MySQUAR (MYSQ) , the Myanmar-language social media, entertainment and payments platform announced it has entered into a non-exclusive agreement to sell and promote WeChat advertising products and services in Myanmar.
The WeChat Agreement relates to advertisements from Myanmar based advertisers targeting mainland Chinese visitors to Myanmar and Myanmar resident users of WeChat.
WeChat is a Chinese multi-purpose messaging, social media and mobile payment app, one of the world's largest standalone mobile apps, with more than 900 million daily active users.
The WeChat Agreement was entered into by the Company with Hoi Li On International Limited, a wholly owned subsidiary of BlueOcean Advertising Limited, which is WeChat Ecosystem Solution Provider for brands and merchants seeking to acquire and engage Chinese customers.
In consideration of consultancy services and negotiation of the WeChat Agreement, MySQUAR agreed to issue 17,471,657 ordinary shares of no par value to Sea Desert Holdings Limited and GP Holdings Desert Limited.
It is expected that admission will become effective and that trading in the Shares will commence on or around 12 October 2018.
Piers Pottinger, Chairman of MySQUAR, commented: “This is a new and exciting new business line for the Company and, whilst revenues cannot be predicted, the Board believes that our relationship with Tencent and its partners is strategically important for the Company and we hope to build substantially upon it.”
Commenting on Eric Schaer resigning his positions as CEO and director of MySQUAR, he added:
"We are sad that Eric is moving on as he has worked tirelessly to develop the MySQUAR platform over the past four years. From preparing the Company for AIM to today's announcement of our historic WeChat Agreement, his contribution has been invaluable.”
The Company has recruitment search agents in place to identify a new CEO with the necessary experience and skills to take the Company forward.
In the meantime, Stephen Chong, currently COO of the Company has been appointed interim CEO and a director of the Company.
MySQUAR released a trading update on Friday, with revenues of 1.839m up 74% from the previous year.
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