Fitbug share price soars after announcement of new deals

on Dec 19, 2014
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iNVEZZ.com, Friday, December 19: Shares in Fitbug Holdings Plc (LON:FITB) have soared more than 60 percent following the company’s announcement of new marketing and retail agreements for its products –activity tracking wearable device Orb and digital training coach Kiqplan. In a statement to the London Stock Exchange, the company unveiled several new deals in the UK and the US, and provided an update on its marketing plans for January.

The AIM-listed company said that it had struck a deal with Bestbuy.com, under which the US online consumer electronics retailer agreed to sell Fitbug Orb and Kiqplan as part of its wearable range from January. It was also revealed that the UK version of online retail giant Amazon had decided to include Kiqplan in the range of Fitbug products it offers and had agreed a marketing programme for the New Year. Finally, it was announced that Fitbug and US retail chain Target had also settled on a marketing plan to promote both Orb and Kiqplan in January.

Fitbug also noted that a wider marketing campaign would commence in the UK and the US from January. The programme will feature digital media in the US and digital and print media in the UK.
“2015 will be an exciting year of great opportunity for Fitbug,” commented Paul Landau, founder and chief executive officer of Fitbug Limited, the main operating company. “We are very focussed on scaling up our future growth to meet accelerating demand for wearable technology and complementary products.”

The latest deals continue Fitbug’s great run in recent months. In November the company signed a deal with Samsung Electronics to include Kiqplan on the Samsung Digital Health platform. The firm struck retail agreements with supermarket giants Sainsbury’s and Target in October.
In today’s trading, Fitbug shares were 63.6 percent higher at 11.45p, as of 10:03 UTC. The company’s stock has risen a staggering 1160 percent since the start of the year.

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