Weyland Tech to Acquire 31% Ownership of AtozPay and AtozGo
NEW YORK, Oct. 03, 2019 (GLOBE NEWSWIRE) — Weyland Tech (OTCQX: WEYL), a leading global provider of m-Commerce solutions, has exercised its option to acquire 31% beneficial ownership of PT Weyland Indonesia Perkasa (WIP), owner and operator of the fast-growing AtozPay and AtozGo platforms.
The AtozPay mobile payments platform serves the burgeoning m-Commerce and e-Payment markets in Indonesia, the world’s fourth most populous country. AtozPay has attracted several major partnerships that enable mobile payment for goods and services.
AtozPay recently announced it joined forces with Grab, the leading online-to-offline mobile platform in Southeast Asia, to promote its new AtozGo short-distance food delivery service in Jakarta, Indonesia. Grab is supporting a new AtozGo co-marketing campaign targeting food establishments and mobile users in certain areas of Jakarta.
The new campaign is building off AtozGo’s successful pilot launch addressing a single square block of Jakarta that is now generating more than 1,500 deliveries a day. This area comprises 15 building complexes, of which three are currently generating the bulk of the volume. Following the rollout with Grab, AtozGo expects to expand to other areas of the city, along with the possibility of a strategic investment by Grab.
“AtozGo address the need for a hyper-local, pedestrian-powered food delivery service that can make food delivery from local establishments quick and easy for office workers and urbanites,” said Brent Suen, president and CEO of Weyland Tech. “This unique approach is capturing an untapped huge market, and making AtozGo especially attractive to food delivery services, like GrabFood, which traditionally targets areas where motorized delivery is required.”
“AtozPay is a highly complementary consumer-facing fintech solution that supports our CreateApp PaaS platform by providing payments capabilities,” continued Suen. “We had spun AtozPay off to our shareholders last year but retained the option to secure this 31% position of WIP at nominal cost. Given the tremendous recent progress of AtozPay and AtozGo, including the participation with major partners, we believe this ownership position will substantially enhance Weyland Tech’s shareholder value.”
Weyland will continue cross-selling of its CreateApp solution to businesses that have adopted the AtozPay e-wallet solution, but now adding food service businesses that can benefiting from AtozGo. Weyland is also expanding its marketing efforts to address specific affinity groups and everyday product merchants who are currently underserved in Indonesia.
The company expects to complete the transaction before the end of October.
About Weyland Tech
Weyland Tech Inc. is a developer and global provider of mobile business software applications. It operates its platform-as-a-service (PaaS) software platform 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. 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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