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
Last week, Weyland Tech announced plans to acquire Minneapolis-based Push Holdings.
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.
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
[email protected]
