Update on completion of iGoDirect agreements

My Rewards International Ltd (ASX: $MRI) has finalized the Side Deed with iGoDirect Group Pty Ltd to facilitate completion under the Asset Sale Agreement. As of the date of this announcement, 19 out of 20 Key Customer Contracts have been successfully assigned, resulting in a further reduction of the loan by $76,477.66. The last outstanding Key Customer Contract was declined by the customer to be assigned, and iGoDirect has agreed for MRI to find a substitute customer and effectively assign the contract for a similar value as the Unassigned Contract on or before 12th September 2024 to further reduce the loan by $11,580.47. The total balance remaining under the Loan Facility Agreement dated 20th November 2023 is $413,080.47 plus interest.

Executive Commentary

The Company is pleased with the outcome of the discussions with iGoDirect and the successful assignment of 19 out of 20 Key Customer Contracts, resulting in a significant reduction of the loan balance. We are committed to finding a substitute customer for the Unassigned Contract to further reduce the loan balance as agreed with iGoDirect. This progress reflects our dedication to managing our financial obligations and strengthening our position for future growth and development.

Summary

My Rewards International Ltd (ASX: $MRI) has successfully finalized the Side Deed with iGoDirect Group Pty Ltd, resulting in the assignment of 19 out of 20 Key Customer Contracts and a reduction of the loan balance by $76,477.66. The Company is committed to finding a substitute customer for the Unassigned Contract to further reduce the loan balance by $11,580.47 as agreed with iGoDirect. The total remaining balance under the Loan Facility Agreement is $413,080.47 plus interest. This development demonstrates the Company's proactive approach to managing its financial commitments and its determination to strengthen its financial position for future endeavors.