NEW YORK, Oct. 18, 2019 (GLOBE NEWSWIRE) -- Weyland
Tech, Inc. (OTCQX: WEYL), a growing global provider of
m-Commerce and fintech business enablement solutions
with its CreateApp™
Platform-as-a-Service (PaaS), has reported selected
preliminary unaudited financial results for the third
quarter and nine months ended September 30, 2019.
For
the third quarter 2019, the company expects record
revenue of approximately $9.0 million, which would
represent an increase of 6.6% compared to the third
quarter of 2018. For the first nine months of 2019, the
company expects record revenue of approximately $24.6
million, which would represent an increase of 42.6%
versus the same year-ago period. The company also
expects to turn adjusted EBITDA positive in the third
quarter.
“These anticipated record results reflect the
accelerating growth in our recurring revenue from
CreateApp subscription fees,” said Brent Suen, CEO of
Weyland Tech. “While we expect to generate positive
adjusted EBITDA in the third quarter, we plan to
continue to reinvest in efforts designed to gain
customers and market share.”
“The growth in recurring revenue was largely due to
greater adoption of CreateApp by SMBs in our existing
markets as driven by our highly-productive channel
partners,” continued Suen. “The increased adoption
included new customers as well as existing customers
subscribing to additional features and modules. This
momentum has continued into the fourth quarter, keeping
us on track for another year of record growth.”
The
selected preliminary unaudited financial results set
forth above are based solely on currently available
information which has not been reviewed by the company’s
independent auditors and is subject to change. Readers
are cautioned not to place undue reliance on such
selected preliminary unaudited financial results, which
constitute forward looking statements as further
described below.
About Weyland Tech
Weyland Tech, Inc. is a developer and global provider of
mobile business software applications. The company
operates its CreateApp™ platform-as-a-service
(PaaS) across three continents and 10 countries,
including some of the fastest-growing emerging markets
in Southeast Asia. The platform provides a mobile
presence for small-and-medium sized businesses (SMBs)
that is supported locally by distributor partnerships.
Offered in 14 languages with more than 70 integrated
modules, Weyland enables SMBs to create and deploy
native mobile applications for Apple iOS and Google
Android without technical knowledge or background. The
technology empowers SMBs to increase sales, reach more
customers, manage logistics, and promote their products
and services in an easy, affordable and highly efficient
way.
The
company’s subsidiary, Weyland Indonesia Perkasa (WIP),
operates AtozPay and
AtozGo. The AtozPay mobile payments platform serves the
burgeoning m-Commerce and e-Payment markets in
Indonesia, the world’s fourth most populous country. AtozGo is
a fast-growing short-distance food delivery service in
Jakarta, Indonesia.
For
more information, visit www.weyland-tech.com.
Important Cautions Regarding 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 (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.
NEW YORK, Oct. 03, 2019
(GLOBE NEWSWIRE) -- Weyland
Tech (OTCQX: WEYL), a leading global
provider of m-Commerce solutions, has exercised its
option to acquire 31% beneficial ownership of PT Weyland
Indonesia Perkasa (WIP), owner and operator of the
fast-growing AtozPay and AtozGo platforms.
The
AtozPay mobile payments platform serves the burgeoning
m-Commerce and e-Payment markets in Indonesia, the
world’s fourth most populous country. AtozPay has
attracted several major partnerships that enable mobile
payment for goods and services.
AtozPay recently announced it
joined forces with Grab,
the leading online-to-offline mobile platform in
Southeast Asia, to promote its new AtozGo short-distance
food delivery service in Jakarta, Indonesia. Grab is
supporting a new AtozGo co-marketing campaign targeting
food establishments and mobile users in certain areas of
Jakarta.
The
new campaign is building off AtozGo’s successful pilot
launch addressing a single square block of Jakarta that
is now generating more than 1,500 deliveries a day. This
area comprises 15 building complexes, of which three are
currently generating the bulk of the volume. Following
the rollout with Grab, AtozGo expects to expand to other
areas of the city, along with the possibility of a
strategic investment by Grab.
“AtozGo
address the need for a hyper-local, pedestrian-powered
food delivery service that can make food delivery from
local establishments quick and easy for office workers
and urbanites,” said Brent Suen, president and CEO of
Weyland Tech. “This unique approach is capturing an
untapped huge market, and making AtozGo especially
attractive to food delivery services, like GrabFood,
which traditionally targets areas where motorized
delivery is required.”
“AtozPay
is a highly complementary consumer-facing fintech
solution that supports our CreateApp PaaS
platform by providing payments capabilities,” continued
Suen. “We had spun AtozPay off to our shareholders last
year but retained the option to secure this 31% position
of WIP at nominal cost. Given the tremendous recent
progress of AtozPay and AtozGo, including the
participation with major partners, we believe this
ownership position will substantially enhance Weyland
Tech’s shareholder value.”
Weyland will continue cross-selling of its CreateApp
solution to businesses that have adopted the AtozPay
e-wallet solution, but now adding food service
businesses that can benefiting from AtozGo. Weyland is
also expanding its marketing efforts to address specific
affinity groups and everyday product merchants who are
currently underserved in Indonesia.
The
company expects to complete the transaction before the
end of October.
About Weyland Tech
Weyland Tech Inc. is a developer and global provider of
mobile business software applications. It operates its
platform-as-a-service (PaaS) software platform across
three continents and 10 countries, including some of the
fastest-growing emerging markets in Southeast Asia. The
platform provides a mobile presence for small-and-medium
sized businesses (SMBs) that is supported locally by
distributor partnerships.
Offered in 14 languages with more than 70 integrated
modules, Weyland enables SMBs to create and deploy
native mobile applications for Apple iOS and Google
Android without technical knowledge or background. The
technology empowers SMBs to increase sales, reach more
customers, manage logistics, and promote their products
and services in an easy, affordable and highly efficient
way. For more information, visit www.weyland-tech.com.
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