Deadline for Submitting Beneficial Owner Lists Extended to November 2nd; Further Clarifications Provided
New York, NY, Oct. 25, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Weyland Tech Inc. (OTCQX: WEYL) (“Weyland” or the “Company”) announced today that the deadline for DTC Participants to submit their beneficial owner lists to the Company has been extended until November 2, 2018, as approximately 73% of the DTC Participants have still not submitted their beneficial owner lists.
The Company also continues to receive certain repetitive questions from DTC Participants regarding aspects of the spin-off procedure. While some of these questions are already addressed in the Spin-Off Processing Instructions, the Company nevertheless thought it would be helpful to participants if we provided a short Q & A segment in an attempt to put some of these questions to rest.
What is the threshold for rounding-up a shareholder’s entitlement to the spin-off shares?
The beneficial owner round-up threshold will be .5 and above.The spin-off entitlement calculation is made by dividing a shareholder’s position in WEYL by 5. If that calculation results in a decimal/remainder that is .5 or above, the spin-off entitlement will be rounded up. If the decimal/remainder is less than .5, the spin-off entitlement will be rounded down. The table below provides an example of this rounding procedure in the event the spin-off entitlement calculation results in a fractional share:
| WEYL Shares Held | Spin-Off Entitlement | Physical Shares Received |
| 100 | 20 | 20 |
| 101 | 20.2 | 20 |
| 102 | 20.4 | 20 |
| 103 | 20.6 | 21 |
| 104 | 20.8 | 21 |
| 105 | 21 | 21 |
Can a DTC Participant receive one certificate, in its name, on behalf of all of its beneficial owners?
No. All participants must submit their beneficial owner lists in accordance with Spin-Off Processing Instructions and the certificates for spin-off shares will be issued as specified in the instructions.
Can a DTC Participant receive one certificate, in its name, on behalf of all of its objecting beneficial owners (OBOs)?
No. Participants must list each OBO position on its beneficial owner list (i.e., OBO #1 – 5,000 shares, OBO #2 – 2,500 shares, etc.) and separate certificates will be issued in the participant’s name for each OBO position and delivered to the participant.
Can certificates for spin-off shares issued in the name of a non-objecting beneficial owner (NOBO) be delivered directly to the NOBO’s bank/broker if such delivery is requested by the NOBO?
Yes, as long as the NOBO has made a request to their bank/broker that the certificate for their spin-off shares be delivered to their bank/broker in lieu of their account address.
What happens if a DTC Participant elects not submit their beneficial owner list.
Their clients will be unable to receive their entitlement to the spin-off shares.
Does the Bank/Broker Beneficial Owner List Transmittal Form require a medallion stamp?
No.
As a reminder to shareholders and banks/brokers, the updated relevant dates for the spin-off are as follows:
Record Date: October 12, 2018
Bank/Broker Deadline for Submission of Beneficial Owner Lists: November 2, 2018
Distribution Date:November 30, 2018
If any banks/brokers have not yet received the Company’s spin-off processing instructions through the DTC Important Notice # (9903-18) posted through CA WEB, they can also receive the spin-off processing instructions by making a request by email directly to the Company. The contact details for such requests, and any other inquiries from banks/brokers or shareholders regarding the spin-off, are as follows:
Email: spin-off@weyland-tech.com
Tel: 347.566.4334
As a reminder to shareholders, the Company has made available in the “Investor” section of its website a “Shareholder Transmittal Letter” which will provide shareholders the opportunity to independently document their position in WEYL common stock, as of the spin-off record date, while the Company awaits receipt of the required beneficial owner lists from the banks/brokers. The Company urges all shareholders who hold their shares of WEYL in “Street Name” (i.e., through accounts at banks/brokers) to download the Shareholder Transmittal Letter, complete the requested information, and return the completed and signed letter directly to the Company by email to spin-off@weyland-tech.com. Please do not mailyour completed Shareholder Transmittal Letter to the Company. If you are a registered shareholder who holds shares in certificate or book entry form directly from the Company, you need notcomplete the Shareholder Transmittal Letter.
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.