As you know, MAGFAST has gone through some extreme challenges stemming from our early manufacturing arrangements. In early 2024 Seymour announced some big changes, including dramatic changes to the product range, building on our new, highly efficient approach to manufacturing, and the support of a remarkable new executive team.
These changes and your kind support will allow MAGFAST to survive and, we believe, thrive in the long run.
Following a series of tough strategic reviews, we have realized that we can’t emerge from the challenges of the past and deliver Heathrow as originally planned.
Our future lies with major strategic partnerships of the kind we are now forging in the charging industry. We may be able to take on the luggage sector in the same way, but it will take time and resources we just don’t have at the moment. It’s clear that doing too much puts at risk the amazing products we can soon put into your hands, and we have to defer production of further Heathrow suitcases indefinitely.
As I hope you know, we've been making big efforts on transparency. That’s resulted in a lot of less-than-good news recently, but I assure you that this is genuinely a turning point. We have drastically cut back the number of products and projects and are putting all our resources behind doing each of them well, on a major scale, with significant partnerships. All products will always be in full production before they go on sale.
The good news is that we are working flat out on the new generation of charging products, and they will bring features that even we hadn’t imagined possible a few months ago. We can’t wait to have them in your hands.
In line with Seymour’s announcement in early 2024, we are crediting you with double the full retail value of your preorder in MAGBucks. That’s double the dollar value of your original purchase to spend on any or all of the current and exciting new products in the works. You will receive notification of your MAGBucks entitlement in the coming days, and we’ll keep you up to speed on product developments.
How MAGBucks work
For any product we’ve not been able to ship, we’re taking its highest retail value, and doubling it to calculate your MAGBucks - however low your original special price was.
For example, take a product priced at $100 in our store. You’d likely have received a BIG discount but we take the full retail price of $100 and DOUBLE it to give you $200 in MAGBucks.
If you’ve got more than one unshipped product you're getting MAGBucks for each.
We are updating our checkout tech now so soon you will be able to use your MAGBucks for their full $value for up to 50% of any product or service at our store.
For each product that could not be shipped, we have taken the highest price at which it was sold (not your lower special offer price) and multiplied it by two. If more than one product was not shipped we apply this calculation to each one to determine your total.
MAGBucks can be used for up to 50% of any order placed at our online store. Today the selection is limited, however the new products in development will be:
- Suitable for all customers, Android, iPhone and beyond
- Beautifully designed
- Perfect for gifting
Limiting their use to 50% of an order's value ensures that we can fund the inventory to fulfill MAGBucks orders. Without this the company would have difficulty raising the investment capital necessary to continue operations.
Why are you getting MAGBucks?
After several years of rising manufacturing costs, high operating expenses and the skyrocketing costs of online advertising MAGFAST was set to close early in March 2024, and unshipped customers would have received nothing. With just weeks to go, our team was introduced to John Fanning, a successful and optimistic entrepreneur who believed, and believes that with patience and support from our customers MAGFAST can be fixed, creating a win for everyone. We're now developing a radical new plan that builds on MAGFAST's unique strengths with a new business model. Major changes were necessary for MAGFAST's survival including discontinuing products that were out of date or now too expensive to manufacture.
The new plan addresses these challenges head-on and seeks to build on the company's real strengths. This new strategy is designed to benefit customers, investors, suppliers. The focus is on creating a sustainable business model that leverages past successes while addressing previous shortcomings. MAGBucks are our way of honoring your past contributions. They are what is possible. Pre-order customers now have the chance to 2x benefit from the new business model as it unfolds.
Lux Pro is currently in manufacturing. We’re excited to let you know that we’ve received the Powerbrick Pro at our order fulfillment center, and it is now in stock. We will ship those products to everyone who pre-ordered them which is why they are not included in your MAGBucks.
We’re thrilled to introduce new products that you’ll soon be able to purchase with your MAGbucks. We invite you to join our team on Thursdays for updates on our latest products and shipping progress. Please keep an eye out for our email invitation.