OTC Markets Requests Weyland Tech to Comment on Recent Promotional Activity
NEW YORK, Feb. 13, 2020 (GLOBE NEWSWIRE) — Weyland Tech, Inc. (OTCQX: WEYL) (“Weyland” or “Company”) has received a request by the OTC Markets Group to comment on recent promotional activity related to Weyland Tech’s common stock traded on the OTC Markets.
On January 21, 2020, Weyland Tech engaged Emerging Markets Consulting, LLC (“EMC”) to independently develop and publish digital media to help build awareness for Weyland Tech as a publicly traded company. Materials published on February 10, 2020 by EMC or its contractors presented a general overview of the Company’s business as well as the growth potential of the Company and its industry. Weyland Tech provided EMC publicly available source information for these materials, but did not have editorial control over the materials, including reviewing the materials for factual accuracy prior to their dissemination.
On February 10, 2020, Company management learned that some materials may have included speculative language and forward-looking statements about the Company’s future prospects; however, the Company believes that none of the materials published were misleading or false, or included information regarding the Company that had not yet been previously disclosed by the Company in compliance with Regulation FD and related U.S. Securities and Exchange Commission reporting requirements. The Company has not determined whether the publication of the materials had a material impact on the trading of the Company’s common stock. The Company has ended its engagement with EMC and arranged for discontinuance of the dissemination of these materials.
Upon inquiry of the Company’s management, directors, control persons and third-party service providers, and to the best of the Company’s knowledge, during the past 90 days no such persons executed any transactions of the Company’s securities for purchase or sale of stock, except as to purchases made by Company management as previously disclosed in press releases issued on November 19, 2019 and February 10, 2020. Weyland Tech company policy requires insiders who purchase the Company’s common stock from any source to hold the stock for a minimum of two years.
From time-to-time over the past several years, the Company has sold shares of its restricted common stock in private transactions at prices per share which constituted a discount to the market rate at the time of the issuance. Most recently, in November and December 2019, the Company sold an aggregate of 2,240,000 shares of restricted common stock in a private transaction to individual accredited investors at a price per share of $0.25, which constituted a discount to the current market rate at the time of the issuance. For more information about these past issuances, please refer to the Company’s filings with the U.S. Securities and Exchange Commission at sec.gov.
Over the last year, the Company has engaged the following third parties to provide investor relations, public relations, marketing, advertising and other related activities: EMC and Capital Market Access.
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. 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 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.
Brent Suen, CEO
Weyland Tech Inc.
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Tel (949) 432-7566