MySQUAR Limited Significant Revenue Milestone and Product Update (5607E)
May 09 2017 - 1:00AM
UK Regulatory
TIDMMYSQ
RNS Number : 5607E
MySQUAR Limited
09 May 2017
9 May 2017
MySQUAR Limited ("MySQUAR" or the "Company")
Significant Revenue Milestone and Product Update
MySQUAR, the Myanmar-language social media, entertainment and
payments platform whose principal activity is to design, develop
and commercialise Myanmar-focused internet-based mobile
applications, is pleased to announce that it has achieved a
milestone in average daily revenue and an update on product
launches.
Daily Revenue
The Company has made significant progress in achieving its
monestisation targets. Average daily revenue reached USD 5,000
during the first week of May 2017, an increase from an average of
approximately USD 3,900 in April 2017. The majority of current
daily revenue is generated from gaming and mobile payment
application development services. The increase in revenue has been
achieved due to both the integration with Telenor Myanmar's carrier
billing services and recent product releases (such as the casual
gaming platform Lucky Wingabar). Revenue generated from premium
content in MyChat and other apps is not yet material to the
business, but is expected to underpin future growth.
Product Update
On 5 May the Company released an updated version of its VoIP
service, CallHome, which has been expanded to target a larger
regional base, including India and Pakistan, for example. By the
end of May, the Company expects to release a new hard core game
called My Hero - Bo Lattae (as a substitute for WuKong which has
been delayed due to unexpected software localisation issues with
the game licensor) and an updated version of MyChat that includes a
dating feature where users have to pay to chat.
Eric Schaer, CEO of MySQUAR, said: "We are pleased with the
daily revenue growth demonstrated in May so far and anticipate
healthy future revenue growth given the multiple revenue streams
from existing products as they gain in popularity over time in
conjunction with the release of new products and new product
features in the pipeline."
For further information:
MySQUAR Limited
Eric Schaer (Chief Executive) Tel: +65 6818
6089
Pham Dang Hung (CFO)
SP Angel Corporate Finance
LLP
Nominated Adviser Tel: +44 (0) 203
470 0470
Stuart Gledhill/Soltan
Tagiev
Beaufort Securities Limited Tel: +44 (0) 207
Broker 382 8300
Jon Belliss/Elliot Hance
Public Relations
Damien McCrystal Tel: +44 (0) 781
677 0758
damien@mccrystal.info
This information is provided by RNS
The company news service from the London Stock Exchange
END
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