Starbox Group Holdings Ltd. - STBX STOCK NEWS

Starbox Group Holdings Ltd. (Nasdaq: STBX) has announced a major enhancement to its cash rebate system by integrating Augmented Reality (AR) technology. This new feature will enrich user experience, allowing members to scan products and receive personalized advertisements, rebate information, and promotional offers via the Starbox app. CEO Lee Choon Wooi emphasized the exclusive experience AR will provide, boosting marketing campaigns for merchants. Starbox aims to connect retail merchants and shoppers effectively through its cash rebate, digital advertising, and payment solutions ecosystem that supports micro, small, and medium enterprises. The impending launch of AR Rebates promises to revolutionize consumer interaction with rebates and merchants.

Starbox Group Holdings Ltd. (Nasdaq: STBX) has launched the Starbox AI Personalized and Guidance Engine, enhancing its capabilities in cash rebates, digital advertising, and payment solutions. This new engine, built on the earlier introduced Starbox AI Calculation Engine and ChatGPT, aims to improve merchant operations by providing tailored recommendations based on comprehensive data analysis. It leverages historical data—including merchant spending and campaign participation—to optimize personalized marketing efforts for merchants. CEO Lee Choon Wooi emphasized the engine's ability to adapt to user needs, aiming for greater efficiency in reaching marketing goals.

Starbox Group Holdings Ltd. (Nasdaq: STBX) has signed a Software Licensing Agreement with Brandavision Sdn Bhd to enhance digital marketing operations. This three-year contract, valued at RM12,400,000 (approx. US$2.8 million), begins on March 24, 2023, and allows Brandavision access to Starbox's data management system. Starbox aims to leverage this partnership to generate new income streams and bolster its research and development efforts. Brandavision seeks to upgrade its technology for improved operational efficiency. The collaboration signifies a strategic move for both companies in the digital advertising sector.

Starbox Group Holdings (Nasdaq: STBX) announced the launch of its A.I. Calculation Engine, designed to automate cash rebate distribution using big data and real-time market sentiment. This innovative technology aims to enhance the accuracy of data queries and optimize the efficiency of rebate processing.

CEO Mr. Lee Choon Wooi stated that the A.I. system will improve productivity and allow better targeting of potential clients. The company also foresees the opportunity to license the A.I. engine to other businesses, which may lead to increased revenue streams. Starbox is focused on leveraging technology for growth within the cash rebate and digital advertising sectors.

Starbox Group Holdings Ltd. (Nasdaq: STBX) announced a Private Label Cash Rebates System Supply Agreement with MY Rebates PH Solutions Corporation, marking the first overseas market for its cash rebate system in the Philippines. MYRPHSC will act as Starbox's exclusive partner to promote their services using cash rebates, digital advertising, and related attributes. CEO Mr. Lee Choon Wooi expressed confidence in the Philippines as a promising opportunity for growth and aims to expand into more Southeast Asian countries in the future. Starbox Group focuses on cash rebates, digital advertising, and payment solutions for micro, small, and medium enterprises.

Starbox Group Holdings Ltd. (Nasdaq: STBX) reported significant financial growth for fiscal year 2022, with total revenue reaching $7.2 million, a remarkable 127.2% increase from $3.2 million in fiscal year 2021. Net income surged 148.8% to $3.6 million. The company saw a boost in its digital advertising and cash rebate services, with the number of advertisers growing from 25 to 63. Cash from financing activities also rose substantially to $18.0 million. However, operating costs increased by 118.6% to $2.2 million, driven by higher employee expenses and professional fees, which could impact future profitability.

Starbox Group Holdings Ltd. (Nasdaq: STBX) announced the closing of its initial public offering (IPO) of 5,375,000 ordinary shares at a price of US$4.00 each, providing gross proceeds of US$21.5 million. The shares started trading on August 23, 2022. Proceeds will be allocated to expanding operations in Southeast Asia, upgrading software systems, and promoting its brands in Malaysia. The IPO was underwritten by Network 1 Financial Securities, Inc., and the registration statement was effective as of August 19, 2022.