Weyland Tech Provides Update Regarding Its Spin-Off of Weyland AtoZ Pay
New York – (NewMediaWire) – December 14, 2018 – Weyland Tech Inc. (OTCQX: WEYL) (“Weyland” or the “Company”) announced today that, after reviewing the beneficial owner lists submitted by banks/brokers in connection with its Weyland AtoZ Pay Inc. (“WAI”) spin-off, the company has decided to distribute the WAI spin-off shares via book-entry statement from its transfer agent, in lieu of stock certificate form as was originally intended. From a shareholder perspective, book-entry account statements from the transfer agent are the functional equivalent of stock certificates. The company believes that switching to a book-entry statement delivery method will expedite the delivery of the WAI spin-off shares to beneficial owners and bank/brokers, and also streamline the process for banks/brokers in connection with their handling of objecting beneficial owner (“OBO”) and retirement account spin-off shares, which they will receive directly.
In light of the above change in issuance method, WAI spin-off shares are being issued and delivered as follows:
- All WAI spin-off shares are being issued via book-entry statements from the company’s transfer agent, Nevada Agency and Transfer Company (“Spin-Off Account Statements”).
- For registered shareholders (i.e., those that do not hold their shares in “street name” through a bank/broker) with a valid email address on record with the transfer agent, they shall receive their Spin-Off Account Statements from the transfer agent via email. U.S.-based registered shareholders who do not have a valid email address on file with the transfer agent will receive their account statements via U.S. mail. Non-U.S.-based registered shareholders who do not have a valid email address on record with the transfer agent will receive their Spin-Off Account Statements via suitable alternative delivery methods.
- Spin-off entitlements for OBOs reported by each bank/broker, are now being aggregated and, therefore, the transfer agent will issue a single Spin-Off Account Statement in the name of each bank/broker for the aggregate number of OBO shares reported in their respective beneficial owner list. These Spin-Off Account Statements will be delivered via email by the transfer agent directly to each bank/broker.
- For retirement accounts reported by each bank/broker, the transfer agent will issue separate Spin-Off Account Statements for each retirement account reported in their respective beneficial owner lists. These Spin-Off Account Statements will likewise be delivered via email by the transfer agent directly to each bank/broker.
- For non-objecting beneficial owners (“NOBOs”) reported by each bank/broker, the transfer agent will issue a separate Spin-Off Account Statement in the name of each NOBO reported in each bank/broker beneficial owner list. U.S.-based NOBOs who do not have a valid email address associated with their account in their bank’s/broker’s beneficial owner list will receive their account statements via U.S. mail. Non-U.S.-based NOBOs who do not have a valid email address associated with their account in their bank’s/broker’s beneficial owner list will receive their Spin-Off Account Statements via suitable alternative delivery methods. The company is requesting that banks/brokers submit directly to the company, via email to [email protected], the email addresses for NOBOs on their beneficial owner lists for which they have a valid email address, so the company can maximize the number of NOBOs who can receive their Spin-Off Account Statements via expedited email delivery.
If you hold your WEYL shares in “street name” through a bank/broker and you do not receive your Spin-Off Account Statement by December 28, 2018, the Company will make available in the “Investor” section of its website a “Notice of Failure to Receive Spin-Off Account Statement” form which will allow you to notify the Company accordingly. We urge all such shareholders who do not receive their Spin-Off Account Statement to utilize this form when notifying the company.
If any banks/brokers or shareholders have any questions regarding the above spin-off delivery procedures, they can direct those inquiries to the contact details below:
Email: [email protected]
About Weyland Tech Inc.
Weyland Tech is a global provider of mobile business applications. Its CreateApp platform offers a mobile presence to businesses in emerging markets, with partnerships on 3 continents and growing. This DIY mobile application platform, offered in 14 languages with over 35 integrated modules, enables small and medium sized businesses (“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.
In May 2018, the Company expanded its portfolio to fintech applications with the launch of its AtozPay mobile payments platform. The mobile wallet launched in the worlds 4th most populous country, Indonesia, and is already experiencing rapid growth in transactions taking place on the platform.
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.
For further information contact:
American Capital Ventures, Inc.
Email: [email protected]