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- MyFiziq (MYQ) is set to team up with Bearn, a U.S. health and wellness brand
- The partnership will see MyFiziq’s body tracking technology integrated with Bearn’s “earn while you burn” fitness app
- Bearn expects to launch the app this year in autumn
- Despite partnership news, MyFiziq shares fell 12.8 per cent, selling for 17 cents apiece at midday trade
MyFiziq (MYQ) has signed a binding term sheet with Bearn, the owner and operator of an “earn while you burn” fitness app.
The health and wellness company says it will use MyFiziq’s body tracking technology within their mobile app, which syncs with fitness trackers like Apple Watch and Fitbit.
According to Bearn, users can earn actual cash via the app for improving their health, fitness and wellness.
Using a smartphone, customers can measure steps, flights and distances, which the app then automatically converts to calories burned.
Users can earn one penny for every calorie lost, enabling them to earn hundreds of dollars a year just by staying fit and making healthy choices.
“I am extremely excited to partner with MyFiziq to leverage their body scanning technology for the launch of the Bearn app into the marketplace,” Bearn CEO and Founder Aaron Drew commented.
“I believe that this technology will enhance the engagement and gamification of health with our users and strengthen the value we bring to our advertiser and brand partners,” he added.
To date, Bearn has maintained a 75 per cent user retention rate and is focused on partnering with companies that are looking to reward their customers for achieving their fitness and weight loss goals.
It uses expert industry knowledge and global strategic networks to bring the world’s best technologies together, accelerating and enabling the distribution of its app to the mass market.
Bearn’s users will be able to track changes in their body shape, health, and weight using the MyFiziq technology while following Bearn’s coaching, fitness and nutritional programs.
MyFiziq will work together with Bearn’s digital design team to create the best possible user experience.
Bearn is well underway with its launch designs and estimates the MyFiziq integration and design phase will take 30 days. A further 60 days is needed to complete the application.
Based on this, Bearn expects to fully launch the app in either April or May 2020.
Users will gain access to the MyFiziq tracking technology under the Bearn reward program, where they will be able to track their goals each week along with the dollars they have earned.
MyFiziq will be paid US$2 (A$2.92) for every scan completed on the Bearn app.
“The Bearn application is a very innovative way to engage and retain users,” MyFiziq CEO Vlado Bosanac said.
“Being paid to achieve your fitness goals where the consumer can benefit both financially and physically is not only unique but also extremely motivating for the individual,” he added.
MyFiziq is currently down a hefty 12.8 per cent, with shares trading for 17 cents apiece at 11:38 am AEDT.
