New York, March 07, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Weyland Tech Inc. (WEYL) (“Weyland” or the “Company”) announces
updates coinciding with an investor conference call held on March 7, 2019 at 12 noon EST.
In addition to updates on the Company’s core PaaS business and its eWallet, AtozPay, the following major initiatives and
objectives are underway and in various stages:
- Expression of Interest for acquisition of the AtozPay business by a large regional tech company
- Update on outstanding litigation in Singapore and US Federal court in Nevada
- Potential for merger and expansion into new emerging market
- Qualification for NASDAQ and re-engagement of application
- Potential for acquisition of the AtozPay business by a large regional tech company
As announced on September 6, 2018, there has been an increase in private fundings, IPOs and merger and acquisition activity
leading to the emergence of large ‘unicorn’ companies competing for marketshare in SE Asia. In February, the Company received
an expression of interest in the acquisition of its eWallet business from a regional leader in ride-sharing and delivery.
Comparable valuation metrics make this a source of encouragement as we follow through on our mandate at Weyland to build, grow, and
sell the businesses that we launch in emerging markets.
Our team in Indonesia continues to build the platform making it attractive to potential acquirers and the landscape continues to
improve for a sale.
- Potential for merger and expansion into new emerging market
Management has identified and begun an initiative for entry into our second emerging market in SE Asia. During this process the
possibility of a merger with a larger group possessing country licensing and infrastructure needed for rapid expansion has been
raised. There have been numerous meetings, calls and terms proposed and should there be a firm agreement, we will pursue it with
our Board of Directors and subsequently inform shareholders.
- Update on outstanding litigation in Singapore and US Federal court in Nevada
Regarding the current litigation in Singapore and in the US Federal Court in Nevada, over the past two months there has been
substantial progress and we remain optimistic that a settlement favorable to shareholders is imminent.
- Qualification for NASDAQ and re-engagement of application
The management team has moved forward re-opening our NASDAQ application and, based upon meetings and discussions with NASDAQ,
the Company currently qualifies under most of the criteria for a NASDAQ listing. As we progress, we will inform shareholders.
About Weyland Tech Inc.
Weyland Tech 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 WIP/AtoZPay
Weyland Indonesia Perkasa (“WIP”) / AtoZPay is an Indonesian Company that is held by Weyland Tech via both equity and contractual
structures which comply with Indonesia’s foreign commercial ownership regulations. AtoZPay, an eWallet solution, is quickly
becoming the adopted standard in Indonesia, the world’s 4th most populous nation, with a majority of consumers without bank
accounts. A partnership with Finnet, Indonesia’s state-controlled company tasked with building and supporting banking and finance
infrastructure nationwide, and a recently achieved banking license, creates the most robust solution for the “unbanked” in
Indonesia. Weyland Tech owns 100% the eWallet software platform which powers AtozPay. In a liquidity event or outright exit via an
acquisition, Weyland and its sub-holding (WAI) are entitled to 80% economic benefit.
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.
For further information contact: Howard Gostfrand American Capital Ventures, Inc. President Office: 305-918-7000 Email: hg@amcapventures.com www.amcapventures.com
