13th November 2015
CloudTag (CTAG:LN), the company that brings personal monitoring to the health, wellbeing and fitness markets, is pleased to announce that it has taken delivery of the first batch of production units of CloudTag’s proprietary wearable device, which will be launched at the Consumer Electronics Show in January 2016.
These units are being used to test the system integration of the Company’s mobile application, cloud and device. Our product design partners, a world leading global product design and strategy firm who have designed the user experience of the wearable device are conducting further usability tests using these production units. In parallel, the Company’s development team continue to optimise the cutting edge production algorithms for ECG and energy expenditure using the data from the independent tests carried out by Essex University and announced by the Company on 26 October 2015 (which showed 98% to 99% correlation to clinical ECG and 91% to 99% correlation to energy expenditure against the medical gold standard).
Delivery of the first production units has enabled the Company to manage more closely the unit costs for the manufacture of each device, which in turn is expected to facilitate the on-going commercial discussions. This is in line with the Company’s manufacturing and commercialisation plan to deliver our first device to the market in 2016.
Amit Ben-Haim, CloudTag CEO, comments: “I am pleased with the quality of the production devices and the overwhelmingly positive reactions from our user tests. As we look to commercialise the device, it is imperative that we maintain tight control over our bill of materials for the manufacture of each unit in a competitive and price sensitive market.”