New York, NY, July 11, 2018 (GLOBE NEWSWIRE) -- Weyland Tech Inc. (OTCQX: WEYL) ("Weyland " or the "Company"), a provider of mobile business applications, provides a shareholder update on the Company’s recently announced spinoff of the eWallet business:
1. Management has finalized the engagement letter with Pricewaterhouse Coopers (“PwC”) to advise the Company on the spinoff and IPO structure as well as ongoing audit functions for the eWallet business.
2. The eWallet business, operating in a ‘closed Beta’ environment from December 2017 to April 2018, officially launched in May 2018 and is in the process of expanding its sales and marketing team.
3. The Company hereby restates its previous forecast for Gross Transaction Volume (“GTV”) estimates for $30 million in 2018 and $80 million for 2019.
4. The current funding environment in Southeast Asia has produced investment rounds for companies such as Go-Jek, Grab, SEA Ltd., and other technology centric companies valued at 1.2X GTV and higher. We believe that such recent M&A activity and IPOs in Indonesia indicate a potential value of the eWallet businesses as high as 2.4X GTV.
The eWallet business has established relationships with several large technology centric companies in Indonesia, including Go-Jek, to provide payments for their product and service lines and we believe that more will be completed throughout 2018 and 2019. It is notable that Go-Jek has been funded by venture capital funds and strategic investors that include Google, Sequoia Ventures, KKR, Warburg Pincus, Tencent Ltd., and Temasek. The valuations of Go-Jek is in excess of $3 billion, which is a direct result of the underlying dynamics and growth in the Southeast Asia market https://techcrunch.com/2017/05/03/go-jek-tencent-1-2-billion/.
5. A U.S. corporate entity has been formed that will serve, temporarily, as the holding company for the Company’s economic ownership of the eWallet business. Pending ongoing legal and tax advisor opinions, the Company will designate a record date and ex-dividend date for the Spinoff to shareholders of Weyland Tech. It is intended that each of the Company’s shareholders will receive a pro-rata allocation of the spin-out shares in the most effective and tax efficient manner practicable.
6. The Company’s website www.weyland-tech.com effective today, has been revised to include a more robust description of our core business, the eWallet business, our management team and Board of Directors, as well as real time stock quotes and financial information.
About Weyland Tech Inc.
Weyland Tech is a global provider of mobile business applications. It's CreateApp platform offers a mobile presence to businesses in emerging markets, with partnerships on 3 continents and growing. This DIY mobile application platform, offered in 14 languages with over 35 integrated modules, enables small and medium sized businesses ("SMB's") to create native mobile applications ("apps") for Apple's iOS and Google Android without technical knowledge or background, empowering SMB's to increase sales, reach more customers and promote their products and services in an easy, affordable and efficient manner.
In May 2018, the Company expanded its portfolio to fintech applications with the launch of its AtozPay mobile payments platform. The mobile wallet launched in the worlds 4th most populous country, Indonesia, and is already experiencing rapid growth in transactions taking place on the platform.
Follow Weyland Tech online at:
Weyland Tech Facebook Page (https://www.facebook.com/weylandtech)
Weyland Tech Twitter Feed (https://twitter.com/weylandtechinc)
Weyland Tech LinkedIn Page (https://linkedin.com/company/weylandtech)
Brent Suen, CEO Public Facebook Page (https://www.facebook.com/BrentSuenWEYL)
Brent Suen, CEO Public Twitter Feed (https://www.twitter.com/BrentSuenWEYL)
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the business of the Company. All statements, other than statements of historical fact included herein are "forward-looking statements" including statements regarding: the continued growth of the e-commerce segment and the ability of the Company to continue its expansion into that segment; the ability of the Company to attract customers and partners and generate revenues; the ability of the Company to successfully execute its business plan; the business strategy, plans, and objectives of the Company; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions and involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks, and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume any duty to update these forward-looking statements.