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Fitbit Challenger To Launch On ASX

An Israeli Fitbit competitor is planning to list on the ASX via a reverse takeover by Victory Mines.

The company aims to raise at least $3.5 million, in order to accelerate the rollout of its MilestonePod wearable gadget in US retail stores as well as Australia.

But unlike Fitbit wearables, which are worn on the wrist, its gadget attaches to a user’s shoe, where it collects data on matters such as foot strikes, cadence, rate of impact, as well as distance, duration and pace.

And also unlike Fitbits, which cost between A$130 and $350, in the USA the MilestonePod sells for about US$25.

Victory Mines says in an ASX announcement that the device can also be used to automate personalised marketing messages from retailers to customers.

The company plans to hold a general meeting of shareholders to approve the reverse takeover deal on June 8, and if approved to relist on the ASX under the Milestone Sport name on August 5.

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