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26 Nov 2014 07:00
Fitbug Holdings Plc / Epic: FITB.L / Index: AIM / Sector: Leisure
26 November 2014
Fitbug Holdings plc ('Fitbug' or 'the Company')
Agreed extension of loans to mid-2016 strengthens balance sheet
Fitbug Holdings Plc, the AIM listed provider of online personal health and well-being services, is pleased to announce that it has agreed that the repayment date of all loans, totalling £6.94 million, to the Company from NW1 Investments Limited will be extended to 31 July 2016. Other terms remain unchanged including the interest rate which remains at 5%.
NW1 Investments Limited is a company in which the family of David Turner and Allan Fisher, both directors of Fitbug, have a material interest.
Fergus Kee, Chairman of Fitbug said, "We are pleased to have reached an agreement to extend the repayment date on our existing loans with NW1 Investments. It strengthens our balance sheet at an exciting time for Fitbug as we move to scale up the business to meet growing demand for wearable technology."
**ENDS**
For further information visit www.KiQplan.com or www.fitbugholdings.com contact:
Paul Landau/Andrew Brummer | Fitbug Holdings Plc | 020 7449 1000 | ||
Mark Percy/Catherine Leftley | Cantor Fitzgerald Europe | 020 7894 7000 | ||
Claire Louise Noyce | Hybridan LLP | 0203 713 4580 | ||
Elisabeth Cowell/Charlotte Heap | St Brides Media & Finance Ltd | 020 7236 1177 |
Notes
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 the Fitbug app and fitbug.com to provide an understanding of each user's daily activity achievements, with mobile and web technology which provides users with personalised weekly activity and nutrition targets, feedback, advice and encouragement. Its "Kiqplan"TM digital health coaching platform is designed to make wearable technology relevant to new audiences and take the "so what?" out of activity tracking by providing structured action plans to help people get fitter, lighter and lead happier, healthier lives.
Key market sectors and distribution channels include retail, health insurance and rewards providers, workplace health programmes, fitness operators and consumers. Increasingly, Fitbug's platforms act as the driving force behind third party services such as white label sites, activity driven games and challenge microsites and rewards programmes. An important part of the Company's focus is on building strategic partnerships with organisations which can integrate Fitbug into their own service/product offerings or resell to their customer base. The Company has operations in the UK, Australia and Asia, with the United States remaining the primary market. For more information, visit www.fitbug.com and www.KiQplan.com.
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