Breaking Fintech Stock News: Weyland Tech Provides Corporate Update
NEW YORK – March 19, 2020 (Investorideas.com Newswire) Weyland Tech, Inc. (OTCQX: WEYL) (OTCQX: $WEYLD) a leading global provider of mCommerce platform-as-a-service (PaaS), eCommerce managed services and fintech solutions, has provided a corporate update.
“Given the subscription-based model of our flagship CreateApp mCommerce platform and the benefits of digital customer interaction continuing to drive activity, we see limited impact on our core business from COVID-19,” commented Weyland Tech CEO, Brent Suen. “We’ve had recent minimal effect on productivity and customer service. To be sure, it remains a fluid situation, and we will continue to closely monitor developments and adjust accordingly.”
In January, Weyland completed the acquisition of the Minneapolis-based eCommerce technology company, Push Interactive, which provides an eCommerce marketing solution for enterprises and major U.S. brands, including HomeAdvisor, QuinStreet and Sunrun. The integration has proceeded smoothly and is now virtually complete.
Weyland reported earlier that it exited 2019 at an annualized run rate of more than $48.6 million, or $60.6 million on a combined pro forma basis with Push. This compares to $22.7 million in revenue for Weyland alone in 2018.
Weyland continues to see growth in 2020, with an outlook aligned with industry analyst expectations for other e-Commerce companies like Amazon. Earlier today, JPMorgan analyst, Doug Anmuth, raised his first quarter revenue estimate for Amazon to $74 billion — $1 billion higher than Amazon’s own guidance range.
According to Anmuth: “eCommerce will benefit as closings of physical stores and fear of public places should accelerate the secular shift of retail online, which we believe will prove sustainable even after the crisis ends.”
Push Interactive co-founder, CEO and president, Haig Newton, commented: “For Push, while we are seeing significant ‘noise’ in the channels related to the coronavirus, there has been some disruption on the demand side across our verticals. We are constantly innovating and adapting to drive traffic through our acquisition funnels to combat this. We are monitoring indicators in demand fluctuations for refinancing mortgages, debt consolidation, insurance plans, and home renovation projects.”
Weyland also reported that the number of registered users for AtozGo, the company’s popular hyper-local food delivery service in Jakarta, Indonesia, has as exceeded more than 100,000, climbing by more than 14,000 since mid-February.
The 100,000-user milestone for AtozGo was achieved within only eight months since the app’s official launch. AtozGo users are collectively generating an average of more than 15,500 delivery orders per day after recently hitting a high of 17,500. While down about 10% due to the ongoing 14-day period of ‘social distancing’ recommended by the government resulting in more people not commuting to the city and working from home, an increasing percentage of orders have been for unprepared food and household supplies from local grocery and convenience stores.
According to Suen: “We believe the uptick in orders for unprepared foods from grocery and convenience stores is due to urban users discovering that AtozGo can help to avoid potential exposure to the coronavirus while out in public or at the store. This trend is also being seen in the U.S. by home delivery services like Amazon. For AtozGo, there has been a shift in order mix from mostly lunchtime office workers to more urban residential customers.”
Compared to other food and grocery delivery services in Jakarta like GrabFood, AtozGo increases the potential number of available delivery people by not requiring that they have a motor vehicle. They simply need to be within walking distance of the customer and local establishments. This helps make the service a more affordable and faster option for urban customers.
In February, Weyland implemented a 1-for-13 reverse split of its common stock on February 27, 2020. The company expects the reverse split to allow its stock price to meet the listing requirements for The Nasdaq Capital Market, and it is currently involved in advancing the application and review process.
The company plans to file its 2019 Form 10-K and hold an investor conference call later this month. Dial-in information will be announced via a press release prior to the call.
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.
About AtozPay and AtozGo
Through Weyland Tech’s minority-owned subsidiary, Weyland Indonesia Perkasa (WIP), the company operates AtozPay and AtozGo. The AtozPay mobile payments platform serves the burgeoning mCommerce and e-Payment markets in Indonesia, the world’s fourth most populous country. AtozGo is a fast-growing short-distance food delivery service operated in Jakarta, Indonesia. For more information, visit atozpayindonesia.com.
About Push Interactive
The e-Commerce platform of Weyland’s Push Interactive subsidiary features comprehensive customer acquisition capabilities, highly productive media and channel strategies, well-tuned product promotion and messaging, and sales funnel development and optimization. The direct-to-consumer platform provides an end-to-end solution for SMBs and major brands, allowing these organizations to dramatically increase online revenue while lowering the cost of customer acquisition and order fulfillment. Post-sale, Push supports fulfillment, customer relationship management, and further monetization through re-engagement and remarketing toolsets that enhance customer lifetime value (LTV). For more information about Push Interactive, visit www.pushint.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.
Media & Investor Contact
Ronald Both or Grant Stude CMA Tel (949) 432-7566
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