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Cloudtag inc11/9/2022 The 12 months since our last annual report has been one of rapid progress and development for the Company but has also presented its own challenges. I am very proud of what the growing team has achieved both in terms of product development and progress to mass manufacture as well as the commercial and operational aspects of the business. I am pleased to report that the product development effort throughout 2016 resulted in the launch of Onitor, our new brand identity. This work built upon the technical achievements on the underlying technology during 2015 where third party testing underpinned technical accuracy. The Board is aware that there has been investor frustration that the Company did not release its product to the retail market during the year. The Company is determined to ensure that the product's performance marks a step change to other available devices. Detailed R&D has focussed effort on embedded systems electronics and underlying algorithms and we have also undertaken technical work on production and manufacturing processes. We have developed many proprietary algorithms including but not limited to heart rate, ECG energy expenditure and activity recognition. The Company has filed several more patent applications and design registrations and design patents to protect the intellectual property developed by the group. In tandem with the detailed work to develop the technical capabilities of the product, we have explored opportunities to identify potential markets for our products to seek out niche areas where our technology will stand out from the established operators in the general wearable technology markets.
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