Weyland Tech Reports Preliminary Results for First Nine Months of 2019; Expects Revenue Up 42.6% to Record $24.6 Million
GlobeNewswire•October 18, 2019
GlobeNewswire•October 18, 2019
NEW YORK, Oct. 18, 2019 (GLOBE NEWSWIRE) -- Weyland Tech, Inc. (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.
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.
WEYLAND TECH - WEYL OTCStock Up 30% - Trade AlertWatch For Breakout Above $0.50
| This stock is in a strong uptrend rising from $0.32 to current levels ,up 30% . The company recently exercised its options to acquire 31 % of AutoPay , an Asian pay by phone app creating a strong positive investor response Filings show the CEO, Brent Suen purchased 100,000 shares recently . These shares are highly volatile and closely held as evidenced by its dramatic run in June 2019 from $0.30 to $1.00. At one time these shares traded over $5.00 We have issued a trading alert on these shares due to recent activity in the stocks activity and Weylands purchase of 31% of the AutoPay app. THE TRADE : We are purchasing these shares at current levels and will average up on any breakout above $0.50 . We will STOP OUT at $0.34 . This is a High Risk Trade Author of this article owns these shares. Weyland Tech to Acquire 31% Ownership of AtozPay and AtozGo 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. Neither PSN nor its owners, members, officers, directors, partners, consultants, nor anyone involved in the publication of this website, is a registered investment adviser or broker-dealer or associated person with a registered investment adviser or broker-dealer and none of the foregoing make any recommendation that the purchase or sale of securities of any company profiled in the PSN website is suitable or advisable for any person or that an investment or transaction in such securities will be profitable. The information contained in the PSN website is not intended to be, and shall not constitute, an offer to sell nor the solicitation of any offer to buy any security. The information presented in the PSN website is provided for informational purposes only and is not to be treated as advice or a recommendation to make any specific investment. Please consult with an independent investment adviser and qualified investment professional before making an investment decision. http://www.wallstreetresearcher.com/Tech Talk/WEYL Breakout.html |
Weyland (OTC: WEYL) Poised for an Acquisition from Venture Backed Jakarta Based Grab
[FONT="][FONT=FontAwesome !important][/FONT]October 20, 2019[/FONT][FONT="] [/FONT][FONT="][FONT=FontAwesome !important][/FONT]Mike Sheikh[/FONT]
http://psinvestor.com/weyland-otc-w...ition-from-venture-backed-jakarta-based-grab/
[FONT="][FONT=FontAwesome !important][/FONT]October 20, 2019[/FONT][FONT="] [/FONT][FONT="][FONT=FontAwesome !important][/FONT]Mike Sheikh[/FONT]
http://psinvestor.com/weyland-otc-w...ition-from-venture-backed-jakarta-based-grab/
Weyland Tech to Present at 12th Annual LD Micro Main Event on December 10-12, 2019
ACCESSWIRENovember 14, 2019
NEW YORK, NY / ACCESSWIRE / November 14, 2019 /Weyland Tech, Inc.(WEYL), a growing global provider of m-Commerce and fintech business enablement solutions with itsCreateApp™Platform-as-a-Service (PaaS), has been invited to present at the 11th Annual LD Micro Main Event institutional investor conference being held on December 10-12, 2019 at the Luxe Sunset Bel Air Hotel in Bel Air, California.
Weyland CEO Brent Suen is scheduled to present on Wednesday, December 11, at 8:40 a.m. Pacific time and participate in one-on-one meetings with institutional analysts and investors throughout the day. The presentation will be also webcast live and available for replayhereand via the investor relations section of the company's website atweyland-tech.com.
Management will discuss the accelerating growth in the company's recurring revenue from CreateApp subscription fees. The company recentlyannouncedit expects to record revenue for the third quarter and first nine months of 2019, and turn adjusted EBITDA positive in the third quarter. Weyland is also in the application process for an uplist to the Nasdaq Stock Market.
Since the beginning of October, Suen has purchased on the open market 99,000 shares of the company common stock, which has been reported on Form 4 and filed with the U.S. Securities and Exchange Commission. Pursuant to Weyland Tech's insider trading rules, company insiders who purchase the company's common stock are required to hold it for a minimum of two years.
The LD Micro Main Event is one of the nation's largest independent conferences for micro-cap companies, with over 250 names presenting to more than 1,300 attendees. The conference will also feature a variety of speakers and panelists discussing topics of interest to investors and issuers, as well as evening social events.
To schedule a one-on-one meeting with Weyland, you may submit your request online via the link provided upon registration. To register for the conference, contact David Scher atdavid@ldmicro.comor visitwww.ldmicro.com/events. For any questions about the company, contact Ron Both of CMA at (949) 432-7557 or submit your requesthere.
View Weyland's LD Micro profile here:https://www.ldmicro.com/profile/WEYL
Profiles poweredby LD Micro- News Compliments ofAccesswire
About LD Micro
LD Micro was founded in 2006 with the sole purpose of being an independent resource in the microcap space. What started out as a newsletter highlighting unique companies has transformed into several influential events annually (Invitational, Summit, and Main Event). In 2015, LDM launched the first pure microcap index (the LDMi) to exclusively provide intraday information on the entire sector. LD will continue to provide valuable tools for the benefit of everyone in the small and micro-cap universe. For more information about LD Micro, go towww.ldmicro.com/events.
About Weyland Tech
Weyland Tech, Inc. operates as a Fintech focused company and 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), operatesAtozPayand AtozGo. The AtozPay mobile payments platform serves the burgeoning m-Commerce and e-Payment markets in Indonesia, the world's fourth most populous country.AtozGois a fast-growing short-distance food delivery service in Jakarta, Indonesia.
For more information, visitwww.weyland-tech.com.
ACCESSWIRENovember 14, 2019
NEW YORK, NY / ACCESSWIRE / November 14, 2019 /Weyland Tech, Inc.(WEYL), a growing global provider of m-Commerce and fintech business enablement solutions with itsCreateApp™Platform-as-a-Service (PaaS), has been invited to present at the 11th Annual LD Micro Main Event institutional investor conference being held on December 10-12, 2019 at the Luxe Sunset Bel Air Hotel in Bel Air, California.
Weyland CEO Brent Suen is scheduled to present on Wednesday, December 11, at 8:40 a.m. Pacific time and participate in one-on-one meetings with institutional analysts and investors throughout the day. The presentation will be also webcast live and available for replayhereand via the investor relations section of the company's website atweyland-tech.com.
Management will discuss the accelerating growth in the company's recurring revenue from CreateApp subscription fees. The company recentlyannouncedit expects to record revenue for the third quarter and first nine months of 2019, and turn adjusted EBITDA positive in the third quarter. Weyland is also in the application process for an uplist to the Nasdaq Stock Market.
Since the beginning of October, Suen has purchased on the open market 99,000 shares of the company common stock, which has been reported on Form 4 and filed with the U.S. Securities and Exchange Commission. Pursuant to Weyland Tech's insider trading rules, company insiders who purchase the company's common stock are required to hold it for a minimum of two years.
The LD Micro Main Event is one of the nation's largest independent conferences for micro-cap companies, with over 250 names presenting to more than 1,300 attendees. The conference will also feature a variety of speakers and panelists discussing topics of interest to investors and issuers, as well as evening social events.
To schedule a one-on-one meeting with Weyland, you may submit your request online via the link provided upon registration. To register for the conference, contact David Scher atdavid@ldmicro.comor visitwww.ldmicro.com/events. For any questions about the company, contact Ron Both of CMA at (949) 432-7557 or submit your requesthere.
