MySQUAR Limited Correction : Trading Update (7837T)

TIDMMYSQ

RNS Number : 7837T

MySQUAR Limited

17 October 2017

17 October 2017

The following statement has been amended in the "Trading Update" announcement released on 11 October 2017 at 08:19 a.m. under RNS No 2911T.

"- and increase of approximately 450% per cent of the average monthly revenue of $29,744 during July-September 2016 -"

Has been amended to

" - being approximately 350% per cent of the average monthly revenue of $29,744 during July-September 2016 - "

All other information remains unchanged. The full amended text appears below.

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

Trading 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 an update on recent trading.

The Company has continued to make significant progress in achieving its operational goals which includes the launch of new gaming titles and the previously announced integration with Ooredoo Myanmar's carrier billing services. Unaudited revenue during period July-September of the current financial year has averaged approximately $135,000 per month - being approximately 350% per cent of the average monthly revenue of $29,744 during July-September 2016 - with the majority of this revenue due from the Company's mobile gaming operations.

The Company has not been providing third party app development services during the financial year to date with the development team focusing on the Company's core offerings including the Ooredoo payments integration and other technical work such as expansion packs for existing games and development of new games and apps. The Company does, however, expect to carry out further third party app development work later in the year and will provide further announcements as appropriate.

MySQUAR expects to provide more detail in its annual report for the year to 30 June 2017 which is expected to be published during November 2017.

Eric Schaer, CEO of MySQUAR, said: "We are extremely pleased with last financial year's performance and the progress to date this financial year. Mobile gaming and app revenues in the comparable period have enjoyed a remarkable increase and we have good reason to believe that interest in our out-sourcing development services will be as high in the current financial year as in the last."

Additionally, the Company is pleased to announce that, due to the continued increased interest in products both within Myanmar and elsewhere in South East Asia, it intends to appoint a Marketing Director. The early stages of the selection process have begun and an update will be provided when the process is completed.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

For further information:

 
MySQUAR Limited 
Eric Schaer (Chief      Tel: [phone] 
 Executive) 
Pham Dang Hung (CFO) 
 
SP Angel Corporate      Tel: +44 (0) 203 
 Finance LLP             470 0470 
Nominated Adviser 
Stuart Gledhill/Soltan 
 Tagiev                   Tel: +44 (0) 207 
 Beaufort Securities      382 8300 
 Limited 
 Broker 
 Jon Belliss/Elliot       Tel: +44 (0) 781 
 Hance                    677 0758 
  Public Relations        [e-mail] 
  Damien McCrystal 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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October 17, 2017 02:02 ET (06:02 GMT)