Cloudtag Inc (LON: CTAG) Chief Executive Amit Ben-Haim tells Proactive Investors he is delighted to announce the deal with CITIES, one of the largest commercial distribution operators in North America. "From our point of view this agreement is to Cloudtag the entry needed to the largest wearable market in a very focused manner.... to reach 70% of potential US consumers with one relationship " he says.
Ben-Haim said the relationship with CITIES will grow further as they work together to create a new category in wearables: weight-loss. "We are the first in this category at the device stage so from the viewpoint of the retailers, Best Buy, Target, Walmart and at a later stage Amazon, the retailers will gain more potential sales" he says.
Shares jumped in pre-trading but the picture changed at market open as profit-takers swooped. "Going forward I only wish to have shareholders who can stay for medium and long term rather than short-term profit-takers. However, they have gone and I am only going to stay with what is likely the right shareholders for the company going forward" Ben-Haim says