MYSQ Mysquar

TIDMMYSQ

RNS Number : 2127H

MySQUAR Limited

06 June 2017

6 June 2017

MySQUAR Limited ("MySQUAR" or the "Company")

Revenue 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 its month-on-month revenue has been steadily increasing.

The Company continues to make significant progress in achieving its monetisation targets. Average daily revenue reached USD 7,000 in early June 2017, an increase of 40% from an average of USD 5,000 during the first week of May 2017 (and c.USD 5,500 for the whole of May). The majority of current daily revenue continues to be generated from gaming and mobile payment application development services.

Eric Schaer, CEO of MySQUAR, said: "We are pleased that average daily revenue continues to steadily increase due in part to the strong user reception of our product offerings. The Company anticipates further monetisation in the upcoming months with additional premium content in MyChat such as dating and the upgraded version of CallHome which was released last Friday offering a pay as you go feature with a digital wallet and the ability to call over 190 countries. With continued positive revenue progress we remain confident that the business will be operating on a run rate break even basis by or around the end of this month as targeted."

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

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June 06, 2017 02:01 ET (06:01 GMT)

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