MySQUAR Limited MySQUAR updates re gaming and other activities (7800K)

TIDMMYSQ

RNS Number : 7800K

MySQUAR Limited

26 September 2016

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

MySQUAR updates re gaming and other activities

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 delighted to announce that its gaming business has continued to achieve very encouraging results after the release of the game Hawk Hero on 12 September 2016. The Company is also providing an update in respect of its planned mobile payments and VoIP businesses which have also made encouraging progress.

Mobile Games

Within ten days of release, Hawk Hero has generated an average daily revenue of approximately US$600 per day, gradually rising to a current high of US$917 on 21 September 2016. Hawk Hero is a role-playing game with many pay-to-use features that the Company expects will significantly increase revenue in the near future.

Further to the Company's announcement on 12 September 2016, MyFish's daily revenue has now risen to US$2,000-US$2,200 during the week commencing 19 September 2016.

At the current rate, MySQUAR's released game titles collectively generate approximately US$3,000 of revenue per day.

Mobile payments and VoIP

Technical implementation work regarding the launch of the mobile payment services business has progressed well. MySQUAR is fully prepared to engage with its mobile payments partner, MyPAY, which is currently completing compliance requirements and is expected to launch in upcoming months, as opposed to Q3, in line with new Myanmar mobile payments regulations.

MySQUAR is very pleased to congratulate MyPAY for winning the prestigious Mondato Award for Mobile Finance and Commerce Innovation in Emerging Asia.

MySQUAR is confident that its VoIP product is progressing according to plan. The MyPAY launch will mean additional avenues for people to pay for games and VoIP services, thereby attracting additional users.

Further updates on the progress of both businesses will be provided by the Company in due course.

Eric Schaer, CEO of MySQUAR, said: "The strong performance of our second major game is an exciting development and provides remarkable monetisation for such a young company in our field. Our plan to introduce a new game approximately every other month is well on course and we see considerable revenue growth going forward. We have also gained valuable understanding of the Myanmar mobile gaming market and are confident that many of the future games will be even better placed than their forerunners. In addition, I am very pleased with the preparation progress for mobile payment and VoIP services and we are looking forward to demonstrating to shareholders the economic synergies of the company's different businesses."

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/Laura 
 Harrison 
 
 Beaufort Securities Limited 
 Joint Broker                    Tel: +44 (0) 207 
 Jon Belliss/Elliot Hance        382 8300 
 
 Mirabaud Securities LLP 
 Joint Broker 
 Edward Haig-Thomas/Peter        Tel: +44 (0)20 
 Krens                           7878 3447 
 
  Public Relations               Tel: [phone] 
  Damien McCrystal               770 758 
                                 [e-mail] 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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September 26, 2016 02:01 ET (06:01 GMT)