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MyFiziq receives $US450,000 as it eyes NASDAQ listing

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MyFiziq receives $US450,000 as it eyes NASDAQ listing

Imagine using pictures from your smart phone to create a representation of you in the form of a 3D avatar with accurate circumference measurements.

That technology exists and it was created by SaaS company MyFiziq Limited (ASX: MYQ), which has been making a global impact with its healthcare and weight management app.

MyFiziq has developed this capability by leveraging the power of computer vision, machine learning, and patented algorithms, to process images on secure, enterprise-level infrastructure, delivering an end-to-end experience that is unrivalled in the industry.

Body measurements provide more important information about health, risk and physical change than simply measuring weight.

MyFiziq simplifies the collection of these measurements, conveniently and cost-effectively, whilst removing the margin of human error present in traditional methods

MyFiziq has currently signed over a dozen partnership agreements with major players within its targeted verticals including in the US.

As it expands its US presence, the company is eyeing off a NASDAQ listing to give the Australian-based company further traction in this market.

On 1 June this year, MyFiziq executed a formal funding agreement for US$1.5M with Asia Cornerstone Asset Management (ACAM) by way of convertible note.

The capital raised will assist MyFiziq with its US expansion plans and enable the company to commence the process of seeking a dual listing of its securities on the NASDAQ Capital Market.

Within a fortnight of that announcement, MyFiziq was given access to the first tranche of $220,000.

Today, the company has received the second tranche (of four tranches) payment of US$450,000.

This second tranche payment highlights the company’s extremely positive operational performance over the last three months, and augers well for MyFiziq’s highly promising outlook as it enters fiscal 2021.

In fact, as featured in finfeed.com yesterday there have been numerous strategic developments on many fronts with important collaborative deals struck which will see broader applications of the company’s technologies, together with marketing arrangements which should see the group’s body measurement technology embraced by millions of people.

These operational and financial milestones can be summarised as follows:

Investors taking a shine to MYQ

Investors have understood the significant upside potential as the company enters fiscal 2021 with its shares soaring from approximately 7 cents towards the end of March to close at 30 cents on June 9, a level that they are again pushing up towards despite volatility in broader equity markets.

The interest is backed by the broad demographic the technology attracts.

MyFiziq has applications for government and corporate organisations, as well as uses in the medical field, right through to personal monitoring, particularly in the health and fitness arena.

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    Q&A With StockPal – Reckon Limited (ASX:RKN)

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    Q&A with StockPal - Sam Allert, Chief Executive Officer of Reckon Limited (ASX:RKN)

    Watch Sam Allert, Chief Executive Officer of Reckon Limited (ASX:RKN) and Jared Sim, Editor-in-Chief and Co-Founder of StockPal in this engaging Q&A with the following questions:

    0:00 – StockPal Introductions
    0:13 – What is your business about?
    0:42 – How did your company cope with the COVID-19 pandemic?
    1:24 – How does your company make money?
    1:52 – Who are your target customers?
    2:35 – What is your firm’s competitive advantage?
    3:06 – How are you currently engaging with your investors?

    Visit Reckon’s website to learn more about their story: https://www.reckon.com/au/

    Email editor@stockpal.asia if you are or represent a listed-company and is keen to be in our interviews.

    Want to be on the list next time this company raises capital? Open an account with Fresh Equities and start exploring capital raises – freshequities.com

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    Q&A With StockPal – Novatti Group (ASX:NOV)

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    Q&A with StockPal - Peter Cook, Chief Executive Officer of Novatti Group (ASX:NOV)

    Watch Peter Cook, Chief Executive Officer of Novatti Group (ASX:NOV) and Jared Sim, Editor-in-Chief and Co-Founder of StockPal in this engaging Q&A with the following questions:

    0:15 – What is your business about?
    1:20 – How did your company cope with the COVID-19 pandemic?
    2:09 – How does your company make money?
    2:42 – Who are your target customers?
    3:35 – What is your firm’s competitive advantage?
    4:40 – How are you currently engaging with your investors?

    Visit Novatti Group website to learn more about their story: http://www.novattigroup.com

    Email editor@stockpal.asia if you are or represent a listed-company and is keen to be in our interviews.

