Starbox Cash Rebates System Enters The Philippines Market, Its First Overseas Market Opening

Rhea-AI Summary

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.

Positive

• Entered a Private Label Cash Rebates System Supply Agreement with MY Rebates PH Solutions Corporation.
• First overseas expansion of cash rebate system into the Philippines.
• CEO's optimistic outlook on growth potential in the Philippines.

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• None.

Kuala Lumpur, Malaysia, March 07, 2023 (GLOBE NEWSWIRE) -- Starbox Group Holdings Ltd. (Nasdaq: STBX) (the “Company” or “Starbox Group”), a service provider of cash rebates, digital advertising, and payment solutions, today announced its Malaysian subsidiary, Starbox Rebates Sdn. Bhd., has entered into a Private Label Cash Rebates System Supply Agreement with MY Rebates PH Solutions Corporation (“MYRPHSC”), an entity incorporated in the Philippines. The Company believes that MYRPHSC possesses the necessary resources and capabilities to sustain the development and growth of the Company’s cash rebate system in the Philippines.

The Private Label Cash Rebates System Supply Agreement stipulates that MYRPHSC, as the Company’s exclusive partner in the Philippines, shall utilize the cash rebate system, digital advertising and related attributes of Starbox Group therein to promote and develop the Company’s services in the Philippines.

Mr. Lee Choon Wooi, Chief Executive Officer and Chairman of the Board of Directors of Starbox Group, commented, “The Philippines is the first overseas market for our cash rebate system, and our technical team will provide the system with vigorous assistance. We are confident that the Philippines will be a stimulating prospect for the expansion of Starbox Group and we aspire to expand our reach to more South East Asian countries in the future.”

About Starbox Group Holdings Ltd.

Headquartered in Malaysia, Starbox Group Holdings Ltd. is building a cash rebate, digital advertising, and payment solution business ecosystem targeting micro, small, and medium enterprises that lack the bandwidth to develop an in-house data management system for effective marketing. The Company connects retail merchants with retail shoppers to facilitate transactions through cash rebates offered by retail merchants on its GETBATS website and mobile app. The Company provides digital advertising services to advertisers through its SEEBATS website and mobile app, GETBATS website and mobile app and social media. The Company also provides payment solution services to merchants. For more information, please visit the Company’s website: https://ir.starboxholdings.com.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “assesses,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the U.S. Securities and Exchange Commission.

For more information, please contact:

Starbox Group Holdings Ltd.

Investor Relations Department

Email: ir@starboxholdings.com

Ascent Investors Relations LLC

Tina Xiao

Phone: +1 917-609-0333

Email: tina.xiao@ascent-ir.com

FAQ

What is the significance of the agreement between STBX and MY Rebates PH Solutions Corporation?

The agreement allows STBX to expand its cash rebate system into the Philippines, marking its first overseas market.

When was the Private Label Cash Rebates System Supply Agreement announced by STBX?

The agreement was announced on March 7, 2023.

What is the focus of Starbox Group Holdings Ltd.?

Starbox Group focuses on cash rebates, digital advertising, and payment solutions for micro, small, and medium enterprises.

Who is the CEO of Starbox Group Holdings Ltd.?

The CEO of Starbox Group is Mr. Lee Choon Wooi.

What future plans does STBX have regarding market expansion?

STBX aims to expand its reach to more Southeast Asian countries following its entry into the Philippines.