Regulatory Story
Go to market news section View chart   Print
RNS
Fitbug Holdings PLC  -  FITB   

Secures £500,000 Loan on Attractive Terms

Released 07:00 28-Jan-2013

RNS Number : 4289W
Fitbug Holdings PLC
28 January 2013
 



Fitbug Holdings Plc / Epic: FITB.L / Index: AIM / Sector: Leisure

28 January 2013

Fitbug Holdings Plc ('Fitbug' or 'the Company')

Secures £500,000 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 agreed the terms of a £500,000 ('the Loan') with Kifin Limited ('Loan Holder'), a Kirsh Group subsidiary.

 

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.

 

Fergus Kee, Executive Chairman, said "Following the interest shown in Fitbug's connected health product range at this month's Consumer Electronics Show in Las Vegas, and the launch of three new products, this Loan, on attractive terms, provides additional funds to capitalise on the Connected Health market, which is particularly buoyant in North America."

 

**ENDS**

 

For further information visit www.fitbugholdings.com or contact:

 

Paul Landau/Andrew Brummer

 

Fitbug Holdings Plc

 

020 7449 1000

Mark Percy/Catherine Leftley/Katie Ratner

 

Seymour Pierce

 

020 7107 8000

Claire Louise Noyce/Deepak Reddy


Hybridan LLP

 

020 7947 4350

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. Visit www.fitbug.com for more information.

 

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.


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCBAMFTMBTTBMJ
Close


London Stock Exchange plc is not responsible for and does not check content on this Website. Website users are responsible for checking content. Any news item (including any prospectus) which is addressed solely to the persons and countries specified therein should not be relied upon other than by such persons and/or outside the specified countries. Terms and conditions, including restrictions on use and distribution apply.

 


Secures £500,000 Loan on Attractive Terms - RNS