MyFiziq increases stake in BCT and improves chances of NASDAQ listing

By Trevor Hoey. Published at Jul 20, 2020, in Technology

There have been some important developments in MyFiziq Limited’s (ASX: MYQ) joint venture arrangement with Body Composition Technologies Pte Ltd (BCT).

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 Pte Ltd.

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

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.

MyFiziq and BCT continue to collaborate

BCT is continuing to work with MyFiziq to further develop and commercialise the application for the medical and insurance sectors, allowing an up-to-date record of the 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 deployed its first commercial partner in Hong Kong with The CareVoice.

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

The primary goal is for this technology to replace the out of date Body Mass Index (BMI) as a measure of an individual’s body composition for the medical, health and life insurance sectors.

BCT has advanced its capabilities significantly over the past 3 years, with the addition of 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 platform.

Access to BCT’s technology and these early indicators of risk will offer insurers and healthcare providers a more accurate understanding of how their policy holders are trending with their body weight and composition, which 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.

Improved chances of NASDAQ listing

Commenting on these developments and their significance in terms of MyFiziq’s aim to list on the NASDAQ, chief executive Vlado Bosanac said, “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.

‘’The terms we have negotiated are favourable as we are investing at the same valuation the original Gold Quay investors invested some 3 years ago.

‘’Furthermore, the increase to $6 million dollars 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.”

View Our Investment Portfolios

S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.

Conflict of Interest Notice

S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.

Publishers Notice

The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.

Australian ASX Small Cap stocks | Why is Australia’s leading small cap publication

Founded seven years ago, is Australia’s leading and longest standing website for investor and finance news, education and expert opinion.

Published by StocksDigital, Finfeed was created to report daily on the comings and goings of ASX listed stocks in the small cap market.

As the first digital publication dedicated specifically to this space, Finfeed soon became the most trusted publication in the market, quickly garnering over two million page views – a number that continues to rise. provides its readers with informative articles that tackle the latest in market moving #ASX small cap news, plus exclusive content you won’t find anywhere else. It is aimed at those with an interest in investing, market education, company performance, start-ups and much more. is the only media organisation operating under the strength of a Financial Services License and is backed by leading journalists and analysts all with brands of their own.

The website aims to inform, educate and entertain with content that drills down into the heart of financial matters.

Finfeed is a leading source of investor and market information, with everything investors need to know about how to invest written in a way that anyone can understand. 

Over the years, the website has expanded beyond exclusively reporting on small caps, to profile Australia’s leading ASX listed small, mid and large caps as well as some of the country’s most successful CEOs and business leaders to find out what makes them tick.

Every day you will find fresh content covering:

Fast Facts

Over 4,000 articles published

Over 2.3 Million Page Views and counting

Over 10,000 followers on social media

Subscriber list growing by 2% monthly

Thanks for subscribing!