest exercise programming from leading personal trainers, coaches, sportsmen and women.

CloudTag's app collects fitness data from a body patch worn by the user and will aim to help people achieve fitness goals, such as losing weight or working through training programmes in the gym.

"The company continues to monitor its costs carefully and evaluate its working capital requirements against the evolving business model and potential opportunities to commence CloudTag's sales. The company continues to review the most appropriate form of financing required for its future activities, which may take the form of a combination of revenue, debt, equity and strategic partnerships," CloudTag said in a statement.

CloudTag shares were Thursday quoted at 12.00 pence, down 1.00 pence.

By Samuel Agini; samagini@alliancenews.com; @samuelagini

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