View Weyland's LD Micro profile here:https://www.ldmicro.com/profile/WEYL
Profiles poweredby LD Micro- News Compliments ofAccesswire
About LD Micro
LD Micro was founded in 2006 with the sole purpose of being an independent resource in the microcap space. What started out as a newsletter highlighting unique companies has transformed into several influential events annually (Invitational, Summit, and Main Event). In 2015, LDM launched the first pure microcap index (the LDMi) to exclusively provide intraday information on the entire sector. LD will continue to provide valuable tools for the benefit of everyone in the small and micro-cap universe. For more information about LD Micro, go towww.ldmicro.com/events.
About Weyland Tech
Weyland Tech, Inc. operates as a Fintech focused company and 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), operatesAtozPayand AtozGo. The AtozPay mobile payments platform serves the burgeoning m-Commerce and e-Payment markets in Indonesia, the world's fourth most populous country.AtozGois a fast-growing short-distance food delivery service in Jakarta, Indonesia.
For more information, visitwww.weyland-tech.com.
Weyland Tech Reports Q3 2019 Results; Revenue at Record $9.0 Million
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November 15, 2019 07:00 ET | Source: Weyland Tech Inc.
NEW YORK, Nov. 15, 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), reported results for the third quarter ended September 30, 2019. All quarterly comparisons are to the same period in 2018 unless otherwise noted.
Q3 2019 Highlights
- Revenue, comprised of recurring subscription fees, totaled a record $9.0 million, up 26% from the previous quarter and up 7% from the year-ago quarter.
- Net loss improved 35% from the previous quarter and 46% from the year-ago quarter to a loss of $1.1 million or $(0.01) per share.
- Turned adjusted EBITDA positive during the final month of the quarter (see definition of this non-GAAP term, below.)
- Increased adoption of the company’s CreateApp mobile app solution for SMBs, which included new customers as well as existing customers subscribing to additional features and modules.
- Partnered in the launch of AtozGo™, a short distance food delivery service in Jakarta, Indonesia, followed by joining forces with Grab, the leading online-to-offline mobile platform in Southeast Asia, to market the service. AtozGo addresses 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. In three months since launch, lunchtime deliveries have scaled to more than 10,000 per day for 35,000 customers.
- Appointed Sim Farar and Andre Peschong to the company’s advisory board. Farar’s 30 years of experience in both public and private sectors, along with Peschong’s more than 25 years of senior management and capital markets experience, will provide the board with important insights and guidance as it pursues its plans for organic and acquisitive growth.
- Raised gross proceeds of approximately $6.4 million In a private placement offering.
- Cash and cash equivalents totaled $5.8 million at September 30, 2019.
- Subsequent to the end of the third quarter, Weyland acquired 31% beneficial ownership in the owner and operator of AtozGo as well as the AtozPay™ mobile payment platform that powers AtozGo transactions.
“In Q3, our topline performance was driven by growth in CreateApp subscription fees, which was due to greater adoption of our CreateApp Platform-as-a-Service by SMBs in our existing markets,” said Brent Suen, president and CEO of Weyland Tech.
“Driven primarily by our highly-productive channel partners, the increased adoption included new customers as well as existing customers subscribing to additional features and modules. These results helped us turn positive in terms of adjusted EBITDA in the last month of the quarter. This momentum has continued into the fourth quarter, keeping us on track for another year of record growth and shareholder value creation.
“We recently exercised our option to acquire 31% beneficial ownership of PT Weyland Indonesia Perkasa (WIP), owner and operator of the fast-growing AtozPay and AtozGo platforms. AtozGo's unique runner-based approach to urban food delivery is quickly capturing a huge untapped market.
“Jakarta’s population of 30 million, with another 3.5 million commuting daily, made the city an ideal location to launch the AtozGo delivery service. Within three months from launch, AtozGo has attracted more than 35,000 customers and continues to grow at a parabolic rate. We expect this rapid ramp up to pave the way for greater visibility with potential acquirers, like other major food delivery service providers who traditionally operate in areas that require motorized delivery. Valuations of app-based food delivery services average $330 per user, implying a current stand-alone valuation of AtozGo of more than $10 million.
“AtozPay’s consumer-facing fintech solution supports users on our CreateApp PaaS platform by providing e-payment capabilities. Given the strong growth in AtozPay and AtozGo, along with the participation with major partners like Grab, we believe our new ownership position substantially enhances Weyland Tech’s shareholder value.
“For Weyland, we’re seeing more than $32 million in recurring revenue on a trailing 12-month basis. The market valuation for a company like ours with a 100% subscription-based recurring revenue stream should garner a several times multiple in its price-to-revenue ratio, rather than merely a fraction as it does today.
“In fact, publicly traded SaaS and PaaS companies typically trade on average at around 10x revenue, with other microcap comparables trading around 4x revenue on average. Companies with software subscription-based models attract higher multiples due to their ‘stickier,’ higher-margin customer engagements that provide greater transparency into revenue and profitability.
“Given these factors, it appears that the market price of our stock does not reflect our financial performance, the quality of our revenue, and the strong prospects for our growth to accelerate over the coming quarters. However, we believe as we continue to execute on our growth plans and raise our profile in U.S. investment community, our valuation will eventually follow suit. This conclusion supported my decision in October to personally acquire nearly 100,000 shares of WEYL off the open market, with an eye to making additional purchases in the future.
“In terms of business growth and expansion, we will continue to focus on supporting our channel partners in enhancing platform offerings. We expect margins to improve as we introduce more value-added services and increase our revenue base. We are also continuing to evaluate a number of attractive merger and acquisition opportunities, including potential strategic entry points for bringing our award winning CreateApp platform to the U.S. market which is becoming increasingly mobile-centric.
“Given our momentum and proven differentiated products and strategies addressing large and growing global markets, we remain on track for another year of double-digit growth and a strong start to the new year.”
Q3 Financial Summary
Revenue increased 7% to a record $9.0 million in the third quarter of 2019, as compared to $8.4 million in the same period last year. The increase was due to service revenue from customers in targeted emerging markets at lower price points.
Gross profit was $1.6 million or 17.7% of revenues as compared to $7.4 million or 87.7% of revenue in the year-ago quarter. The decrease was primarily due to a reclassification of certain R&D and sales and marketing expenses to be included in cost of services, which was enacted in the first quarter of 2019. Weyland believes the reclassification represents a more conservative approach given that its PaaS business model uses distribution partners to sell its services.
Total operating expenses decreased to $2.7 million from $9.4 million in the same year-ago period. The decrease was primarily due the reclassification of certain expenses to cost of services.
General and administrative (G&A) expenses increased 52% to $1.6 million in the third quarter 2019 from $1.0 million in the same year-ago quarter. G&A expenses in the third quarter of 2019 included $286,000 in stock-based compensation as compared to $257,000 in the same year-ago quarter.
Research and development expense decreased 75% to $1.1 million in the third quarter of 2019, as compared to $4.5 million in the same year-ago period. Sales and marketing expenses in the third quarter of 2019 decreased to zero as compared to $3.8 million in the year-ago quarter. The decreases were primarily due to the reclassification of certain expenses to be included in cost of services.
Net loss improved to $1.1 million or $(0.01) per basic and diluted share from a net loss of $2.0 million or $(0.05) per basic and diluted share in the same year-ago period.
At September 30, 2019, cash, cash equivalents and marketable equity securities totaled $5.8 million, compared to $5.3 million on June 30, 2019. The increase was primarily the result of proceeds from an equity offering.
Nine Month Financial Summary
Revenue increased 43% to a record $24.6 million in the first nine months of 2019, as compared to $17.3 million in the same period last year. The increase was due to service revenue from customers in targeted emerging markets at lower price points.
Gross profit decreased 71% to $4.4 million or 17.7% of revenue compared to $15.2 million or 87.7% of revenue in the year-ago quarter. The decrease was primarily due to a reclassification of certain research & development and sales & marketing expenses.
Total operating expenses decreased 62% to $7.2 million from $18.7 million in the same year-ago period. The decrease was primarily due to the aforementioned reclassification of certain expenses.
