29 Jul 2014 07:00
Fitbug Holdings Plc / Epic: FITB.L / Index: AIM / Sector: Leisure
29 July 2014
Fitbug Holdings Plc ('Fitbug' or 'the Company')
Secures £1,750,000 Loan on Attractive Terms
February 2015 Trial Date Set for Legal action Against Fitbit
Fitbug Holdings Plc, the AIM listed provider of online personal health and well-being services, is pleased to announce that NW1 Investments Limited and Kifin Limited ('Loan Holder'), a Kirsh Group subsidiary have together agreed to loan £1,750,000 (the 'Loan') to the Company.
The Loan is repayable by 31 July 2015 and will accrue interest at a rate of 5% per annum, payable on a quarterly basis. The funds will be loaned through NW1 Investments Limited, a company in which the family of David Turner and Allan Fisher have a material interest.
The independent directors of the Company, being Fergus Kee, Malcolm Fried, Paul Landau, Ann Jones, 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.
A trial date of 9 February 2015 has been set by the U.S. District Court of Northern California to hear the Company's legal action against Fitbit. This legal action alleges trademark infringement, unfair competition and unfair business practices. The Company believes that it has a strong case.
Malcolm Fried, CEO said "The support of NW1 Investments Limited and the Kirsh Group leaves the business well placed to continue developing both its products and trading relationships and also to pursue the legal action against Fitbit to fruition."
**ENDS**
For further information visit www.fitbugholdings.com or 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 |
| 020 3713 4581 | |
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.
Key market sectors and distribution channels include retail, health insurance and rewards providers, workplace health programmes, 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. 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.