Wooboard Technologies Limited announced it has signed an agreement with Philippines AirAsia Inc. to provide a range of services based on its proprietary employee reward, recognition and mindfulness platform, WooBoard. The Company has signed a three (3) year agreement with Philippines AirAsia Inc. commencing 1 May 2021. The Agreement provides for an initial set-up fee (PHP 153,450) along with an annual subscription fee based on a minimum number of user licences (PHP 1,841,400). The minimum number of user licences is 1,600. However, the annual subscription fee is based on 1,550 user licences with no additional fees payable until 1,600 activated users has been exceeded. The Agreement may be terminated by Philippines AirAsia Inc. one month prior to each 1 year anniversary (meaning in month 11 of each subscription year), if not the Agreement will continue for another 1 year (Renewal Term). WooBoard currently charges AUD 3 per user per month based on the current available modules, however as additional modules are rolled out in the upcoming months, each of these modules will incur additional subscription fees on a per user basis. WooBoard anticipates significant enterprise demand for these new features. Further conversions of significant enterprise trial customers to paid customers is expected to accelerate in the upcoming months as numerous new modules come online.