MySQUAR Limited Registered user update (6639M)

TIDMMYSQ

RNS Number : 6639M

MySQUAR Limited

17 October 2016

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

MySQUAR registered users exceed 6m and MyCHAT 2.0 ready for release

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 as of 14 October 2016, the Company's registered users across all apps and games have exceeded 6 million. In addition, a new, more sophisticated version of MyCHAT is expected to be released in the fourth quarter of the calendar year 2016.

Registered users

This represents a substantial increase compared to the Company's previous expectations (announced on 22 August 2016) of 5m registered users by the end of 2016. It also represents an increase of more than 660 per cent compared to the number of registered users at the time of listing on AIM on July 1 2015.

MyCHAT 2.0

After more than 18 months of technical redevelopment involving thousands of man-hours, a new version of the Company's chatroom app, MyCHAT 2.0, will be released before the end of this calendar year. The new version will contain more features to appeal to users and more analytics to appeal to advertisers.

Games

Following the very encouraging success of game launches so far, the Company is adopting a more aggressive plan and aiming to release at least two new games in Q4 2016. One of these will be based on Naruto, one of the most successful Japanese manga comic characters of all time. Naruto, an adolescent ninja, is already a highly popular character in Myanmar via TV, films and books and the Company will leverage that popularity to support the new game. Further updates on the timing and progress of games are expected in the near future.

MySQUAR's CEO Eric Schaer said:

"User acquisition continues to grow at a remarkable rate, as does the appetite in Myanmar for MySQUAR's products and services, and shows no signs of slowing down."

"The new version of MyCHAT is a highly detailed reconstruction of the app which will enable more detailed analytics regarding users, making delivery of advertising more precise and therefore more valuable to both the Company and its advertisers. We also expect to be able to exploit the anticipated surge in advertising interest in Myanmar's 50m+ population from American multinational companies following the recent comprehensive withdrawal of U.S. sanctions."

"We believe that a more aggressive programme of game launches, using themes with proven popularity in Myanmar such as Naruto, will lead to increases in user numbers and therefore even greater popularity, with a corresponding effect on revenues. We are finding that with each success, the environment for launching new games and apps is considerably enhanced."

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

END

MSCMMMMGKNVGVZG

(END) Dow Jones Newswires

October 17, 2016 02:00 ET (06:00 GMT)