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Cloudtag – have punters backed the wrong brother?

By Tom Winnifrith, The Sheriff of AIM | Wednesday 15 February 2017

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

For many Bulletin Board Morons their unswerving belief in the fraud that is Cloudtag (CTAG) is partly rooted in the belief that CEO Mr Ben Haim is a man with the midas touch. I agree, Mr Shlomo Ben-Haim based on numerous media reports is a self-made billionaire from the medical related companies he founded or co-founded and then sold. Has his younger brother, Amit Ben Haim got the same Midas touch?

The commentary that accompanied Amit’s appointment on 8 January 2015 as Director of Corporate Development for Cloudtag certainly suggested that was the case as you can see from the quote below:

Prior to this appointment, Amit was engaged as a Consultant to CloudTag, making introductions to investors and other partners in the areas of finance, technology and consumer health and wellbeing. He has a proven track record as a successful entrepreneur establishing, leading and expanding companies through to trade sale exits as co-founder, executive and non-executive director. In 1993, he co-founded Biosense Inc., a medical devices company which was sold to Dow Jones-listed Johnson & Johnson in 1997 for $485 million. In 1996, he co-established Impulse Dynamics Inc., another medical devices company, which ultimately licensed its cardiac contractility technology to NYSE-listed Guidant Corporation and in 1998 he was one of several founders of Odigo Inc., a communications company specialising in instant messaging platforms, which was sold in 2000 to NASDAQ-listed Comverse Inc.

How does the quoted information stand up to some scrutiny? Well Amit had considerable success with Biosense but according to an Israeli publication   Amit was the first investor but it was his brother who co-founded the company.This stance is supported by Biosense’s own website under company history

Impulse Dynamics website states the founder was Shlomo Ben Haim, no mention of his brother as a cofounder.

According to Wikipedia the founder of Odigo Inc wasn’t Amit Ben Haim. Crunchbase indicates  it was acquired by Comverse in 2002 

Perhaps Amit’s memory is a little hazy or maybe he was over stating his involvement in these three deals or perhaps history as recorded by the websites understates his true involvement.  Time will tell.

Meanwhile Amit is still yet to grow a pair and is not responding to my generous offer worth £5,000 to meet me on the stage at UK Investor show. Amit what have you got to fear?

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