Typical BS PK PR look at the way they worded this fluff job to dilute more shares?
Weyland Tech Reports Preliminary Results for First Nine Months of 2019; Expects Revenue Up 42.6% to Record $24.6 Million OCTOBER 18, 2019 Weyland Tech Reports Preliminary Results for First Nine Months of 2019; Expects Revenue Up 42.6% to Record $24.6 Million NEW YORK, Oct. 18, 2019 (GLOBE NEWSWIRE) — Weyland Tech, Inc. (OTCQX: WEYL), a growing global provider of m-Commerce and fintech business enablement solutions with its CreateApp™ Platform-as-a-Service (PaaS), has reported selected preliminary unaudited financial results for the third quarter and nine months ended September 30, 2019.
For the third quarter 2019, the company expects record revenue of approximately $9.0 million, which would represent an increase of 6.6% compared to the third quarter of 2018. For the first nine months of 2019, the company expects record revenue of approximately $24.6 million, which would represent an increase of 42.6% versus the same year-ago period. The company also expects to turn adjusted EBITDA positive in the third quarter.
“These anticipated record results reflect the accelerating growth in our recurring revenue from CreateApp subscription fees,” said Brent Suen, CEO of Weyland Tech. “While we expect to generate positive adjusted EBITDA in the third quarter, we plan to continue to reinvest in efforts designed to gain customers and market share.”
“The growth in recurring revenue was largely due to greater adoption of CreateApp by SMBs in our existing markets as driven by our highly-productive channel partners,” continued Suen. “The increased adoption included new customers as well as existing customers subscribing to additional features and modules. This momentum has continued into the fourth quarter, keeping us on track for another year of record growth.”
The selected preliminary unaudited financial results set forth above are based solely on currently available information which has not been reviewed by the company’s independent auditors and is subject to change. Readers are cautioned not to place undue reliance on such selected preliminary unaudited financial results, which constitute forward looking statements as further described below.
IMO
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