New York, NY, April 09, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Weyland Tech Inc. (OTCQX: WEYL) (“Weyland” or the “Company”), a global provider of mobile business applications, announced today the signing of a non-binding Letter of Intent (“LOI”) with Silver Wave International Pte. Ltd., a holding company organized under the laws of Myanmar (“Silver Wave”), setting forth the proposed terms for a joint venture (“JV”) in Myanmar for the purpose of introducing the Company’s mobile and e-money services through Silver Wave’s merchant channels.
The first step of this JV is expected to be a pilot program of the AtoZpay e-wallet in Myanmar, combining Silver Wave’s financial service licenses and retail presence with Weyland’s AtoZpay and CreateApp/PaaS platform.
Brent Suen, Weyland’s CEO, stated, “We are pleased to announce the proposed joint venture with Silver Wave in SE Asia. This project in Myanmar presents an exciting opportunity for us to expand our e-wallet platform, and a partnership with Silver Wave provides us with key assets to accelerate adoption and growth.”
Suen further noted that a meeting to discuss and sign definitive agreements with the Chairman of Silver Wave is scheduled before the end of April in New York.
The consummation of the transaction remains contingent upon satisfactory completion of due diligence by both parties, completion and agreement on all final terms and conditions of the definitive agreements, obtaining all required consents and approvals, and other customary conditions to closing. Further details shall be made available after the definitive agreements are signed.
About Weyland:
Weyland is a global provider of mobile business applications. The Company operates a Platform-as-a-Service (“PaaS”) software used on mobile ‘smartphones’. The PaaS platform offers a mobile presence to Small-to-Medium-Sized-Businesses (“SMB’s”) in emerging markets, with partnerships on 3 continents and growing. The PaaS platform, offered in 14 languages with over 70 integrated modules, enables 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.
About Silver Wave International Pte. Ltd.:
Sliver Wave International Pte. Ltd., a Myanmar Registered Company, is organized as a holding company for the following three branches.
Silver Wave Energy Pte. Ltd. established in May 2005, registered in Singapore.
The main purpose is to enter the Exploration and Production (E & P) business around the world both Onshore and Offshore.
Silver Wave Trading Pte. Ltd. established in 1994.
The Multi-Trade businesses are:
- Silver Wave Gasoline Stations
- Production of fiberglass reinforced plastic boats
- Mineral Exploration and production
- Exporting agriculture products
Silver Wave Capital Pte. Ltd. is incorporated under the Myanmar Companies Act in 2016. Silver Wave Capital Company Limited is a Non-Bank Financial Institution and may engage in one or all of the following activities Subject to any conditions and restriction imposed by the following:
- Finance company business;
- Leasing business;
- Factoring business;
- Credit card business;
- Money services business;
- Any other credit business the Central Bank may prescribe;
- Such other activities determined by the Central Bank
Forward-Looking Statements:
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.
For further information contact:
Howard Gostfrand
American Capital Ventures, Inc.
President
Office: 305-918-7000
Email: hg@amcapventures.com
www.amcapventures.com