11th Dec 2017 07:00
11 December 2017
MySQUAR Limited ("MySQUAR" or the "Company")
Cooperation Agreement
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, has finalised a cooperation agreement (the "Agreement") with Guangzhou Ruiyou Information Technologies Co., Ltd. ("Rightyoo"), a partially-owned subsidiary of Sealand Capital Galaxy Limited ("Sealand") for the distribution of MySQUAR's games on Huawei's inTouch platform and the distribution of Rightyoo's games on the MySQUAR platform, as a follow-up to the MoU announcement released by MySQUAR on 10 October 2017.
Under the scope of the Agreement, mobile games developed in-house by MySQUAR will be distributed on the Huawei inTouch platform across 30 countries within Latin America, Africa, Southeast Asia and the Middle East.
In addition, MySQUAR will localise and distribute Sealand's mobile games, which were acquired through a majority stake in Rightyoo, that are a fit for the Myanmar market, through its gaming platform. The majority of Rightyoo's games are casual games.
The Agreement includes a revenue share arrangement net of the payment service fees paid to payment providers and promotion and marketing costs. The Agreement remains in effect for two years and will be automatically renewed for one-year periods unless notice of non-renewal is issued by either party thirty days prior to expiry of the contract.
Eric Schaer, CEO of MySQUAR, said: "We are excited to finalise the details of this partnership and expand our mobile game distribution across 30 countries. The Company anticipates that global exposure of our games combined with bringing new casual game offerings from Rightyoo to Myanmar will result in higher levels of monetization from this content. MySQUAR continues to actively seek partnerships to provide exclusive content to the Myanmar market."
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 |
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Eric Schaer (Chief Executive) | Tel: +65 6725 6388 | ||
Pham Dang Hung (CFO) |
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SP Angel Corporate Finance LLP |
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Nominated Adviser | Tel: +44 (0) 203 470 0470 | ||
Stuart Gledhill/Soltan Tagiev
Beaufort Securities Limited Broker Jon Belliss/Elliot Hance
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Tel: +44 (0) 207 382 8300
Tel: +44 (0) 781 677 0758
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