Yahoo Finance Weyland Tech Enters Definitive Agreement to Increase Stake in AtozPay and AtozGo to 51 Percent
NEW YORK, Aug. 26, 2020 (GLOBE NEWSWIRE) -- Weyland Tech, Inc. (OTCQX: WEYL), a leading global provider of eCommerce, mCommerce, and fintech business enablement solutions, has reached a definitive agreement that increases its beneficial stake in PT Weyland Indonesia Perkasa (WIP), operator of the AtozGo™ food delivery service and AtozPay™ mobile e-wallet, from 31% to 51%.
Due to Weyland’s historical financial support of WIP totaling $4.5 million, the transaction will be completed at no new cost to Weyland. The majority ownership will allow Weyland to consolidate WIP’s revenue in future quarters.
Since its inception in 2018, AtozPay has continued to log an increasing number of financial transactions through its e-wallet platform, totaling more than $9 million in gross transaction volume so far this year. This growth is largely attributed to the greater adoption of mobile commerce and contactless transactions, with the volume of transactions increasing monthly since the beginning of the global COVID-19 pandemic.
Altogether, AtozGo and AtozPay are generating an annualized gross transaction run rate of more than $20 million. The growth in customer acquisition and related consumer data has been the most valued aspect of both platforms, which continues to attract key partners and additional interest.
Weyland recently partnered with ShopeePay, one of Indonesia’s largest integrated e-money services, to launch a new co-marketing campaign for AtozGo in Jakarta, Indonesia, along with the mutual technology and service offering integration of both platforms. Jakarta is expected to become the largest city in the world by the end of the decade, reaching a population of more than 35 million.
“We are increasing our stake in WIP because of its demonstrated and continued success with AtozPay and AtozGo and the increased attention from companies like ShopeePay,” noted Weyland Tech CEO, Brent Suen. “We’ve been approached by several large multi-national tech companies interested in strategic access to Indonesia, as well as potential partnership launches internationally. Our new ShopeePay relationship coupled with these current discussions indicate significant opportunities ahead.
“Gaining 51% control of WIP will also position Weyland to take better advantage of any potential ‘strategic alternatives' with AtozGo and AtozPay, as mergers and acquisitions, as well as business in general, in this region of the world continue to heat up.”
The transaction is expected to be completed within the next two weeks upon satisfaction of certain transaction requirements. Further details will be made available in a Current Report on Form 8-K to be filed by Weyland Tech with the Securities and Exchange Commission, and available at sec.gov and from the investor section of the company’s website at weyland-tech.com.
About Weyland Tech
Weyland Tech, Inc. (OTCQX: WEYL) is a U.S.-based leading global provider of eCommerce, mCommerce, and fintech business enablement solutions. Its CreateApp™ platform-as-a-service enables small-and-medium sized businesses worldwide to easily create and deploy a native mobile app for their business without technical knowledge or background. CreateApp empowers businesses to reach more customers, increase sales, manage logistics, and promote their products and services in an easy, affordable, and highly efficient way. CreateApp is offered in 14 languages across 10 countries and three continents, including some of the fastest-growing emerging markets in Southeast Asia.
Weyland’s subsidiary, Logiq Inc., provides a data-driven, end-to-end eCommerce marketing solution for enterprises and major U.S. brands, like Home Advisor, QuinStreet and Sunrun. The AI-powered LogiqX™ data engine delivers valuable consumer insights that enhance the ROI of online marketing spend. The company’s AtozPay™ subsidiary offers mobile payments, e-wallet, and the AtozGo™ hyper-local food delivery services in Indonesia, which has the fastest-growing mobile economy in Southeast Asia. For more information about Weyland Tech, go to 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 acquisitions, 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.
CONTACT: Company Contact Brent Suen, CEO Weyland Tech Inc. https://www.weyland-tech.com/#contact Media & Investor Contact Ronald Both or Grant Stude CMA Investor & Media Relations Tel (949) 432-7566 WEYL@cma.team