General and administrative expenses increased 35% to $3.5 million in the third quarter 2019 from $2.6 million in the same year-ago quarter. G&A expenses in the first nine months of 2019 included $1.5 million in stock-based compensation as compared to $1.2 million in the first nine months of 2018.
Research and development expense decreased 60% to $3.2 million in the third quarter of 2019, as compared to $8.1 million in the same year-ago period. Sales and marketing expenses for the nine months of 2019 were $390,000, as compared to $7.8 million in the same year-ago period. The decreases were primarily due to a reclassification of certain R&D and sales and marketing expenses.
Net loss was $2.8 million or $(0.06) per basic and fully diluted share, compared to net loss of $3.6 million or $(0.13) per basic and fully diluted share in the same year-ago period.
Conference Call
Weyland management will host a conference call to discuss its third quarter 2019 results tomorrow morning, followed by a question and answer period.
Date: Friday, November 15, 2019
Time: 10:00 a.m. Eastern time (7:00 a.m. Pacific time)
Toll-free dial-in number: 1-888-394-8218
International dial-in number: 1-323-701-0225
Conference ID: 7147694
Please call the conference telephone number five minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact CMA at 1-949-432-7566.
A replay of the call will be available after 7:30 p.m. Eastern time on the same day through November 29, 2019, as well as available for replay via the Investors section of the Weyland website at www.weyland-tech.com/ir.
Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 7147694
About Weyland Tech
Weyland Tech, Inc. operates as a Fintech focused company and 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.
About the Use of Non-GAAP Financial Measures
Weyland management believes the use of adjusted EBITDA is helpful to assessing the company’s financial performance. The company defines adjusted EBITDA as income before interest and financing expense, provision for income taxes, depreciation and amortization, stock-based compensation and acquisition expense.
Adjusted EBITDA is not a measurement of financial performance under generally accepted accounting principles in the United States or GAAP. Because of varying available valuation methodologies, subjective assumptions and the variety of equity instruments that can impact a company’s non-cash operating expenses, management believes that providing a non-GAAP financial measure that excludes non-cash and non-recurring expenses allows for meaningful comparisons between the company’s core business operating results and those of other companies, as well as providing an important tool for financial and operational decision making and for evaluating the company’s own core business operating results over different periods of time.
The company’s adjusted EBITDA measure may not provide information that is directly comparable to that provided by other companies in its industry, as other companies in the industry may calculate non-GAAP financial results differently, particularly related to non-recurring, or unusual items. The company’s EBITDA measurement of financial performance under GAAP and should not be considered as an alternative to operating income or as an indication of operating performance or any other measure of performance derived in accordance with GAAP. The company does not consider adjusted EBITDA to be a substitute for, or superior to, the information provided by GAAP financial results.
The company expects to include adjusted EBITDA in its future financial reporting, which will include a reconciliation to the nearest GAAP measure. For the third quarter 2019, the company has reported that it believes it turned positive during the last month of the quarter, but it is not providing a reconciliation to nearest GAAP measure in this press release since it would require unreasonable efforts to report a reconciliation of the entirely of this information for the singular month and for the anticipated reporting of adjusted EBITDA in future periods.
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.
Company Contact
Brent Suen, CEO
Weyland Tech Inc.
Email contact
Media & Investor Contact
Ronald Both or Grant Stude
CMA
Tel (949) 432-7566
WEYL@cma.team
Weyland Tech President and CEO Purchases 900,000 Shares of Company Stock
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November 19, 2019 08:31 ET | Source: Weyland Tech Inc.
NEW YORK, Nov. 19, 2019 (GLOBE NEWSWIRE) -- Weyland Tech, Inc. (OTCQX: WEYL), a leading global provider of m-Commerce and fintech business enablement solutions with its Platform-as-a-Service (PaaS), reported that its president and CEO, Brent Suen, purchased 900,000 shares of Weyland common stock from a private investor at an average price of $0.35 per share. The transaction was reported to the U.S. Securities and Exchange Commission (SEC) on Form 4 earlier today.
“We recently reported 26% sequential topline growth for the third quarter of 2019, reaching a record $9.0 million, and we turned adjusted EBITDA positive,” commented Suen. “On a trailing 12-month basis, we’re at $32 million in revenue. Compared to our peers, the market valuation for a company like ours with a 100% subscription-based recurring revenue stream and growing at this rate should garner a several times multiple in its price-to-revenue ratio, rather than merely a fraction as it does today.”
Publicly-traded SaaS/PaaS companies typically trade on average at around 10x revenue according to Crunchbase, with other microcap comparables trading around 4x revenue on average. Companies with cloud-based software or software-driven platform-as-a-service models attract higher multiples due to ‘stickier,’ higher-margin customer engagements that provide greater transparency into revenue and profitability.
“We are encouraged by the increasing number of small-and-medium sized businesses coming onto our CreateApp platform, as well as existing customers’ rapid adoption of new features and modules,” continued Suen. “Given all of these factors, I believe the market price of our stock does not reflect our financial performance, the quality of our revenue, and the strong prospects for our growth to accelerate over the coming quarters. As a result, I have continued to invest personally in WEYL.”
In October, Suen purchased from the open market 99,000 shares of the company common stock, which was also reported on Form 4. Suen now holds 2,832,000 shares of Weyland stock. Pursuant to Weyland Tech’s insider trading rules, company insiders who purchase the company’s common stock from any source are required to hold it for a minimum of two years.
The company is preparing for an uplist to the Nasdaq Stock Market, where it expects to attract the attention of a broader base of investors, particularly institutional and family offices.
“These stock purchases demonstrate my confidence in our future and the growing market opportunities ahead of us,” added Suen, “and not only for Weyland’s CreateApp, but also for our subsidiary, AtozPay, its new venture with AtozGo and marketing partnership with Grab.”
About Weyland Tech
Weyland Tech, Inc. operates as a Fintech focused company and 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.
Weyland Tech to Acquire U.S. eCommerce Platform to Support North American CreateApp Launch and New Service Offerings for SMBs Globally
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November 26, 2019 08:31 ET | Source: Weyland Tech Inc.
NEW YORK, Nov. 26, 2019 (GLOBE NEWSWIRE) -- Weyland Tech, Inc. (OTCQX: WEYL), a leading global Platform-as-a-Service (PaaS) provider of m-Commerce and fintech business enablement solutions, has agreed to acquire the assets and operations of Push Holdings, a subsidiary of ConversionPoint Technologies, in a stock transaction.
Weyland anticipates the additional revenue stream, synergistic product offerings and entry into the U.S. market provided by the acquisition will drive more than 100% top-line growth in 2020. Weyland recently reported trailing 12-month subscription-based revenues of more than $32 million and turned adjusted EBITDA positive.
Founded in 2009, Push Holdings is the owner of the eCommerce technology company, Push Interactive, which has 20 full-time employees headquartered in Minneapolis, Minn. Push’s direct-to-consumer eCommerce platform provide an end-to-end solution for SMBs and major brands to dramatically increase online revenue and lower their cost of customer acquisition.
The Push technology platform includes comprehensive customer acquisition capabilities, highly productive media and channel strategies, well-tuned product promotion and messaging, and sales funnel development and optimization. Post sale, Push supports fulfillment, customer relationship management, and further monetization through reengagement and remarketing toolsets that enhance customer life time value (LTV). The company developed these SaaS-based solutions in-house, with more than $10 million invested in platform development and eight years of real-world use.
“This will be a transformative acquisition for Weyland in many respects,” said Brent Suen, CEO of Weyland Tech. “Every element of Push’s eCommerce platform is highly synergistic to our existing mCommerce technologies, particularly CreateApp and AtozGo. Our respective offerings are mobile-friendly and provide complementary products and services, and our similar technology and revenue models can be seamlessly integrated into a single platform.”
