Weyland Tech Inc. Announces Settlement of Outstanding Litigation
New York, March 25, 2019 (NewMediaWire) — Weyland Tech Inc. (OTCQX: WEYL) (“Weyland” or the “Company”), a global provider of mobile business applications, announced today that the outstanding litigation between the Company and a group of shareholders in Singapore, regarding ownership of approximately 3,500,000 shares of the Company’s common stock, has been settled. As a result, all outstanding lawsuits and disputes previously reported in the Company’s 10-Q and 10-K filings have been settled and the Company has no further material legal proceedings outstanding.
Brent Suen, Chief Executive Officer of Weyland, stated, “We are pleased to have settled the differences between the Company and a group of shareholders in Singapore, and will endeavor, not only to mitigate outstanding concerns from other shareholders, but also to restore our public profile in Singapore and Southeast Asia that might have been stigmatized by the fact that we were involved in this litigation. Mr. Ravindran Ramasamy, a practicing lawyer and former Member of Singapore’s Parliament, has agreed to work with us, and utilize his extensive network and stature in the region, to assist in this process. We are happy to have him on board and look forward to his involvement.”
In reaction to the settlement, Mr. Ravindran Ramasamy stated, “I am pleased to have resolved our differences and look forward to work with the company to improve our visibility and reputation in the ASEAN investment and business community.”
About Weyland Tech Inc.:
Weyland Tech is a global provider of mobile business applications. The Company operates a Platform-as-a-Service (“PaaS”) software used on mobile ‘smartphones’. The PaaS platform offers a mobile presence to Small-to-Medium-Sized- Businesses (“SMB’s”) in emerging markets, with partnerships on 3 continents and growing. The PaaS platform, offered in 14 languages with over 70 integrated modules, enables 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.
Weyland Indonesia Perkasa (“WIP”) / AtoZPay is an Indonesian Company that is held by Weyland Tech via both equity and contractual structures which comply with Indonesia’s foreign commercial ownership regulations. AtoZPay, an eWallet solution, is quickly becoming the adopted standard in Indonesia, the world’s 4th most populous nation, with a majority of consumers without bank accounts. A partnership with Finnet, Indonesia’s state-controlled company tasked with building and supporting banking and finance infrastructure nationwide, and a recently achieved banking license, creates the most robust solution for the “unbanked” in Indonesia. Weyland Tech owns 100% the eWallet software platform which powers AtozPay. In a liquidity event or outright exit via an acquisition, Weyland and its sub-holding (WAI) are entitled to 80% economic benefit.
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 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 (http://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.
For further information contact: Howard Gostfrand American Capital Ventures, Inc. President Office: 305-918-7000 Email: [email protected] www.amcapventures.com