NEW YORK, Feb. 10, 2020 (GLOBE NEWSWIRE) -- Weyland Tech, Inc. (OTCQX: WEYL) a leading global provider of mCommerce platform-as-a-service (PaaS), eCommerce managed services and fintech solutions, reported that its executive management purchased a total of 75,000 shares of the company’s common stock from the public market on February 7, 2020.
The buyers and amounts include:
- President & CEO, Brent Suen: 25,000 shares, bringing total shares held to 2,857,000.
- Chief strategy officer, Matthew Brent: 25,000 shares, bringing total shares held to 1,895,000.
- Chief operating officer, John MacNeil: 25,000 shares, bringing total shares held to 2,295,000.
Previous insider open market purchases of common stock were made in October 2019 by Suen, who bought 99,000 shares. In November 2019, Suen purchased an additional 900,000 shares from a shareholder in a private transaction.
“Given our strong tailwinds, including the increasing number of business subscribers coming onto our CreateApp platform, our expanding geographic footprint and recent major acquisition, we see our growth continuing to accelerate over the coming quarters,” noted Suen. “We’re also seeing great enthusiasm and excitement in our segment of the tech industry—unlike anything I’ve seen in my 34 years in business.
“As a result of these positive factors, my team has continued to invest personally in WEYL. In fact, over the last few years, I have invested more dollars in WEYL than I’ve received in salary as president and CEO of the company. I believe there is no stronger demonstration of my unwavering belief in our value proposition and ability to deliver superior value for our stakeholders.”
Last month, the company completed its acquisition of the eCommerce technology company, Push Interactive, a direct-to-consumer eCommerce platform that provides an end-to-end solution for enterprises and major U.S. brands that include HomeAdvisor, QuinStreet and Sunrun.
On a combined pro forma basis, the companies anticipate reporting $11.9 million in revenue for the fourth quarter of 2019, with total revenue of $42.3 million for the year. The combined annualized run rate on a pro forma basis totaled more than $60.6 million at year-end 2019.
As the result of the company’s strong course of growth and development over the last year, it is preparing to uplist to the Nasdaq Stock Market. This move is expected to attract the attention of a broader base of investors, particularly institutional and family offices.
Additional details regarding the purchases can be found in disclosures on Form 4 filed with the Securities and Exchange Commission at www.sec.gov.
About Weyland Tech
Weyland Tech 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, CreateApp 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 weyland-tech.com.
About Push Interactive
The e-Commerce platform of Weyland’s Push Interactive subsidiary features comprehensive customer acquisition capabilities, highly productive media and channel strategies, well-tuned product promotion and messaging, and sales funnel development and optimization. The direct-to-consumer platform provides an end-to-end solution for SMBs and major brands, allowing these organizations to dramatically increase online revenue while lowering the cost of customer acquisition and order fulfillment. Post-sale, Push supports fulfillment, customer relationship management, and further monetization through re-engagement and remarketing toolsets that enhance customer lifetime value (LTV). For more information about Push Interactive, visit www.pushint.com.
About AtozPay™ and AtozGo™
Through Weyland Tech’s minority-owned subsidiary, Weyland Indonesia Perkasa (WIP), the company operates AtozPay™ and AtozGo™. The AtozPay mobile payments platform serves the burgeoning mCommerce and e-Payment markets in Indonesia, the world’s fourth most populous country. AtozGo is a fast-growing short-distance food delivery service operated in Jakarta, Indonesia. For more information, visit atozpayindonesia.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 ability of the Company to successfully integrate Push, the continued growth of the eCommerce 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.
Company Contact
Brent Suen, CEO
Weyland Tech Inc.
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Media & Investor Contact
Ronald Both or Grant Stude
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Tel (949) 432-7566
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