Cloudtag Inc Regulatory News (CTAG)

11 February 2015

CloudTag Inc.("CloudTag" or the "Company")

Appointment of Chief Executive

CloudTag (CTAG:LN), which develops personal performance monitoring for the professional sports and consumer wellbeing markets, is pleased to announce that it has appointed Amit Ben-Haim as the Chief Executive Officer with immediate effect. Amit will lead the Company through its most important phase of finalising the wearable technology device development and moving the hardware to mass production. Amit initially joined the board as the Executive Director of Corporate Development, and will now implement the next stage of the Company's strategy.

The Company is firmly focused on completing the development stage of its first wearable device and remains on track to receive the pre-mass production test models in the coming months. This intelligent wearable device targets the fitness, sports and wellness markets and will provide clinical-grade ECG data directly to the myCloudTag mobile application, allowing the user to understand their body's performance at rest, during exercise, in recovery and throughout the day during normal activities. myCloudTag will use this clinical grade data to provide personally tailored guidance for that individual to achieve their health and performance goals. The design and development of the innovative patch and packaging continues, in line with the intended product launch later this year.

Andy Jackson has resigned as CEO of the Company to focus on his other business activities. The Board would like to thank Andy for his contribution to the Company during its early stages of development and wishes him well in his future endeavours.

On 12 January 2015, the Company announced that, Andy Jackson was awarded options over a total of 5,000,000 new ordinary shares in the Company. 

Pursuant to the arrangements agreed with Andy Jackson on his resignation, the Remuneration Committee has agreed that, of the total options granted, he may retain options over 2,500,000 new ordinary shares in two equal tranches with exercise prices of 6p and 8p. These options are exercisable until the earlier of 10 February 2017 or the occurrence of certain other circumstances.

Anthony Reeves, Chairman, comments: "On behalf of the Board of Directors, I am pleased to announce the appointment of Amit Ben-Haim as the Chief Executive Officer. I thank Andy Jackson for developing CloudTag to its current stage and we look forward to updating the market on our first hardware device."

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