Mobecom Limited announced that on the 30th October 2019, it completed all conditions precedent and signed a significant new Master Services Agreement (MSA) with Nedbank Limited (Nedbank), a leading South African Bank, for the provision of its airBuxTM Enterprise Engagement Platform (EEP). The MSA continues indefinitely with a minimum 90-day notice period. The Company also signed the first Transaction Document for Phase One of the project.

It is intended there will be multiple Transaction Documents, with each document for an initial 12 months with further 12-month options to extend. The MSA and associated Transaction Documents will allow Nedbank to integrate the airBuxTM EEP with their corporate mobile and desktop applications enabling them to launch a new and upgraded loyalty and rewards programs to its substantial customer base. This contract vindicates the recent pivot from providing loyalty and rewards software directly to consumers, to now providing the similar functionality to major enterprise clients.

The initial phase of this project will be rolled out over the next 6 months and will provide additional new recurring SaaS revenues, whilst accelerating the development of the airBuxTM EEP. The project will deliver development and SaaS licence revenues of several hundred thousand dollars in full year 2020, which will grow over time, as new development work is undertaken, and new Nedbank customers subscribe to the new platform. This contract is expected to be a significant contributor towards the Company's objective of breaking even on an EBITDA basis during second half of year 2020.