New York, Nov. 08, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Weyland Tech Inc. (OTCQX: WEYL) (“Weyland” or the “Company”) announced today that the distribution of its direct holdings in Weyland AtoZPay Indonesia (“WAI”) will be completed with a distribution of WAI shares on November 30, 2018 as previously announced.
AtoZPay was at no time consolidated into Company financial statements, and hence the distribution will have no effect on the Company's core business.
Post distribution the company retains an option for 31% of AtoZPay which can be acquired by the Company at its discretion for nominal exercise price.
CEO Brent Suen explained, "We believe the spin-off best served existing and future shareholders. As an independent company, AtoZPay will be free to enter the capital markets to unlock value for its shareholders. At the same time we continue to be supportive of AtoZPay as Weyland's option can generate tremendous value for our shareholders.
With the successful spin out of AtoZPay we are continuing to develop similar opportunities in other markets such as Myanmar, with a population of 53 million people and a median age of 28 years old. Additionally, the smartphone penetration rate is estimated at 70% while the ‘unbanked’ (people without bank accounts) population stands at around 70% as well – we firmly believe that an opportunity exists for a similar market entry of an eWallet like AtoZPay to become a viable product. We expect to follow a similar path of sponsoring local partners, funding initial traction and potentially spinning out independent entities while retaining ownership stakes for Weyland shareholders to take advantage of future growth.
Along with this strategy, with the conclusion of the AtoZPay spinoff we will focus on our rapidly expanding core business."
The Company also intends to provide an update showing improved guidance on its core business following the release of its September 30, 2018 10Q in the coming days.
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 world’s 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.