Breaking #Fintech News:
Weyland Tech (OTCQX: $WEYL) President and CEO Purchases 900,000 Shares of
Company Stock; @weylandtechinc
NEW
YORK - November 19, 2019 (Investorideas.com 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..
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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