The integration of the Weyland and Push platforms is expected to greatly enhance the value proposition for the combined existing and prospective customers. It will create significant cross-selling opportunities, including using CreateApp and AtozPay to support U.S.-based projects and campaigns for existing Push enterprise customers and campaigns.
“Push provides Weyland a well-established beachhead in North America, allowing us to attract new users to CreateApp and AtozPay quickly and cost-efficiently,” continued Suen. “This includes greatly reduced customer acquisition costs that we couldn’t have achieved on our own. Together, we will be able to better assist businesses and brands to increase sales, reach more customers, manage logistics, and promote their products and services in an easy, affordable and highly efficient way.”
For CreateApp, U.S. customer acquisition costs previously appeared too high to make entry economically feasible, estimated at $2-$3 per dollar generated. However, by leveraging Push’s well-established and highly efficient technology and operational resources, customer acquisition cost is expected to be as little as $0.30 on the dollar. The merger of the two platforms is also is expected to create additional economies of scale for furthering enhancing gross margins.
According to Haig Newton, co-founder, CEO and president of Push Holdings: “Weyland’s technology is extremely complementary to the Push Interactive platform. CreateApp requires literally no technical understanding or skills in app design for anyone to build a full-featured custom app in less than two hours. This means we can offer a Shopify-like solution that enables businesses and brands to establish a mobile presence in a DIY fashion. Then with the layered integration of Push, users gain a fully end-to-end mCommerce solution supported by a team of expert digital media marketers that can enhance visibility, traffic and ultimately conversions.”
As part of a public company, Push will gain easier access to growth capital and be better able to attract additional employee talent. Push will also be able to leverage the cost efficiencies and diverse capabilities of Weyland’s 200-person technology and software development team in Jaipur, India, while Weyland gains extensive technical and software development expertise from Push.
Weyland plans to introduce CreateApp to the U.S. market with a pilot launch planned for the first quarter of 2020. The company sees the North American market supporting a higher price point for subscription fees as compared to its current market in Southeast Asia. A comparative revenue model of a U.S. peer is reportedly supporting 96,000 users at $300 each per month. This compares to CreateApp’s present subscription model for Southeast Asia of only $12-$80 per month, depending on modules implemented.
“Our initial work with Push to introduce CreateApp in the U.S. is actually what led to this strategic acquisition, so we have already made significant progress in this regard,” added Suen. “We now have a tremendously expanded market opportunity for CreateApp and AtozPay, especially as eCommerce becomes increasingly mobile in the U.S. Our revenue model indicates that U.S. CreateApp subscription revenues alone could exceed $5 million by end of 2020, with this in addition to potential new Push offerings accessed by our existing international SMB customer base, as well as new AtozPay eWallet and mobile pay integrations.”
Weyland also expects the acquisition to support its planned Nasdaq up list, while improving liquidity and valuation. It expects Push to be accretive to earnings in the first full quarter as part of Weyland. The acquisition includes approximately $2 million in cash on Push’s balance sheet to support the transition and integration.
The acquisition is subject to execution of a long-form purchase agreement that will contain certain closing conditions, with this expected to be completed prior to yearend. Additional details about the transaction are provided in a Form 8-K, available at www.sec.gov and the investor relations section of Weyland Tech’s website at weyland-tech.com.
About Weyland Tech
Weyland Tech 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.
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 operated in Jakarta, Indonesia.
Weyland Tech’s AtozGo Food Delivery Service Surpasses 49,500 Customers and 14,500 Daily Deliveries in Just Four Months Since Launch
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November 29, 2019 08:31 ET | Source: Weyland Tech Inc.
NEW YORK, Nov. 29, 2019 (GLOBE NEWSWIRE) -- Weyland Tech, Inc. (OTCQX: WEYL), a leading global Platform-as-a-Service (PaaS) provider of m-Commerce and fintech solutions, reported that its AtozGo ™ local food delivery service in Jakarta, Indonesia, has reached a registered customer base of 49,500 mobile users and 14,500 deliveries per day after only four months since its inaugural launch in July.
Powered by Weyland’s m-Commerce technology and the AtozPay™ mobile payment platform, AtozGo allows office workers and city dwellers to order food delivered from their local favorite restaurants. Using their smartphone, they can browse menus, easily order and pay using their AtozPay e-Wallet, and track deliveries to their door. AtozGo saves the hassle of going out and waiting in line, while providing a fast and easy way for others to make extra money in their spare time or even full time.Unlike other local food delivery services, such as GrabFood, AtozGo increases the potential number of available delivery people by not requiring they have a motor vehicle. They simply need to be within walking distance of the customer and local food establishments. This helps make the service a more affordable and faster option for urban consumers.
Jakarta was an ideal location to introduce AtozGo, with a residential population of 30 million and 3.5 million commuters. The company’s runner-based approach in densely populated urban center like Jakarta reduced the typical food delivery time by a third, or to about 15 minutes, as compared to competing services.
“AtozGo’s unique approach and phenomenal growth is generating a tremendous amount of value,” noted Weyland Tech CEO, Brent Suen. “Looking at global competitors like Uber Eats or DoorDash, and even down to local competitors in Southeast Asia, such as GrabFood or Go-Foods, their average value per user is around $330. This implies a stand-alone valuation for AtozGo of more than $16 million, and we’ve only just begun. Jakarta is just the starting point, with many other cities that are ideal for expansion.”
AtozGo is currently adding about 1,000 new customers daily using innovative marketing programs to drive user growth. As it introduces these promotions to more population dense areas of Jakarta, it expects to increase this rate to 2,000-3,000 per day by the end of the first quarter of 2020.
“Given the broad market opportunity in Southeast Asia alone,” added Suen, “we see AtozGo on track to reach more than 250,000 food deliveries per day, with a customer base topping 1 million by the end of next year.”
The food delivery service market in Southeast Asia is estimated at around $13 billion annually. According to Frost & Sullivan, globally the sector is growing at a 14% compounded annual growth rate (CAGR) and is expected to reach $200 billion by 2025.
Through its subsidiary, Weyland Indonesia Perkasa, Weyland Tech owes 31% of AtozPay and AtozGo. Customers acquired through these mobile platforms also present the opportunity to introduce Weyland Tech’s CreateApp mobile app development solution to area merchants and small to medium businesses (SMBs).
Earlier this week, Weyland Tech announced plans to acquire Minneapolis-based Push Holdings. The Push Interactive eCommerce platform is highly synergistic and complementary to Weyland’s mobile technology, and provides Weyland a well-established U.S. operational platform to introduce its products and service to North America at a lower cost of customer acquisition and with higher subscription price points.
About Weyland Tech
Weyland Tech 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.
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 operated in Jakarta, Indonesia.
For more information, visit 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 ability of the Company to successfully integrate Push, 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.
Company Contact
Brent Suen, CEO
Weyland Tech Inc.
Email contact
Media & Investor Contact
Ronald Both or Grant Stude
CMA
Tel (949) 432-7566
WEYL@cma.team
[h=1]Weyland Tech CEO to Discuss Company’s Rapid Growth in Interview Webcasted Live Today by The Wall Street Resource at 4:30 p.m. EST[/h][h=2][/h][FONT="]https://www.globenewswire.com/news-...he-Wall-Street-Resource-at-4-30-p-m-EST.html#[FONT="][/FONT][FONT="][/FONT][FONT="][/FONT][FONT="][/FONT][FONT="][/FONT]Email [FONT="][/FONT]Print Friendly [FONT="][/FONT]Share
December 03, 2019 08:31 ET | Source: Weyland Tech Inc.
NEW YORK, Dec. 03, 2019 (GLOBE NEWSWIRE) -- The CEO of Weyland Tech, Inc. (OTCQX: WEYL), a leading global Platform-as-a-Service (PaaS) provider of m-Commerce and fintech solutions, will be featured in a live interview by The Wall Street Resource at 4:30 p.m. EST (1:30 p.m. PST) today.
