LONDON (Alliance News) - CloudTag Inc on Friday clarified Second Chance Ltd was maintaining its exclusivity to distribute the CloudTag Track in the EU and UK, after noting the recent rise in its share price.
Shares in CloudTag were up 23% at 10.99 pence on Friday afternoon.
CloudTag said it was actively progressing its business strategy of commercialising its proprietary intellectual property and technology, including the CloudTag Track wearable device.
The company has in June said the initial product delivery requirements with retailers and e-tailers had not then been concluded and, as such, orders for the first and second quarters agreed with Second Chance were allocated to the second half of 2016.
On Friday, CloudTag said these requirements have now been concluded and the current discussions are focussed on launch exclusivity periods.
CloudTag said it was optimistic that the sales targets agreed with Second Change will be achieved, though said there was no certainty of this.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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