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MySQUAR user acquisition well ahead of forecasts

The users are coming on board at a rate of knots; the focus now is on developing platforms to commercialise this resource

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The company signed a deal in October with MyPAY to integrate payment services as a feature of MyCHAT

The explosive growth in user numbers of the Myanmar-language social media platform operated by MySQUAR (LON:MYSQ) has taken even the company's management by surprise.

At the end of the year, the total number of users of MySQUAR's products had topped 2mln, representing an increase of more than 150% over the the 774,636 users MySQUAR had at the end of May 2015, which was the number it quoted in its Aim admission document.

"As 2015 developed it became clear that we were meeting our targets well ahead of expectations and this latest update on user acquisition robustly maintains that trend,” said Eric Schaer, chief executive officer of MySQUAR.

“At the time of our AIM listing in July 2015, we were targeting around 1.5m users by the end of the year; to have surpassed that target by over 30% is extremely gratifying. It builds considerably upon the strength of our commercial proposition and follows soon after our move into mobile payment provision with MyPAY, which has already contributed implementation revenue, and the cross-promotion partnership with the telecommunications provider Ooredoo,” he added.

“In 2016, we anticipate more aggressive development of multiple monetisation platforms in the areas of advertising, payment services, digital products and games and look forward to updating investors on our progress," Schaer said.

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on 07/22/2015

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