The interview of CEO Brent Suen will be webcasted and available for replay here, as well as via the Investors section of the company’s website at weyland-tech.com.
Suen is expected to discuss Weyland Tech’s accelerating growth in CreateApp™ PaaS subscription fees from SMBs in Southeast Asia, its planned entry into the North American market via a strategic acquisition that is expected to double revenues in 2020, as well as the rapid expansion of its AtozGo™ food delivery service.
The company recently announced record results for the third quarter of 2019, with revenue up 26% sequentially to $9.0 million and trailing 12-months revenue at more than $30 million. It also turned adjusted EBITDA positive.
Last week, Weyland Tech announced plans to acquire Minneapolis-based Push Holdings. The Push Interactive eCommerce platform is highly synergistic and complementary to Weyland’s mobile technology, and provides Weyland a well-established U.S. operational platform to introduce its products and service to North America with a lower cost of customer acquisition and at higher subscription price points.
Also last week the company reported that its AtozGo™ food delivery service in Jakarta, Indonesia, has reached a registered customer base of 49,500 mobile users and 14,500 deliveries per day after only four months since launching in July.
According to Suen, AtozGo’s unique approach and phenomenal growth is generating a tremendous amount of value for Weyland. Looking at global competitors like Uber Eats or DoorDash, and even down to local competitors in Southeast Asia, such as GrabFood or Go-Foods, their average value per user is around $330. This implies a stand-alone valuation for AtozGo of more than $16 million.
Given the large market opportunity for food delivery services in Southeast Asia that is valued at around $13 billion, AtozGo is on track to reach more than 250,000 food deliveries per day, with a customer base topping 1 million by the end of next year.
In October, Suen purchased from the open market 99,000 shares of the company’s common stock, and then two weeks ago purchased another 900,000 in a private transaction. In the press release announcing the purchases, Suen noted that publicly-traded SaaS/PaaS companies typically trade on average at around 10x revenue according to Crunchbase, with other microcap comparables trading around 4x revenue on average. Companies with cloud-based or platform-as-a-service models attract higher multiples due to ‘stickier,’ higher-margin customer engagements that provide greater transparency into revenue and profitability.
Given the increasing number of businesses coming onto the CreateApp platform, Suen believes the market price of Weyland’s stock does not reflect its financial performance, the quality of its recurring revenue, and the strong prospects for growth to accelerate over the coming quarters. As a result, he has continued to invest personally in WEYL.
The company is also preparing for an uplist to the Nasdaq Stock Market, where it expects to attract the attention of a broader base of investors, particularly institutional and family offices.
About The Wall Street Resource
The Wall Street Resource is a platform for microcap discovery and due diligence, and a resource for webcast interviews of CEOs and executives. For more information, visit thewallstreetresource.com.
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.
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 operated in Jakarta, Indonesia.
For more information, visit weyland-tech.com.
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[h=1]Weyland Tech’s CreateApp to Support Launch of Mobile App for Push Interactive’s 1,000,000-Subscriber AstrologyNova[/h][h=2][/h][FONT="]https://www.globenewswire.com/news-...ve-s-1-000-000-Subscriber-AstrologyNova.html#[FONT="][/FONT][FONT="][/FONT][FONT="][/FONT][FONT="][/FONT][FONT="][/FONT]Email [FONT="][/FONT]Print Friendly [FONT="][/FONT]Share
December 05, 2019 08:31 ET | Source: Weyland Tech Inc.
NEW YORK, Dec. 05, 2019 (GLOBE NEWSWIRE) -- Weyland Tech, Inc. (OTCQX: WEYL), a leading global Platform-as-a-Service (PaaS) provider of m-Commerce and fintech solutions, is supporting an upcoming launch of a new mobile app on Android and iOS for Push Interactive’s AstrologyNova horoscope community. This announcement follows Weyland Tech announcing last week its plans to acquire Push.
“Weyland’s earlier work with Push to support the North American introduction of our CreateApp platform led to this strategic acquisition and now co-developed mobile app,” said Eddie Foong, Weyland’s chief product officer and founder of CreateApp. “The AstrologyNova app has been one of our initial joint projects and a technology testbed for enhancing our mutual platforms as we prepare CreateApp for a major rollout to the U.S. SMB market. This includes new tools and APIs now in place for tighter, more robust platform integration and an expanded product pipeline.”
While the AstrologyNova app demonstrates the valuable synergies of the respective platforms and sets the stage for revenue stream expansion, it also highlights some of the significant brand value Push brings to the table. Push not only provides end-to-end eCommerce services for SMB and major brands, but also has valuable brands of its own like AstrologyNova.
AstrologyNova taps the growing online ‘mystical services’ market currently valued at more than $2 billion. Since the launch of AstrologyNova.com in 2016, signups have doubled year over year to now reaching more than 1 million subscribers. Hundreds of thousands of subscribers are active daily on the AstrologyNova online channel, which includes Facebook and other social media outlets. More than a million customized astrological readings are emailed daily to subscribers based on their submitted information, including career goals, marital status and personal aspirations.
AstrologyNova’s basic subscription is free, with upgrade options of $4.99 and $9.99 per month to receive more personalized astrological readings and predictions, as well as other types of mystical readings based on numerology and Tarot. AstrologyNova also generates revenue from targeted advertising via Google, Outbrain and PowerInbox and other ad partners, and users can be re-engaged and remarketed for other products and services.
The new CreateApp-powered mobile app will offer a new level of accessibility and interaction for AstrologyNova subscribers, while providing Push deeper insights into user activity and personal preferences that can lead to greater conversions and monetization.
The Weyland CreateApp platform enables SMBs to deploy native mobile applications without technical knowledge or background. Offered in 14 languages with more than 70 integrated modules, it empowers businesses to increase sales, reach more customers, manage logistics, and promote their products and services via mobile in an easy, affordable and highly efficient way.
“We attribute AstrologyNova’s rapid user growth to our data driven lead capture campaigns, optimized sales funnel, and proprietary content collection and delivery platform,” commented Push’s chief technology officer, Tom Furukawa. “We see the new native mobile app driving further acceleration and broader market reach, particularly with younger demographics who are more mobile centric. In addition to driving U.S. subscriber growth, Weyland’s strong presence in Southeast Asia and CreateApp’s multi-language support opens up a huge new international market for AstrologyNova in a turn-key fashion.”
Weyland and Push also see their success with the AstrologyNova laying the groundwork for expansion to other verticals, including celebrities, careers, financial, home improvement, politics, sports and other popular areas of interest. The companies are already experimenting with a number of these verticals, with each having the potential to generate rapid user growth and strong channel monetization.
Chris Jahnke, chief marketing officer of Push, commented: “This new native mobile app will reflect the close collaboration of our teams using the best of breed technologies from both Weyland and Push. Content accessed via a mobile app naturally provides better insights into user data. Revenue per impression and user retention can be also much higher than solely a web-based system.”
“While the traditional Shopify approach is geared toward websites, CreateApp permits SMBs to create a native app with a more rewarding end-customer engagement,” added Jahnke. “It’s truly the new Shopify for mobile—and more. Under our combined forces, CreateApp is not only a highly scalable B2C solution, but also B2B and B2B2C with extraordinary broad market opportunities.”
The app is expected to be available for download from Astrologynova.com by the end of the month.
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.
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 operated in Jakarta, Indonesia.
For more information, visit 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 ability of the Company to successfully collaborate with and integrate Push, 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.
Company Contact
Brent Suen, CEO
Weyland Tech Inc.
