My Rewards International (ASX:MRI) - Quarterly Activities Report
Quarterly activities report for the period ending 30 June 2022
My Rewards International Limited (My Rewards, Company) is pleased to announce several new B2B Rewards and Loyalty Contracts signed during the June quarter (and which have not been previously announced) in the fintech, healthcare, housing, utilities and entertainment sector that will see the Company add over $300,000 of annualised membership subscription revenue. The contracts are effective now and subject to design and development are anticipated to launch progressively over the coming six months for predominantly twelve (12) plus twelve (12) or twenty-four (24) month terms.
My Rewards has a solid pipeline of prospective B2B clients that deliver high gross profit margins and is pursuing the three key pillars of its growth strategy – growing B2B membership, diversifying product mix for increased margin and complementary business acquisitions.
- New signed contracts totalling annualised membership revenues of over $300,000
- Institutional funding partnership with Advanced Monetary Reserve Asset Management
- B2B membership fees: Growth in recurring annual B2B membership subscription fee – which delivers high margin revenues
- Sale of Products: Sales of goods, services and gift cards - which drive engagement of our members with the platform
- Advertising fees: Received from participating suppliers – building our new stream of revenue
The Company welcomed 45,000 new members between April and June 2022 which represents an increased new member growth of 25% as compared to the January – March 2022 quarter.
Cost Saving Strategy
As announced on 6th April 2022, the Company has implemented and is on track to deliver its cost-saving strategy to reduce overheads by at least $1 million per annum.
Funding Partner - AMRAM
As announced on 5 May 2022, My Rewards also welcomes Advanced Monetary Reserve Asset Management (AMRAM) as an institutional investment partner to assist with funding and the fast-tracking growth of the Company.
As part of the agreement AMRAM has committed to the following:
- AMRAM to provide My Rewards with a A$3. 5 million working capital line of credit which is unsecured and non-converting.
- AMRAM to introduce My Rewards to its investor
- AMRAM to provide access to acquisitions in the fintech sector that complement the existing My Rewards services and
Read the full announcement here.
To keep up to date with My Rewards International, subscribe to the Company's Chairman's List.