Solid $WEYL news today:
Weyland Tech Inc. Updates Shareholders on Its Q3 Results and Business Outlook
November 16, 2018 10:37 ET | Source: Weyland Tech, Inc.
New York, NY, Nov. 16, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Weyland Tech Inc. (WEYL) ("Weyland " or the "Company"), a provider of mobile business applications, today updates shareholders on its Q3 results and business outlook.
“The quarter ended September 30, 2018 was both affirming and transitional for Weyland,” stated Brent Suen, CEO, continuing, “Our core business, CreateApp, a Platform as a Service (“PaaS”) do-it-yourself tool-kit for small businesses to create mobile applications that facilitate mobile commerce, experienced significant revenue growth and an enriching evolution of its financial and operational relationship with white label partners.”
Service Revenue has increased 220% year over year reaching $8,436,412 from $3,826,718 for the three months ended September 30, 2018 and 2017, respectively. The increase was initiated by release of the 3rd generation of the PaaS platform. Our net loss expanded from $102,239 to $1,997,735, from factors related to maintaining our strong growth trajectory; and the costs related to a near completed special dividend of the equity in an unconsolidated subsidiary, AtoZPay.
The Company had made substantial investment in opening new markets, but is currently considering reducing this expense and focusing on the better than expected opportunities in its core markets, primarily Indonesia.
Incurring substantial costs related to AtoZPay without the benefit of consolidating its over $1 million per month in revenue, adversely affected earnings for the quarter. Weyland shareholders of record on October 12, 2018, will receive their pro-rata equity in the form of shares of 49% of AtoZPay later this quarter. Weyland maintains a nominally priced option to acquire 31% of AtoZPay which management believes holds significant value and expects monetization in the form of a public offering or trade sale as soon as calendar 2019. For more information on AtoZPay please contact AtoZPay’s investor relations representative at: ir@atozpay.co.id
Dilution from the issuance of approximately 5.373 million shares for consultancy services provided cash-conserving, goal-aligning, motivational compensation of 19 individuals at the core of Weyland’s operations. Most of these shares are under a ‘lock-up’ of at least two years allowing the market for shares to mature and were issued in lieu of market-rate salaries and directors fees. “Our goal is to align our stakeholders, including partners, consumers, staff, management and investors as shareholders,” commented Suen.
Weyland has validated both its product offering and strategy this quarter with significant, scalable revenue growth. Management also sees continued pricing power on existing offerings and substantial opportunity to profit from what is becoming an integral part of business infrastructure in some of the fastest growing economies globally with both existing and intended telecom partners.
About Weyland Tech Inc.
Weyland Tech is a global provider of mobile business applications. Its CreateApp platform offers a mobile presence to businesses in emerging markets, with partnerships on 3 continents and growing. This DIY mobile application platform, offered in 14 languages with over 35 integrated modules, enables small and medium sized businesses ("SMB's") to create native mobile applications ("apps") for Apple's iOS and Google Android without technical knowledge or background, empowering SMB's to increase sales, reach more customers and promote their products and services in an easy, affordable and efficient manner.
In May 2018, the Company expanded its portfolio to fintech applications with the launch of its AtozPay mobile payments platform. The mobile wallet launched in the worlds 4th most populous country, Indonesia, and is already experiencing rapid growth in transactions taking place on the platform.
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