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Cloudbuy issues statement ahead of AGM

Tuesday, 16th April 2019
Ahead of CloudBuy's annual general meeting today, management said it will make the following statement:

"We continue to make progress with PHBChoices, with more clinical commissioning groups signing up and moving to use PHBChoices for the management and administration of their personal budget holders.

"There has been an increase in enquiries as the 1 April 2019 deadline for personal health budgets to be offered as a default has come into effect.

"Personal health budgets remain a key strategic imperative for the NHS, as confirmed in the NHS 10 year plan.

"In Canada, the York District School Board project has gone live and is acting as a case study for other districts.

"The first follow-on win is with Waterloo Catholic District School Board who have signed a contract and implementation work has started.

"Our cost cutting program has been effective reducing our operating loss by 27% in 2018.

"In March we agreed with Roberto Sella to drawdown £500,000 from the December 2017 convertible loan facility.

"This funding, together with the successful sale of our company formations business for approximately £260,000, gives the board confidence that the company has sufficient funding to reach cashflow break even."

At 9:52am: (LON:CBUY) Cloudbuy share price was 0p at 2.8p

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