CloudTag ramps up progress towards wearable tech

(ShareCast News) - CloudTag is ramping up progress and funding as it looks to launch wearable technology next year.The health, wellbeing and fitness personal monitoring announced on Tuesday that shareholder and software developer Preciousbluedot has integrated Adience's user profiling technology into the MyCloudTag AppThe integration will allow it to create in-depth profiles of its users through algorithms based on more than 1,000 different data points in the app.As part of the deal, CloudTag agreed to settle historic fees due to Preciousbluedot by issuing warrants over 11.4m shares at a price of 3 pence per share.The AIM listed company has also issued £150,000 of unsecured convertible loan notes due in September 2016.Funds raised will be used for general working capital purposes and the company is in discussions with a number of parties over additional funding as it plans to launch its wearable technology next year.Shares in CloudTag were down 0.38p to 2p at 0904 BST.