11 Dec 2013 07:00
Fitbug Holdings Plc / Epic: FITB.L / Index: AIM / Sector: Leisure
11 December 2013
Fitbug Holdings Plc ('Fitbug' or 'the Company')
Secures £1,000,000 Loan on Attractive Terms
Fitbug Holdings Plc, the AIM listed provider of online personal health and well-being services, is pleased to announce that it has signed a £1 million loan agreement ("the Loan") with NW1 Investments Limited ("Loan Holder").
The Loan is repayable by 31 July 2014 and will accrue interest at a rate of 5% per annum, payable on a quarterly basis. If during the term of the Loan, Fitbug undertakes an equity issue, the Loan Holder can elect to convert some or the entire Loan into new ordinary shares in Fitbug. NW1 Investments Limited is a company in which the family of David Turner and Allan Fisher, both directors of Fitbug, have a material interest.
The independent directors of the Company, being Fergus Kee, Paul Landau, Andrew Brummer and Geoffrey Simmonds, consider, having consulted with Cantor Fitzgerald Europe, that the terms of the Loan are fair and reasonable in so far as the shareholders are concerned.
Fergus Kee, Executive Chairman, said "The Loan from this supportive party will help support the Company's continued marketing and product development and in particular, enable us to build our stock inventory ahead of the New Year and spring, which traditionally represents a peak sales periods. Additionally, we will be exhibiting once again at the Consumer Electronic Show held in Las Vegas in January, following the success of last year's show and the recent commercial launch of our Fitbug Orb."
**ENDS**
For further information contact:
Paul Landau/Andrew Brummer | Fitbug Holdings Plc | 020 7449 1000 |
Mark Percy/Catherine Leftley/Katie Ratner | Cantor Fitzgerald Europe | 020 7894 7000 |
Claire Louise Noyce / William Lynne | Hybridan LLP | 020 7947 4350 / 020 7947 4361 |
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 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. For more information, visit www.fitbug.com.
The Fitbug business was founded by Paul Landau, CEO of Fitbug Limited. Fergus Kee, Executive Chairman of the Company is the former Managing Director of Bupa's £2.1 billion turnover UK and North American Division.