MyFiziq June quarter ends on a high with receipt of US$450,000

By Trevor Hoey. Published at Jun 30, 2020, in Technology

MyFiziq Limited (ASX:MYQ) has received the tranche 2 payment of US$450,000 under the convertible note subscription deed announced with Asia Cornerstone Asset Management.

As announced on June 1, 2020, under the terms of the Convertible Note Subscription Deed with ACAM, MYQ was entitled to receive a total of US$1.5 million in 4 tranches, at this payment of US$450,000 represents the tranche two disbursement.

Management said that it was pleased with the progress made this quarter on several fronts.

The company highlighted these sentiments in an extremely positive update on the group’s operational performance in the last three months, highlighting MyFiziq’s highly promising outlook as it enters fiscal 2021.

As featured in finfeed 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.

In brief, these operational and financial milestones can be summarised as follows.

Targeting multiple markets

Importantly, potential users of the technologies come from a wide range of sectors and demographics as it 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.

MyFiziq has developed this capability by leveraging the power of computer vision, machine learning, and patented algorithms, to process these 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.

Investors have understood the significant upside potential as the company enters fiscal 2021 with its shares having soared 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 following chart demonstrates the significant outperformance over the last three months against the S&P/ASX All Ordinaries index (XAO - green line).

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