Email contact
Media & Investor Contact
Ronald Both or Grant Stude
CMA
Tel (949) 432-7566
WEYL@cma.team
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[h=1]Weyland Tech Promotes Company Executives in Preparation for Continued Growth and Expansion[/h][h=2][/h][FONT="]https://www.globenewswire.com/news-...tion-for-Continued-Growth-and-Expansion.html#[FONT="][/FONT][FONT="][/FONT][FONT="][/FONT][FONT="][/FONT][FONT="][/FONT]Email [FONT="][/FONT]Print Friendly [FONT="][/FONT]Share
December 10, 2019 08:31 ET | Source: Weyland Tech Inc.
NEW YORK, Dec. 10, 2019 (GLOBE NEWSWIRE) -- Weyland Tech, Inc. (OTCQX: WEYL), a leading global Platform-as-a-Service (PaaS) provider of m-Commerce and fintech solutions, has promoted three company executives to new or existing positions.
- Eddie Foong, founder of CreateApp, was promoted to the new position of chief product officer. He previously served as chief operating officer.
- John MacNeil was promoted to chief operating officer. Previously, served as director of capital markets.
- Matthew Brent was promoted to the new position of chief strategy officer. Previously, he was head of corporate development and product strategy.
“These three highly experienced, capable and accomplished team members were ideal candidates to assume greater responsibility and oversight of our day-to-day operations, as well as drive business and product development with a focus on customer experience,” continued Suen. “We expect them to continue to drive our momentum forward and keep us on track for another year of record growth in 2020.”
Executive Bios
Eddie Foong has over 17 years of experience in IT, sales and marketing and operations. He was involved in a RFID technology company that developed and changed Singapore National Library Books borrowing system island-wide. He previously headed the sales and marketing department of Info. Technology within MNCs and government agencies. He is also an IBM Award recipient and holds a Bachelor of Engineering, first-class honors, from University of Strathclyde, U.K.
John MacNeil has more than 30 years of experience in the financial services and technology industries. He has advised technology, financial technology and renewable energy companies on strategic relationships, financial forecasting, investor relations and capital formation. He previously served as a portfolio manager for technology funds at Schroders Investment Management. He holds a Bachelor of Electrical Engineering from University of Connecticut and MBA from Columbia Business School.
Matthew Brent has over 10 years of experience in software and product development. He has built and led teams from across North America, China, and Southeast Asia to deliver products for global entertainment, media, and technology companies, including Sony Computer Entertainment America, Activision Blizzard, The Upper Deck Company, and The Sesame Street Workshop. He received his Bachelor of Arts in Philosophy from the University of Illinois, Chicago.
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.
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 operated in Jakarta, Indonesia.
For more information, visit 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 ability of the Company to successfully collaborate with and integrate Push, 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.
Company Contact
Brent Suen, CEO
Weyland Tech Inc.
Email contact
Media & Investor Contact
Ronald Both or Grant Stude
CMA
Tel (949) 432-7566
WEYL@cma.team
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[h=1]Weyland Tech Signs Definitive Agreement to Acquire Push Interactive’s U.S. eCommerce Platform for $25 Million[/h][h=2][/h][FONT="]https://www.globenewswire.com/news-...s-U-S-eCommerce-Platform-for-25-Million.html#[FONT="][/FONT][FONT="][/FONT][FONT="][/FONT][FONT="][/FONT][FONT="][/FONT]Email [FONT="][/FONT]Print Friendly [FONT="][/FONT]Share
December 18, 2019 08:31 ET | Source: Weyland Tech Inc.
NEW YORK, Dec. 18, 2019 (GLOBE NEWSWIRE) -- Weyland Tech, Inc. (OTCQX: WEYL), a leading global Platform-as-a-Service (PaaS) provider of mCommerce and fintech business enablement solutions, has signed a definitive agreement to acquire the assets and operations of privately-held Push Holdings, a subsidiary of ConversionPoint Technologies (CPT), for $25 million in an all-stock transaction.
This definitive agreement follows the earlier announcement of Weyland’s plans to acquire Push in order to support the launch of its CreateApp mCommerce and mobile fintech solutions in North America, as well as to introduce additional eCommerce products and services globally.
Consideration for the transaction is comprised of 35,714,285 shares of Weyland Tech common stock priced at a premium to the current market valuation. Of the total consideration, 28,571,428 shares are payable to CPT upon closing, with the balance of 7,142,857 shares payable subject to the achievement of certain performance milestones and other criteria. The acquisition includes approximately $1.5 million in cash on Push’s balance sheet to support the transition and integration, as well as the launch of CreateApp in the U.S.
Weyland expects to close the acquisition in early January and that it will be accretive to earnings in the first full quarter as part of Weyland. Push’s additional revenue streams, synergistic product offerings, and support of the CreateApp U.S. market launch are expected to help drive more than 100% top-line growth in 2020. Weyland recently reported trailing 12-month recurring revenues of more than $32 million.
The acquired assets and operations of Push Holdings are primarily comprised of the eCommerce technology company, Push Interactive, with 20 full-time employees headquartered in Minneapolis, Minn. The Push Interactive direct-to-consumer eCommerce platform provides an end-to-end solution for SMBs and major brands to dramatically increase online revenue while lowering the cost of customer acquisition and order fulfillment.
“We continue to believe Push will be a highly transformative acquisition on multiple levels, with this driving strong revenue growth and market expansion,” said Brent Suen, CEO of Weyland Tech. “Push’s eCommerce platform is highly synergistic to our existing mCommerce technologies, particularly with CreateApp and AtozGo. Our respective offerings are both mobile-friendly and can provide complementary products and services, while our technology and revenue models can be seamlessly integrated into a single platform.”
The integration of the Weyland and Push platforms is expected to significantly enhance the value proposition for existing and prospective customers. Initial cross-selling opportunities include using CreateApp and AtozPay to support U.S.-based projects and campaigns for Push’s current enterprise customers.
“We recognized tremendous synergies in technology and in our corporate missions right from the start,” commented Haig Newton, co-founder, CEO and president of Push Holdings. “We believe that together we will be able to better help businesses and brands around the world reach more customers, increase their sales, and promote their products and services in an easier, more affordable and highly efficient way.”
Push will provide Weyland a well-established beachhead in North America, allowing it to attract new users to CreateApp and AtozPay quickly and cost-efficiently. This includes greatly reduced customer acquisition costs Weyland could not have achieved on its own. Previously, U.S. customer acquisition costs for CreateApp were estimated at $2-$3 per dollar generated, making market entry economically unfeasible. By leveraging Push’s highly effective marketing technology and operational resources, U.S. customer acquisition cost is expected to be as little as $0.30 on the dollar.
“What we find so amazing about CreateApp is that it requires literally no technical understanding or skills in app design for anyone to build a full-featured custom app in less than two hours,” noted Push Interactive’s chief technology officer, Tom Furukawa. “It’s a Shopify-like solution for mobile that enables businesses and brands to establish a mCommerce presence in an intuitive, do-it-yourself fashion. Layering on our Push platform, CreateApp users gain a fully end-to-end mCommerce solution supported by our team of expert digital media marketers that can enhance their visibility, customer traffic and ultimately conversions.”
As part of a public company, Weyland’s new Push subsidiary will gain easier access to growth capital and be better able to attract additional employee talent. Push can also leverage the cost efficiencies and diverse capabilities of Weyland’s existing 200-person technology and software development team in Jaipur, India, while Weyland gains technical and software development expertise from Push.
Weyland plans to launch CreateApp in the U.S. during the first quarter of 2020. The North American market is expected to support a higher price point for subscription fees as compared to the company’s current market in Southeast Asia. A comparative revenue model of a U.S. industry peer supports 96,000 users at $300 each per month. This is several times higher than the current CreateApp subscription model for Southeast Asia at only $12-$80 per month, depending on optional features implemented.
“Our initial work with Push to introduce CreateApp in the U.S. led to this strategic acquisition, so we have already made strong progress in this regard,” added Suen. “eCommerce is becoming increasingly mobile in the U.S., creating a huge new market opportunity for CreateApp and AtozPay.”
