Sunday, February 28, 2021

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MyFiziq: Agrees to loan Bearn A$645K

  • MyFiziq (MYQ) has entered a funding agreement with Bearn, which runs an app that allows its customers to earn money while working out
  • MYQ has agreed to lend Bearn, a previous partner, US$500,000 (around A$645,000) to help expand the app’s platform capacity
  • In return, Bearn has promised to deliver MyFiziq one million active monthly users within a year or the loan is repayable with increasing interest
  • The founder of Bearn has pledged his 88 per cent ownership in the company as security for the loan, as well as the app’s software
  • MyFiziq’s body scanning tech has already integrated with the app, which has 56 million pre-registered users
  • Shares in MYQ are down a slight 1.26 per cent at $1.18 each

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