Weyland Tech Generates Over $3.8 Million in Third Quarter Revenues, Up 37% Year Over Year
HONG KONG - (NewMediaWire) – November 15, 2017 – Weyland Tech, Inc. (OTCQX: WEYL) (“Weyland” or “Company”), a provider of mobile business applications, announced today that it has filed its 10-Q quarterly financial statements with the SEC.
Weyland CEO Brent Suen commented on the results for the period ending September 30, 2017, “We are thrilled with our revenue growth in the period. The Company generated over $3.8 million in revenue in the quarter, which is an increase of 37% from our same quarter last year.
“Weyland has also accumulated $3.8 million in prepayments and deposits for development of the services we announced this year. We anticipate that those investments will start to pay off in the fourth quarter as we bring a number of our announced projects online.
“Those include our offering of the CreateApp platform through DPEX Worldwide to their 600,000+ customers and our recently announced AtozPay mobile wallet. The development team for AtozPay has a proven track record of building a platform that generated $100 Million in revenue in its first year. Weyland anticipates achieving similar revenue within the first 15 months from launch.
“In the new year, Weyland expects additional revenue growth from bringing our platform to the Middle East and Africa, our recent eSports efforts, where the market is poised for explosive growth, our EU offering of CreateApp through OrangePro, and other projects in development.
“The Company maintained a gross operating profit on revenue generating activity and a substantial portion of our cost increase is geared toward generation of ongoing revenue and customer base growth.
“Overall despite a net loss of $0.0044 per share we expect the investments to be more than worth the temporary impact to the bottom line in light of our positioning for substantial revenue growth through 2018.”
Weyland looks forward to providing additional updates as development continues. For a full discussion and detailed financial statements our filings are available online.
About Weyland Tech Inc.
Weyland Tech’s CreateApp platform is focused on the Asia markets. Our CreateApp platform offered in 12 languages, enables small and medium sized businesses (“SMB’s”) to create native mobile applications (“APP”) 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 via simple easy to build mobile APPs in an affordable and cost-effective manner.
Follow Weyland Tech online at: Weyland Tech Facebook Page (https://www.facebook.com/weylandtech) Weyland Tech Twitter Feed (https://twitter.com/weylandtechinc) Weyland Tech LinkedIn Page (https://linkedin.com/company/weylandtech) Brent Suen, CEO Public Facebook Page (https://www.facebook.com/BrentSuenWEYL) Brent Suen, CEO Public Twitter Feed (https://www.twitter.com/BrentSuenWEYL)
Safe Harbor Statement
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.