Cloudtag Inc Share News (CTAG)

(ShareCast News) - AIM-listed CloudTag has signed an agreement with US distributor CITIES Market Studios to act as its sole and exclusive sales representative.The deal is for an initial period of a year from the date of the agreement and is automatically renewed at the end of the term unless terminated by either party before the renewal date.Meanwhile, CITIES has agreed not to act as sales agent for any product supplier that directly competes with CloudTag during the term of the agreement, unless they had entered into the agreement with them before this deal.CITIES, which has over 30 years' experience in North America, will receive a sales commission for all products sold through its retail partners and CloudTag will pay CITIES marketing fees contingent on the successful delivery of sales orders to these targeted retailers. Chief executive officer Amit Ben-Haim said: "Having spent the last four months working closely with CITIES developing our go-to-market strategy with our respective executive teams, I am confident we have secured an experienced retail services partner in CITIES, with an excellent track record and corporate synergy with CloudTag."At 0945 GMT, the shares were up 10% to 9.36p.