Weyland’s post-acquisition revenue model anticipates that U.S. CreateApp subscription revenues alone could exceed $5 million by end of 2020. This would be in addition to potential new Push offerings adopted by Weyland’s existing international SMB customer base, as well as new AtozPay eWallet and mobile pay integrations in the U.S.
Additional details about the definitive asset purchase agreement are provided in a Form 8-K, available at www.sec.gov and the investor relations section of Weyland Tech’s website at weyland-tech.com.
About Push Interactive
The Push platform features comprehensive customer acquisition capabilities, highly productive media and channel strategies, well-tuned product promotion and messaging, and sales funnel development and optimization. Post-sale, Push supports fulfillment, customer relationship management, and further monetization through re-engagement and remarketing toolsets that enhance customer lifetime value (LTV). Push developed these SaaS-based solutions in-house, with more than $10 million invested in platform development and eight years of real-world use. For more information about Push Interactive, visit www.pushint.com.
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.
The company’s subsidiary, Weyland Indonesia Perkasa (WIP), 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 weyland-tech.com.
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[h=1]Weyland Tech Completes Acquisition of Push Interactive eCommerce Platform, Sets Stage for U.S. Launch of CreateApp for SMBs Nationwide[/h][h=2][/h][FONT="]https://www.globenewswire.com/news-...Launch-of-CreateApp-for-SMBs-Nationwide.html#[FONT="][/FONT][FONT="][/FONT][FONT="][/FONT][FONT="][/FONT][FONT="][/FONT]Email [FONT="][/FONT]Print Friendly [FONT="][/FONT]Share
January 09, 2020 08:31 ET | Source: Weyland Tech Inc.
NEW YORK, Jan. 09, 2020 (GLOBE NEWSWIRE) -- Weyland Tech, Inc. (OTCQX: WEYL), a leading global Platform-as-a-Service (PaaS) provider of mCommerce and fintech business enablement solutions, has completed the acquisition of the assets and operations of Push Holdings from ConversionPoint Technologies (CPT) per the definitive asset purchase agreement announced in December.
Weyland acquired Push to support the launch of its CreateApp mCommerce and mobile fintech solutions in North America, as well as additional eCommerce products and services globally. The acquisition is expected to be accretive to earnings in the first full calendar quarter as part of Weyland.
The new revenue streams and synergistic product offerings contributed by Push, along with its support of Weyland’s CreateApp U.S. market launch, are expected to help drive more than 100% overall top-line growth for the combined companies in 2020.
Weyland reported last fall trailing 12-month recurring revenues of more than $32 million, with Push recently reporting that it has sustained a significant return to growth in the second half of 2019, ending the year at a nearly $12 million annual run-rate, up more than 300% since mid-year.
The acquired assets and operations of Push Holdings are primarily comprised of the eCommerce technology company, Push Interactive, which has 20 full-time employees headquartered in Minneapolis, Minn. The Push Interactive direct-to-consumer eCommerce platform provides an end-to-end solution for SMBs and major brands. It allows these organizations to dramatically increase online revenue while lowering the cost of customer acquisition and order fulfillment.
“Push is a transformative acquisition in many ways, which we expect to drive global market expansion and strong revenue growth,” said Weyland Tech CEO, Brent Suen. “Push’s eCommerce platform is highly synergistic to our mCommerce technologies, particularly with CreateApp and AtozGo. Our respective offerings are both mobile-friendly and provide complementary products and services, which can be seamlessly integrated into a single platform.”
The integration of the two platforms is expected to enhance the overall value proposition for existing and prospective customers. Initial cross-selling opportunities include CreateApp and AtozPay supporting U.S.-based projects and campaigns for Push’s current enterprise customers.
“Right from the start, we recognized powerful synergies in our respective technologies and corporate missions,” said Push Holdings co-founder, CEO and president, Haig Newton. “As a combined force, we will be able to better assist businesses and brands reach more customers, increase sales, and promote their products and services in an easier, more affordable and more highly efficient way.”
Push has provided Weyland a well-established beachhead in North America, allowing Weyland to attract new users to CreateApp and AtozPay more quickly and cost efficiently. Previously, U.S. customer acquisition costs for CreateApp were estimated at $2-$3 per dollar generated, which made the market entry economically unfeasible. By leveraging Push’s highly effective marketing technology and operational resources, U.S. customer acquisition cost is expected to drop to as little as $0.30 per dollar generated.
CreateApp requires literally no technical understanding or skills in app design for anyone to build a full-featured custom app in less than two hours. CreateApp is a Shopify-like solution for mobile that enables businesses and brands to establish a mCommerce presence in an intuitive, do-it-yourself fashion. Push Interactive’s chief technology officer, Tom Furukawa, noted: “By layering on our Push platform, CreateApp users gain a fully end-to-end mCommerce solution supported by our team of expert digital media marketers. We believe we can enhance visibility, customer traffic and ultimately conversions more easily and cost effectively than other competitive options.”
As part of a public company, Weyland’s new Push subsidiary gains easier access to growth capital and is better able to attract employee talent. Push plans to leverage the cost efficiencies and diverse capabilities of Weyland’s 200-person technology and software development team in Jaipur, India, while Weyland gains many years of technical and software development expertise from the Push team.
Weyland still plans to launch CreateApp in the U.S. in the current calendar quarter. The North American market is expected to support a higher price point for subscription fees versus the company’s current market in Southeast Asia. A comparative revenue model of a U.S. industry peer supports 96,000 users at $300 each per month. This compares to the current CreateApp subscription model for Southeast Asia priced at only $12-$80 per month, depending on optional features implemented.
Added Suen: “Our earlier work with Push to introduce CreateApp in the U.S. led to this strategic acquisition. So, we have already made strong progress towards its planned U.S. launch in the coming weeks. eCommerce is becoming increasingly mobile in the U.S., creating a huge new market opportunity for CreateApp and AtozPay.”
Additional details about the definitive asset purchase agreement are provided in a Form 8-K, available at www.sec.gov and the investor relations section of Weyland Tech’s website at weyland-tech.com.
About Push Interactive
The Push platform features comprehensive customer acquisition capabilities, highly productive media and channel strategies, well-tuned product promotion and messaging, and sales funnel development and optimization. Post-sale, Push supports fulfillment, customer relationship management, and further monetization through re-engagement and remarketing toolsets that enhance customer lifetime value (LTV). Push developed these SaaS-based solutions in-house, with more than $10 million invested in platform development and eight years of real-world use. For more information about Push Interactive, visit www.pushint.com.
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.
The company’s subsidiary, Weyland Indonesia Perkasa (WIP), 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 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 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.
Email contact
Media & Investor Contact
Ronald Both or Grant Stude
CMA
Tel (949) 432-7566
Email Contact
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Oh no. Please rethink that Stein. At least maybe put a stop in below the low . The closing of this acquisition is something lots have been waiting for, and I believe intl buying is going to come in
Risk reward here is very strong to the upside I believe but I understand , its been a frustrating ride . Just think about it .
Weyland Tech Reports 2019 Preliminary Results: Revenue up 53% to Record $34.6 Million, Driving First Quarter of Positive Adj. EBITDA
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January 27, 2020 08:31 ET | Source: Weyland Tech Inc.
NEW YORK, Jan. 27, 2020 (GLOBE NEWSWIRE) -- Weyland Tech, Inc. (OTCQX: WEYL), a leading global provider of mCommerce platform-as-a-service (PaaS), eCommerce managed services and mobile fintech solutions, reported preliminary unaudited results for the fourth quarter and full year ended December 31, 2019.
The company’s results for 2019 do not include its acquisition of the eCommerce technology company, Push Interactive, which was closed on January 8, 2020. However, pro forma results for the combined companies were provided.
