MYSQ Mysquar

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

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May 09, 2017 02:00 ET (06:00 GMT)

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