    Want to be on the list next time this company raises capital? Open an account with Fresh Equities and start exploring capital raises – freshequities.com

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    MyFiziq’s majority stake in BCT puts it one step closer to NASDAQ listing

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    MyFiziq’s majority stake in BCT puts it one step closer to NASDAQ listing

    MyFiziq Limited (ASX: MYQ) will increase its shareholding in Body Composition Technologies Pte Ltd (BCT) by taking a majority stake of 54.5% in BCT (on a fully diluted basis).

    MyFiziq has developed and patented a proprietary dimensioning technology that enables its users to check, track, and assess their dimension using only a smartphone privately and accurately.

    BCT has been working with MyFiziq in a joint venture partnership to develop and commercialise the MyFiziq app for the medical and insurance sectors.

    Development of the app will allow an up-to-date record of a patient’s body shape and body composition to be directly available to the participant and to their medical practitioner’s or insurer’s records.

    BCT has already deployed its first commercial partner. It launched this first consumer-facing insurance application with The CareVoice in Hong Kong. The CareVoice is a leading China-based health insurtech company dedicated to transforming the healthcare experience in Greater China.

    The CareVoice will be furthering its position in the region by using this mobile and data-driven solution to digitalise healthcare services and enhance insurance procedures for many of China’s largest insurance companies.

    Complementary businesses

    The CareVoice is the first BCT platform using the MyFiziq body shape and circumference system and will soon be enhanced with MyFiziq’s new total body fat capabilities.

    The primary goal is for the MyFiziq technology to replace out of date Body Mass Index (BMI) as a measure of an individual’s body composition for the medical, health and life insurance sectors.

    The businesses are completely complementary, as BCT has advanced its capabilities significantly over the past three years. BCT has added risk indication calculations and chronic disease identification, total body fat and the adoption of World Health Organisation and International Diabetes Federation parameters.

    These measures have been adapted and embedded into the process of evaluation within the MyFiziq platform.

    Access to BCT’s technology and these early indicators of risk will enable insurers and healthcare providers to develop a more accurate understanding of how their policy holders are trending with their body weight and composition. This directly correlates to their management and risk of developing chronic health conditions. BCT has continued advancing commercial activities with over 150 Healthcare and insurance providers engaged in commercial discussions, application evaluation and testing.

    MyFiziq’s majority stake

    Given the complementary nature of the companies, it is no surprise MyFiziq has taken a majority stake.

    The partnership between the two dates back to June 2017, when MyFiziq signed an incorporated joint venture agreement with Gold Quay Capital Pte Ltd in Singapore to form the following new joint venture companies: Body Composition Technologies (BCT) registered in Singapore (Pte Ltd) and Australia (Pty Ltd) as the investment vehicles and structure for the joint venture, both Internationally and in Australia.

    Today, with MyFiziq’s support, BCT has undertaken a capital raising by way of convertible note to inject a total of $1.92 million into the company.

    Under the terms of the raising, MyFiziq will participate in the amount of approximately $670,800, which will increase its shareholding in BCT, upon conversion, to a majority stake of 54.5% in BCT (on a fully diluted basis).

    The balance of the BCT convertible note raising is being taken up in full by Gold Quay Capital.

    The convertible note has a two-year term at an interest rate of 2.5%.

    Assisting the NASDAQ listing

    “With board support, it was agreed that taking a majority stake in BCT was strategically an advantage and well positioned for both companies whilst firming up BCT’s balance sheet. Additionally, with our current NASDAQ initiative, I believe this will be well received by US investors and potentially a catalyst for an increase in our NASDAQ valuation,” CEO Vlado Bosanac said.

    “The terms we have negotiated are favourable as we are investing at the same valuation the original Gold Quay investors invested some three years ago.

    “Furthermore, the increase to $6,000,000 on the anti-dilution position for MYQ is a very positive outcome, further protecting our interest in BCT and its growth. MyFiziq has also retained the right to participate in future capital raisings to maintain our stake in BCT.”

    MyFiziq remains in a strong cash position with further revenue now due from the BCT joint venture, being a license fee payment of $200,000 and a further $250,000 in development services performed by MyFiziq.

    These funds are expected to be received from BCT no later than July 24, 2020.

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