New York, NY, Oct. 02, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Weyland Tech Inc. (OTCQX: WEYL) (“Weyland” or the “Company”) announced today a further update regarding the spin-off of its Weyland AtoZ Pay subsidiary (“WAI”), which holds a 49% equity ownership interest in PT Weyland Indonesia Perkasa, a limited liability company organized under the laws of the Republic of Indonesia (“WIP”). WIP’s primary business operations include a digital financial transactions app serving the rapidly growing Indonesia e-commerce and e-payment markets (“eWallet”).
The Company continues to receive inquiries from shareholders and banks/brokers regarding the instructions for processing the spin-off (“Spin-Off Processing Instructions”), as banks/brokers have not yet received the Spin-Off Processing Instructions provided by the Company to DTC. The Company reached out to DTC yesterday, through its transfer agent, and was informed that DTC had not yet made the Spin-Off Processing Instructions available to the banks/brokers, as it was awaiting internal approval of the notification that will accompany the Spin-Off Processing Instructions.
In light of the above timing issue, along with the fact that the Company is awaiting FINRA’s reply to the Company’s corporate action notification to FINRA, the Company has determined that it is in all parties’ best interests if the record date and other related dates are moved forward, in order to allow all parties involved sufficient time to process their respective aspects of the spin-off in an orderly manner. Accordingly, the new record date, distribution date and other relevant dates for the spin-off are now as follows:
- Record Date: October 12, 2018
- Bank/Broker Deadline for Submission of Beneficial Owner Lists: October 26, 2018
- Distribution Date: November 30, 2018
The Company’s shareholders of record as of the close of trading on October 12, 2018, the new record date for the spin-off, will receive a pro-rata distribution of one (1) share of common stock of WAI for each five (5) 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, as fractional shares will be rounded up to the immediate next whole share. The spin-off is expected to be effective as of the end of the day on November 30, 2018, the new distribution date for the spin-off.
As the spin-off shares are not DTCC eligible, and the spin-off is being processed outside of DTCC, the Spin-Off Processing Instructions will provide Banks/Brokers with instructions for receiving the distribution for their beneficial owners directly from the Company. The instructions provide, in part, that:
- In order to obtain the spin-off shares for their clients, each Bank/Broker must submit to the Company, no later than October 26, 2018, a beneficial owner list, as of the record date.
- The spin-off shares will be issued by the Company’s transfer agent in physical certificate form.
- Certificates for each non-objecting beneficial owner (“NOBO”) will be issued in the name of the NOBO and mailed directly to the NOBO at their account address provided in the beneficial owner list.
- Certificates for each objecting beneficial owner (“OBO”) will be issued in the name of the Bank/Broker, for the benefit of the OBO, and mailed directly to the Bank/Broker.
- With respect to WEYL shares held in retirement accounts, the Company will issue certificates for the spin-off shares in the name of the respective Bank/Broker, as custodian for, and for the benefit of, the particular retirement account (e.g., Bank/Broker Name, Custodian FBO John Smith Roth IRA), and such shares will be mailed directly to the Bank/Broker.
If you are a registered shareholder of the Company and hold your shares in WEYL, as of the record date, in certificate or book-entry form through the transfer agent you need not do anything to receive your spin-off shares, as the transfer agent will automatically issue your spin-off shares directly to your account and deliver the certificate to your address of record with the transfer agent.
Banks/Brokers should refer to the full Spin-Off Processing Instructions, which will be made available by DTC on its Legal Notice System (“LENS”), for complete details regarding the spin-off processing procedures. Inquiries from Banks/Brokers or shareholders regarding the spin-off, can be directed as follows:
Email: spin-off@weyland-tech.com
Tel: 347.566.4334
If any Banks/Brokers are unable to download the Spin-Off Processing Instructions from LENS, they can also request a copy directly from the Company, by email to the above email address.
Further details regarding WAI and WIP (and its Indonesia eWallet business) will be provided in a Current Report on Form 8-K, 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.