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News: Weyland Tech (OTCQX: $WEYL) (OTCQX: $WEYLD) Provides Corporate Update -
We see limited impact on our core business from COVID-19; @weylandtechinc
NEW
YORK - March 19, 2020 (Investorideas.com Newswire) Weyland Tech, Inc. (OTCQX: WEYL) (OTCQX: $WEYLD) a leading global provider of mCommerce
platform-as-a-service (PaaS), eCommerce managed services and fintech solutions,
has provided a corporate update.
Read this news
featuring Weyland in full at https://www.investorideas.com/CO/WEYL/news/2020/03191CorporateUpdate.asp
"Given
the subscription-based model of our flagship CreateApp mCommerce platform and
the benefits of digital customer interaction continuing to drive activity, we
see limited impact on our core business from COVID-19," commented Weyland
Tech CEO, Brent Suen. "We've had recent minimal effect on productivity and
customer service. To be sure, it remains a fluid situation, and we will
continue to closely monitor developments and adjust accordingly."
In
January, Weyland completed the acquisition of the Minneapolis-based eCommerce
technology company, Push Interactive, which provides an eCommerce marketing
solution for enterprises and major U.S. brands, including HomeAdvisor,
QuinStreet and Sunrun. The integration has proceeded smoothly and is now
virtually complete.
Weyland
reported earlier that it exited 2019 at an annualized run rate of more than
$48.6 million, or $60.6 million on a combined pro forma basis with Push. This
compares to $22.7 million in revenue for Weyland alone in 2018.
Weyland
continues to see growth in 2020, with an outlook aligned with industry analyst
expectations for other e-Commerce companies like Amazon. Earlier today,
JPMorgan analyst, Doug Anmuth, raised his first quarter revenue estimate for
Amazon to $74 billion — $1 billion higher than Amazon's own guidance range.
According
to Anmuth: "eCommerce will benefit as closings of physical stores and fear
of public places should accelerate the secular shift of retail online, which we
believe will prove sustainable even after the crisis ends."
Push
Interactive co-founder, CEO and president, Haig Newton, commented: "For
Push, while we are seeing significant ‘noise' in the channels related to the
coronavirus, there has been some disruption on the demand side across our
verticals. We are constantly innovating and adapting to drive traffic through
our acquisition funnels to combat this. We are monitoring indicators in demand
fluctuations for refinancing mortgages, debt consolidation, insurance plans,
and home renovation projects."
Weyland
also reported that the number of registered users for AtozGo™, the company's
popular hyper-local food delivery service in Jakarta, Indonesia, has as
exceeded more than 100,000, climbing by more than 14,000 since mid-February.
The
100,000-user milestone for AtozGo was achieved within only eight months since
the app's official launch. AtozGo users are collectively generating an average
of more than 15,500 delivery orders per day after recently hitting a high of
17,500. While down about 10% due to the ongoing 14-day period of ‘social
distancing' recommended by the government resulting in more people not
commuting to the city and working from home, an increasing percentage of orders
have been for unprepared food and household supplies from local grocery and
convenience stores.
According
to Suen: "We believe the uptick in orders for unprepared foods from
grocery and convenience stores is due to urban users discovering that AtozGo
can help to avoid potential exposure to the coronavirus while out in public or
at the store. This trend is also being seen in the U.S. by home delivery
services like Amazon. For AtozGo, there has been a shift in order mix from
mostly lunchtime office workers to more urban residential customers."
Compared
to other food and grocery delivery services in Jakarta like GrabFood, AtozGo
increases the potential number of available delivery people by not requiring
that they have a motor vehicle. They simply need to be within walking distance
of the customer and local establishments. This helps make the service a more
affordable and faster option for urban customers.
In
February, Weyland implemented a 1-for-13 reverse split of its common stock on
February 27, 2020. The company expects the reverse split to allow its stock
price to meet the listing requirements for The Nasdaq Capital Market, and it is
currently involved in advancing the application and review process.
The
company plans to file its 2019 Form 10-K and hold an investor conference call
later this month. Dial-in information will be announced via a press release
prior to the call.
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 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.
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.
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.
Weyland Tech Inc.
Media & Investor Contact
Ronald
Both or Grant Stude
CMA
Tel (949) 432-7566
CMA
Tel (949) 432-7566
Weyland Tech
(OTCQB:WEYL) is a featured fintech stock on
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