Record and Distribution Dates Set
NEW YORK, NY, Aug. 16, 2018 (GLOBE NEWSWIRE) -- Weyland Tech Inc. (OTCQX: WEYL) ("Weyland " or the "Company"), announces today that its board of directors has approved a pro-rata distribution to the Company’s shareholders of 90% of the outstanding shares of the Company’s subsidiary, Weyland AtoZ Pay Inc.” (“WAI”), through which the Company holds its ownership interest in its eWallet business (the “Spin-Off”).
The Company’s shareholders of record as of the close of trading on September 28, 2018, the record date for the Spin-Off, will receive one share of common stock of WAI for every five shares of the Company’s common stock held as of the record date. Fractional shares of WAI common stock will not be issued in the distribution. The Spin-Off is expected to be effective as of the end of the day on October 5, 2018, the distribution date for the Spin-Off, with 90% of the shares of WAI distributed to the Company’s shareholders of record. The Company will be reporting the Spin-Off to FINRA shortly.
As the Spin-Off will be processed outside of DTCC, the Company will provide further instructions to brokers, banks and shareholders regarding the procedures for receiving the distribution.
Further details regarding WAI and its eWallet business will be provided in a Current Report on Form 8-K and an Information Statement, which will be filed on the SEC’s EDGAR reporting system prior to the distribution date for the Spin-Off.
About Weyland Tech Inc.
Weyland Tech is a global provider of mobile business applications. Its 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.