Weyland Tech President and CEO Purchases 900,000 Shares of Company Stock
NEW YORK, Nov. 19, 2019 (GLOBE NEWSWIRE) — Weyland Tech, Inc. (OTCQX: WEYL), a leading global provider of m-Commerce and fintech business enablement solutions with its Platform-as-a-Service (PaaS), reported that its president and CEO, Brent Suen, purchased 900,000 shares of Weyland common stock from a private investor at an average price of $0.35 per share. The transaction was reported to the U.S. Securities and Exchange Commission (SEC) on Form 4 earlier today.
“We recently reported 26% sequential topline growth for the third quarter of 2019, reaching a record $9.0 million, and we turned adjusted EBITDA positive,” commented Suen. “On a trailing 12-month basis, we’re at $32 million in revenue. Compared to our peers, the market valuation for a company like ours with a 100% subscription-based recurring revenue stream and growing at this rate should garner a several times multiple in its price-to-revenue ratio, rather than merely a fraction as it does today.”
Publicly-traded SaaS/PaaS companies typically trade on average at around 10x revenue according to Crunchbase, with other microcap comparables trading around 4x revenue on average. Companies with cloud-based software or software-driven platform-as-a-service models attract higher multiples due to ‘stickier,’ higher-margin customer engagements that provide greater transparency into revenue and profitability.
“We are encouraged by the increasing number of small-and-medium sized businesses coming onto our CreateApp platform, as well as existing customers’ rapid adoption of new features and modules,” continued Suen. “Given all of these factors, I believe the market price of our stock does not reflect our financial performance, the quality of our revenue, and the strong prospects for our growth to accelerate over the coming quarters. As a result, I have continued to invest personally in WEYL.”
In October, Suen purchased from the open market 99,000 shares of the company common stock, which was also reported on Form 4. Suen now holds 2,832,000 shares of Weyland stock. Pursuant to Weyland Tech’s insider trading rules, company insiders who purchase the company’s common stock from any source are required to hold it for a minimum of two years.
The company is preparing for an uplist to the Nasdaq Stock Market, where it expects to attract the attention of a broader base of investors, particularly institutional and family offices.
“These stock purchases demonstrate my confidence in our future and the growing market opportunities ahead of us,” added Suen, “and not only for Weyland’s CreateApp, but also for our subsidiary, AtozPay, its new venture with AtozGo and marketing partnership with Grab.”
About Weyland Tech
Weyland Tech, Inc. operates as a Fintech focused company and 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, Weyland 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.
The company’s subsidiary, Weyland Indonesia Perkasa (WIP), operates AtozPay and AtozGo. The AtozPay mobile payments platform serves the burgeoning m-Commerce and e-Payment markets in Indonesia, the world’s fourth most populous country. AtozGo is a fast-growing short-distance food delivery service in Jakarta, Indonesia.
For more information, visit www.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 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 (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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