Fitbug holdings secure loan and set court date

Secures £1,750,000 Loan on Attractive Terms – February 2015 Trial Date Set for Legal action Against Fitbit

Fitbug Holdings Plc, the AIM listed provider of online personal health and well-being services, has announced that NW1 Investments Limited and Kifin Limited , a Kirsh Group subsidiary have together agreed to loan £1,750,000 to the Company.

The Loan is repayable by 31 July 2015 and will accrue interest at a rate of 5% per annum, payable on a quarterly basis. The funds will be loaned through NW1 Investments Limited, a company in which the family of David Turner and Allan Fisher have a material interest.

The independent directors of the Company, being Fergus Kee, Malcolm Fried, Paul Landau, Ann Jones, Andrew Brummer and Geoffrey Simmonds, consider, having consulted with Cantor Fitzgerald Europe, that the terms of the loan are fair and reasonable in so far as the shareholders are concerned.

Court Date:

A trial date of 9 February 2015 has been set by the U.S. District Court of Northern California to hear the Company’s legal action against Fitbit. This legal action alleges trademark infringement, unfair competition and unfair business practices. The Company believes that it has a strong case.

Malcolm Fried, CEO said “The support of NW1 Investments Limited and the Kirsh Group leaves the business well placed to continue developing both its products and trading relationships and also to pursue the legal action against Fitbit to fruition.”

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