LONDON (Alliance News) - Fitbug Holdings PLC Wednesday said it has agreed an extension to all of its loans from NW1 Investments Ltd and Kifin Ltd, while securing an additional loan of GBP1 million.
The AIM-listed provider of online personal health and well-being services, said it has agreed an extension to its loans from NW1 Investments Ltd and Kifin Ltd, a Kirsh Group subsidiary, to the end of July 2015. It also said it has agreed a further GBP1 million loan from NW1 Investments Ltd.
NW1 Investments Ltd is a company in which the family of David Turner and Allan Fisher, both directors of Fitbug, have a material interest.
"This significantly strengthens the company's financial position at a time of strongly growing demand for wearable technology. We have an exciting pipeline of business ahead and we look forward to developing this and continuing our investment into both our sales strategy and product," said Chairman Fergus Kee in a statement.
Fitbug also said that its legal action against Fitbit alleging trademark infringement, as well as unfair competition and unfair business practices, continues to progress and is scheduled to go to trial in early 2015.
Fitbug shares were up 8.9% at 0.708 pence Wednesday afternoon.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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