My Rewards International Ltd (ASX: $MRI) Loan Offset Announcement

My Rewards International Ltd (ASX: $MRI) has announced that it entered into agreements with iGoDirect Group Pty Ltd to reduce its loan facility by $725,000.00. The agreements include the purchase of client employee/member benefits agreements, licensing of My Rewards IP, and an extension of the time to repay outstanding loan amounts. This follows the Company's previous collaboration with iGoDirect, which provided a $1 million loan facility in November 2023 and an additional loan of $126,500 in December 2023 for gift card fulfillment.

Executive Commentary on Agreements with iGoDirect

The agreements with iGoDirect represent a mutually beneficial position for both parties. My Rewards International reduces its debt to iGoDirect and offsets a reduction in revenue with a reduction in costs. Additionally, iGoDirect gains access to a new market and the ability to enhance the 'My Rewards' benefits with specific rewards. The Directors of the Company have confirmed that this transaction does not result in a significant change to the nature or scale of the Company's activities.

Summary of My Rewards International's Loan Offset Announcement

My Rewards International Ltd (ASX: $MRI) has successfully reduced its loan facility by $725,000 through agreements with iGoDirect. The Company's collaboration with iGoDirect has led to a mutually beneficial outcome, allowing both parties to address the iGoDirect Loan positively. This reduction in debt and costs for My Rewards International aligns with its goal of providing customised subscription-based marketplaces for businesses and consumers. The extension of the time to repay outstanding loan amounts further supports the Company's financial position. Looking ahead, the Company aims to continue its growth as a global provider of Loyalty tech, Rewards, and Customer Experience solutions, connecting millions of members with global, national, and local suppliers.