NEW YORK, NY, May 10, 2018 (GLOBE NEWSWIRE) -- Weyland Tech Inc. (OTCQX: WEYL) ("Weyland " or the "Company"), a provider of mobile business applications, provides an update on the Company’s recently announced spinoff of the eWallet business:
- Management is currently finalizing an engagement letter with a ‘Big 5’ consulting firm to advise the Company on the spinoff and IPO structure as well as ongoing audit functions for the eWallet business.
- The eWallet business, operating in a ‘closed Beta’ environment from December 2017 to April 2018, was on an annual run-rate of US$5.0 million Gross Transaction Volume (“GTV”) with 15 sales people on staff and zero marketing and advertising expenditures. Recent hires have increased the current sales staff to 24 and our plan is to have 400 sales staff in place by year end 2018 with a targeted GTV of US$25-35 million run-rate.
- The 2019 goal is to have 1,000 sales staff and a target GTV of over US$80 million.
- 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 or higher. Recent M&A activity in the region has valued eWallet businesses as high as 1.8X GTV.
- It is the Company’s stated goal to take the eWallet business through the S-1 process and a subsequent IPO via a ‘fully-underwritten’ offering. For transparency in the interim the eWallet business will file public financials prior to the offering.
- As soon as practicably possible, the Company will designate a record date and ex-dividend date for the Spinoff of the eWallet business to shareholders of Weyland Tech.
About Weyland Tech Inc.
Weyland Tech's CreateApp platform is focused on the Asia markets. Our CreateApp platform offered in 14 languages, enables small and medium sized businesses ("SMB's") to create native mobile applications ("APP") 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 via simple easy to build mobile APPs in an affordable and cost-effective manner.
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)
Forward-Looking Statements
Statements in this press release that are not descriptions of historical facts are forward-looking statements that are based on management’s current expectations and assumptions and are subject to risks and uncertainties. In some cases, you can identify forward-looking statements by terminology including “anticipates,” “believes,” “can,” “continue,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “should,” “will,” “would” or the negative of these terms or other comparable terminology. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those currently anticipated, including, without limitation, the fact that: the eWallet business continues at the current rate or grows as projected; any S-1 registration statement filed with the SEC may not be declared effective in a timely manner, if at all; we may not be able to engage an investment banker for an underwritten offering on terms favorable, if at all. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law.