October 2020 Shareholders Update

Hello Shareholders,

Our team appreciates your patience over the last six months as we have established the business and undergone our initial development. As many of you have seen on our social media feeds or in your early adopter emails, we successfully launched Eligere Estate on time on Monday, November 16th.

Development

Roughly 60% of new technology companies never reach this phase. The combination of technological issues, development resourcing challenges, and balancing capital means that many companies never successfully get a product to market. We are pleased to be beating the trend in that area. Our executives are also aware that even established software organizations rarely achieve on-time releases, which we have accomplished with the first version of Eligere Estate. From both of these lenses, we are glad to have a great team backing us and accomplishments to show for the efforts to date.

Sales

Sales and marketing-wise, we successfully subscribed our targeted 50 early adopter properties right as the cut-off window closed in early November and achieved several waitlist requests before the software launched. As we have gone live this week, we have been reaching out to notify those users the system is live and offer to assist them in onboarding their first properties to make the transition for our early users as seamless as possible.

Our first paying subscriber was in the system Monday morning. We have already had a property booking, booking cancellation, and re-booking of a user’s property by a new invitee. Sixteen invitees (guests) have also created accounts at this time, and we are getting more on a daily basis. That said, initial subscription sales have been slow this week.

We look forward to onboarding more properties as our early adopters have time to engage with us for their account setup and other interested users have the chance to set up their accounts.

Marketing

From the marketing standpoint, we’re focusing as the year wraps up on converting our high volume of traffic, we’re seeing to our sites into paying customers. We’re getting several hundred visitors a week right now but still seeing slow user growth since launch, so we are planning to add some additional content in the coming weeks focused on assisting with the conversion process. We’ve also finalized our referral program and are reviewing our first applications for that.

In Closing

Lastly, development has started already on Eligere Estate v1.1, which is expected to hit production just before Christmas. This brings our first set of enhancements to the market, including exciting improvements to the pricing and cancellation models, automated payouts for homeowners, and numerous UI improvements.

Please tell your friends we’re now live and accepting subscribers!

Colin Moreland, CEO, MPP Software