5 Sep 2011 07:00
Fitbug Holdings Plc / Epic: FITB.L / Index: AIM / Sector: Leisure
5 September 2011
Fitbug Holdings Plc ('Fitbug')
Signs Agreement with Health Services Arm of Leading US Health Insurer
Fitbug Holdings Plc, the AIM traded provider of online personal health and well-being services, is pleased to announce that it has signed a Master Services Agreement ('MSA') with the health services arm of one of the largest health insurers in the US, which through its businesses serve more than 60 million people. Contractual terms do not allow Fitbug to disclose the identity of this important new customer.
The MSA accredits Fitbug as a supplier of services and agrees the overall terms and conditions of trade. The first two Statements of Work under the MSA have been agreed and will be implemented over the next six weeks, enabling Fitbug's products and services to be made available:
·; on its online health and wellness marketplace accessible to the US public and its wellness services and insured customers; and
·; to circa. 12 million participating corporate employees through a network of online suppliers of health and wellness services which are offered on preferred terms.
Further Statements of Work are under discussion.
Fitbug Chief Executive Paul Landau said, "This MSA is a very strong endorsement and highlights the strengthening interest in the proven capability of Fitbug's services to deliver effective health behaviour change. We are excited by the US market potential and the opportunity to work with a business of such scale, expertise and stature in the US health landscape."
Fitbug Executive Chairman Fergus Kee said, "As a small UK health business, accreditation as a supplier to one of the largest participants in the US health market is a really important step on our journey to build a profitable business in the US. Our previously outlined plans to develop in the US are progressing very well and we will provide a further update with our interim results later this month."
**ENDS**
For further information visit www.fitbugholdings.com or contact:
Paul Landau | Fitbug Holdings Plc | 020 7449 1000 |
Andrew Brummer | Fitbug Holdings Plc | 020 7449 1000 |
Mark Percy | Seymour Pierce | 020 7107 8000 |
Catherine Leftley | Seymour Pierce | 020 7107 8000 |
Katie Ratner | Seymour Pierce | 020 7107 8000 |
Jon Levinson | Rivington Street Corporate Finance Limited | 020 7562 3357 |
Isabel Crossley | St Brides Media & Finance Ltd | 020 7236 1177 |
Elisabeth Cowell | St Brides Media & Finance Ltd | 020 7236 1177 |
Notes
About Fitbug
Fitbug is a leading provider of online health and well-being services to help individuals to improve their lifestyles by making realistic changes to their daily routine. It combines activity tracking devices, which download to www.fitbug.com to provide an understanding of each user's daily activity achievements, with web technology which provides users with personalised weekly activity and nutrition targets, feedback, advice and encouragement.
Key market sectors include health insurance and rewards providers, workplace health programmes, Primary Care Trusts, fitness operators and consumers. Increasingly, Fitbug's platform acts as the driving force behind third party services such as white label sites, activity driven games and challenge microsites and rewards programmes.
The Company's main focus is now on building strategic partnerships with organisations, with the United States as a key market, which can integrate Fitbug into their own service/product offerings or resell to their customer base.
Fitbug has a strong team headed by Executive Chairman Fergus Kee who was the former Managing Director of Bupa's £2.1 billion turnover UK and North American Division.