Rewardle (ASX:RXH) - Founder and Executive Chairman, Ruwan Weerasooriya
Founder and Executive Chairman, Ruwan Weerasooriya
Source: B&T
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  • Rewardle (RXH) has received a tax refund of almost $574,00 under the Federal Government’s Research and Development (R&D) Tax Incentive program
  • This payment is a refund for the research and development costs Rewardle incurred during FY20
  • The company will use the refund to continue its investment in research and development, and manage its working capital
  • Rewardle is a social network that connects its users to local businesses around Australia
  • Its platform combines membership, points, rewards, payments, and social media which allows its users to earn ribbons to redeem rewards
  • Rewardle is up a healthy 11.1 per cent on the market with shares trading at 1 cent each

Rewardle (RXH) has received a tax refund of $573,827 under the Federal Government’s Research and Development (R&D) Tax Incentive program.

This payment is a refund for the research and development costs Rewardle incurred during FY20.

“The R&D refund provides us with valuable working capital to support our ongoing research and commercialisation efforts,” Founder and Executive Chairman Ruwan Weerasooriya commented.

“While the COVID-19 pandemic has caused significant challenges, it has also accelerated a number of key macro trends than enhance our value proposition and business model,” he said.

“We intend to continue investing in research and development, particularly in areas that COVID-19 has accelerated, while closely managing our working capital,” he added.

Rewardle is a social network that connects its users to local businesses around Australia.

Its platform combines membership, points, rewards, payments, and social media which allows its users to earn ribbons to redeem rewards.

Businesses such as Woolworths, Caltex and Priceline use the platform.

Rewardle is up a healthy 11.1 per cent on the market with shares trading at 1 cent each at 1:37 pm AEDT.

RXH by the numbers
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