For the fourth quarter of 2019, the company expects to report record revenue of approximately $10 million, representing an increase of 85% from the same year-ago quarter and up 11% sequentially. The company also expects to report its first positive quarterly adjusted EBITDA after previously reporting it had turned adjusted EBITDA positive in the final month of Q3 (see below for definition and further discussion of this non-GAAP metric).
For the full year 2019, Weyland expects to report record revenue of approximately $34.6 million, increasing 53% over 2018. The company ended the year at an estimated $48.6 million annualized run-rate.
The increase in revenue for the fourth quarter and year was primarily driven by the growth in monthly and annual subscriptions to the company’s CreateApp platform-as-a-service, which provides an easy-to-deploy mobile presence for small-and-medium sized businesses (SMBs). The CreateApp user base, which has been comprised primarily of businesses in Southeast Asia, grew more than 47% during the year to more than 360,000 total users by year end.
Also contributing to the increase in recurring revenue was the adoption by existing customers of new features and modules added to the platform, which helped drive increased average CreateApp subscription fees per customer.
Earlier this 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 SMBs and major U.S. brands, like HomeAdvisor, QuinStreet and Sunrun.
Push Interactive sustained a significant return to growth in the second half of 2019, and anticipates reporting revenue of $1.9 million for the fourth quarter of 2019 and $7.7 million for the full year, primarily derived from managed services. Given new business transacted in the later part of the fourth quarter, Push estimates its annualized run-rate at year-end totaled more than $12 million, with an outlook for continued strong growth in 2020.
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.
Weyland also reported that the new AtozGo™ local food delivery service launched last summer in Jakarta, Indonesia, by its mobile payments subsidiary, AtozPay™, has reached a registered customer base of 74,000 mobile users. About 22% of the userbase has been generating more than 15,400 deliveries per day. AtozGo has also nearly reached breakeven, which compares to global competitors which report 2%-3% average customer usage and expect continued losses for the next few years. AtozGo plans to continue to reinvest in user growth and regional expansion with its unique pedestrian-powered approach to urban food delivery. AtozPay’s total gross mobile transaction volume totaled $16 million in 2019.
“Our record results for 2019 reflect the strategic investments we made over the last few years to grow customer demand, leverage our distribution partnerships, and continually enhance our CreateApp PaaS based on customer feedback,” noted Weyland Tech CEO, Brent Suen. “This has resulted in a rapidly expanding customer base with low attrition, along with an increasing average revenue per customer. We have also benefited from markets with exceptionally strong growth in smartphone-driven m-Commerce, making CreateApp increasingly relevant and essential to businesses looking for a competitive edge in an increasingly mobile world.”
According to the e-Conomy SEA 2019 Report issued by Google, Bain & Company, and Temasek investment fund, Southeast Asia (SEA) has become one of the world’s fastest-growing regions for online commerce. The region’s internet economy hit $100 billion last year and is expected to triple in size by 2025. Of the 360 million Internet users in SEA (which accounts for about two-thirds of the population), 90 percent access the Internet via their mobile phone. The adoption of digital payments has also reached an inflection point, says the report, and is expected to cross $1 trillion by 2025 and represent about half of all financial transactions.
“Having established a robust user platform and achieving strong user growth in our initial target markets in Southeast Asia, we are now ready for greater global expansion,” continued Suen. “Our recent acquisition of the Minneapolis-based Push Interactive and its highly-complementary e-Commerce platform has set the stage for our launch of CreateApp across the U.S. before the end of the current quarter. Based on our growth models, we continue to see our CreateApp U.S. subscription revenues reaching $5 million by year end.”
Push co-founder, CEO and president, Haig Newton, commented: “We have identified a huge opportunity for Weyland to cross sell CreateApp into our established U.S. marketplace, as well as introducing our managed e-Commerce services to Weyland’s customer base in Southeast Asia. Meanwhile, our existing U.S. market continues to heat up, with demand growing for our services from major brands, along with new industry verticals opening up where we can leverage our highly effective e-marketing and conversion technologies.”
Suen added: “We are also planning CreateApp pilot launches with potential distribution partners to expand our CreateApp market reach to the Middle East and additional countries in Southeast Asia. These partnerships would be similar to our existing relationship with Indosat, Indonesia’s second largest telecom provider, who markets and distributes CreateApp on our behalf in Indonesia. These global markets are very attractive, given their high smartphone penetration and the tens of millions of micro and small businesses well suited to the benefits and advantages of CreateApp.
“Looking ahead in 2020, we are on track for another year of double-digit organic growth, and triple digit acquisitive growth with the addition of Push. As we continue to work to elevate our profile in the financial community, we believe the market valuation for a company like ours with a $34.6 million subscription-based revenue stream should garner a several times multiple in its price-to-revenue ratio rather than a fraction it does today. Adding the revenue and synergistic operations of Push in 2020 should make our valuation even stronger.”
Publicly traded SaaS and PaaS companies typically garner valuations of around 10x revenue on average, or even higher for those in Weyland’s industry sector and SEA market. This is largely due to their ‘stickier,’ higher-margin customer engagements that provide greater performance predictability and transparency into revenue and profitability. Nearest public peers to Weyland Tech include SEA Limited at 12.4x trailing 12-month revenues, Shopify at 38.4x, and Wix at 10.2x. These valuations are supported by significant investments by institutional investors and awareness of their growing market opportunities.
“Given these comparative valuations, our current market capitalization of around $40 million does not appear to reflect our financial performance, the quality of our revenue, and prospects for our growth to accelerate over the coming quarters,” said Suen. “For a valuation more in line with our peers, a 10x multiple applied to our 2019 revenues would mean a valuation of about $350 million—or more than $600 million if you factor in our annualized run rate combined with Push. As we continue to execute on our global expansion plans and raise awareness in the investment community, such as with our planned uplist to Nasdaq, we expect a more favorable valuation to eventually follow suit.”
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.
Weyland also reported that the new AtozGo™ local food delivery service launched last summer in Jakarta, Indonesia, by its mobile payments subsidiary, AtozPay™, has reached a registered customer base of 74,000 mobile users. About 22% of the userbase has been generating more than 15,400 deliveries per day. AtozGo has also nearly reached breakeven, which compares to global competitors which report 2%-3% average customer usage and expect continued losses for the next few years. AtozGo plans to continue to reinvest in user growth and regional expansion with its unique pedestrian-powered approach to urban food delivery. AtozPay’s total gross mobile transaction volume totaled $16 million in 2019.
Uber has sold its food delivery business, Uber Eats, in India to local rival Zomato in an all-stock deal that gives Uber 9.99% ownership in Zomato. The move is aimed to help Uber cut losses and is expected to help Zomato to raise a mega-round to fight out its position in India’s already hyper-competitive food delivery space. With the exit of Uber Eats, the Indian food delivery market has effectively become a duopoly between Zomato and Swiggy, where Swiggy remains a leader with a significant advantage.
Food delivery continues to be an expensive business across markets. " In India, companies like Zomato and Swiggy burn in millions of dollars every month with a little sign of profitability in sight." The exit of Uber Eats means the food delivery market in India is likely to consolidate and offer some respite to the existing players. However, it does not guarantee profitability to any of the existing two players.
Uber has sold its food delivery business, Uber Eats, in India to local rival Zomato in an all-stock deal that gives Uber 9.99% ownership in Zomato. The move is aimed to help Uber cut losses and is expected to help Zomato to raise a mega-round to fight out its position in India’s already hyper-competitive food delivery space. With the exit of Uber Eats, the Indian food delivery market has effectively become a duopoly between Zomato and Swiggy, where Swiggy remains a leader with a significant advantage.
Food delivery continues to be an expensive business across markets. " In India, companies like Zomato and Swiggy burn in millions of dollars every month with a little sign of profitability in sight." The exit of Uber Eats means the food delivery market in India is likely to consolidate and offer some respite to the existing players. However, it does not guarantee profitability to any of the existing two players.
