Breaking
#Fintech News: Weyland Tech (OTCQX: $WEYL) Reports Preliminary Results for
First Nine Months of 2019; Expects Revenue Up 42.6% to Record $24.6 Million; @weylandtechinc
NEW
YORK - October 18, 2019 (Investorideas.com Newswire) Weyland Tech, Inc. (OTCQX: WEYL),
a growing global provider of m-Commerce and fintech business enablement
solutions with its CreateApp™ Platform-as-a-Service (PaaS), has reported
selected preliminary unaudited financial results for the third quarter and nine
months ended September 30, 2019.
For the
third quarter 2019, the company expects record revenue of approximately $9.0
million, which would represent an increase of 6.6% compared to the third
quarter of 2018. For the first nine months of 2019, the company expects record
revenue of approximately $24.6 million, which would represent an increase of
42.6% versus the same year-ago period. The company also expects to turn
adjusted EBITDA positive in the third quarter.
"These
anticipated record results reflect the accelerating growth in our recurring
revenue from CreateApp subscription fees," said Brent Suen, CEO of Weyland
Tech. "While we expect to generate positive adjusted EBITDA in the third
quarter, we plan to continue to reinvest in efforts designed to gain customers
and market share."
"The
growth in recurring revenue was largely due to greater adoption of CreateApp by
SMBs in our existing markets as driven by our highly-productive channel
partners," continued Suen. "The increased adoption included new
customers as well as existing customers subscribing to additional features and
modules. This momentum has continued into the fourth quarter, keeping us on
track for another year of record growth."
The
selected preliminary unaudited financial results set forth above are based
solely on currently available information which has not been reviewed by the
company's independent auditors and is subject to change. Readers are cautioned
not to place undue reliance on such selected preliminary unaudited financial
results, which constitute forward looking statements as further described
below.
About Weyland Tech
Weyland
Tech, Inc. is a developer and global provider of mobile business software
applications. The company operates its CreateApp™ platform-as-a-service (PaaS)
across three continents and 10 countries, including some of the fastest-growing
emerging markets in Southeast Asia. The platform provides a mobile presence for
small-and-medium sized businesses (SMBs) that is supported locally by
distributor partnerships.
Offered
in 14 languages with more than 70 integrated modules, Weyland enables SMBs to
create and deploy native mobile applications for Apple iOS and Google Android
without technical knowledge or background. The technology empowers SMBs to
increase sales, reach more customers, manage logistics, and promote their
products and services in an easy, affordable and highly efficient way.
The
company's subsidiary, Weyland Indonesia Perkasa (WIP), operates AtozPay and
AtozGo. The AtozPay mobile payments platform serves the burgeoning m-Commerce
and e-Payment markets in Indonesia, the world's fourth most populous country.
AtozGo is a fast-growing short-distance food delivery service in Jakarta,
Indonesia.
For more
information, visit www.weyland-tech.com.
Important Cautions Regarding Forward
Looking Statements
This
release contains certain "forward-looking statements" relating to the
business of the Company. All statements, other than statements of historical
fact included herein are "forward-looking statements" including
statements regarding: the continued growth of the e-commerce segment and the
ability of the Company to continue its expansion into that segment; the ability
of the Company to attract customers and partners and generate revenues; the ability
of the Company to successfully execute its business plan; the business
strategy, plans, and objectives of the Company; and any other statements of
non-historical information. These forward-looking statements are often
identified by the use of forward-looking terminology such as
"believes," "expects" or similar expressions and involve
known and unknown risks and uncertainties. Although the Company believes that
the expectations reflected in these forward-looking statements are reasonable,
they do involve assumptions, risks, and uncertainties, and these expectations
may prove to be incorrect. Investors should not place undue reliance on these
forward-looking statements, which speak only as of the date of this news
release. The Company's actual results could differ materially from those
anticipated in these forward-looking statements as a result of a variety of
factors, including those discussed in the Company's periodic reports that are
filed with the Securities and Exchange Commission and available on its website
(www.sec.gov). All forward-looking statements attributable to the Company or
persons acting on its behalf are expressly qualified in their entirety by these
factors. Other than as required under the securities laws, the Company does not
assume any duty to update these forward-looking statements.
Company Contact
Brent
Suen, CEO
Weyland Tech Inc.
Weyland Tech Inc.
Media & Investor Contact
Ronald
Both or Grant Stude
CMA
Tel (949) 432-7566
WEYL@cma.team
CMA
Tel (949) 432-7566
WEYL@cma.team
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