Weyland Tech Engages The Benchmark Company to Explore Strategic Alternatives
NEW YORK, July 10, 2020 (GLOBE NEWSWIRE) -- Weyland Tech, Inc. (OTCQX: WEYL), a leading global provider of eCommerce, mCommerce, and fintech business enablement solutions, has engaged a leading U.S. investment bank, The Benchmark Company , to assist Weyland in the exploration and evaluation of strategic alternatives for enhancing shareholder value.
These alternatives could include, among others, continuing to execute the company's business plan, including an increased focus on certain standalone strategic initiatives, the disposition of certain assets, or a strategic business combination. It could also include a transaction that results in private ownership or a sale of the company or some combination of one or more of these possible alternatives.
“Over the past year, we’ve made great strides in terms of user growth, product development, strengthening our intellectual property portfolio and expanding our global footprint,” noted Brent Suen, CEO of Weyland Tech. “However, even before the recent impact of the coronavirus, we were challenged with the market valuation of our company being maintained at far below our peers. Following the highly successful launch of AtozGo last summer and the acquisition of the assets of Push Interactive in January, the ‘sum of the parts’ still remained much ‘greater than the whole.’”
“As our business returns to its historic strong and steady growth in recurring revenues, we believe our current market valuation presents significant upside,” continued Suen. “This is especially so given how we currently trade at less than 1x revenue, while companies with similar businesses, albeit larger, trade at more than 20x. So, we remain focused on growing our top line, improving margins, and closing this valuation gap.
“Meanwhile, our industry has been presenting a multitude of opportunities for acquisition, consolidation, strategic partnerships, and other interesting potential transactions. In light of all of this, management and our board of directors concluded that with the assistance of Benchmark now would be an opportune time to begin a process of evaluating strategic alternatives with the ultimate goal of maximizing shareholder value.”
More specifically for Weyland, strategic alternatives could include a sale of its AtozGo™ and AtozPay™ platforms, a business combination such as a merger with another party, or a strategic investment financing which could support the accelerated growth of its CreateApp platform-as-a-service internationally.
“Due to the fast growth of our unique AtozGo’s food and grocery delivery platform, we have already been engaged in a number of discussions which could involve a potential buyer or major investor in AtozGo,” said Djunaedy Hermawanto, CEO of Weyland Indonesia Perkasa, Weyland Tech’s subsidiary which operates AtozPay and AtozGo.
Weyland expects the strategic alternatives process to lead to at least one potential transaction within the next 90 days and a second potential transaction by year end. However, there can be no assurance this process will result in any transactions or other strategic change or outcome.
About The Benchmark Company
Founded in 1988 and based in New York City with officesin San Francisco, Boston and Milwaukee, The Benchmark Company covers institutional and corporate clients with its research, sales & trading, and investment banking capabilities. The firm has built a reputation for delivering superior client service, market access, and in-depth market and industry expertise. Benchmark is committed to its clients’ success. Benchmark’s team of experienced professionals works closely with its clients to understand their unique needs and goals to offer sound, unbiased guidance by drawing on the significant resources from across Benchmark’s services platform. This collaborative “Benchmark Team” approach is focused solely on partnering with its clients to provide significant value and build a long-term relationship. To learn more about Benchmark, go to www.benchmarkcompany.com .
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, 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.
Earlier this year, Weyland completed the acquisition of the assets of Minneapolis-based eCommerce technology company, Push Interactive, through its wholly-owned subsidiary, Logiq, Inc. Push Interactive provides an eCommerce marketing solution for enterprises and major U.S. brands.
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 provider of short-distance food delivery and home services from local establishments operated in Jakarta, Indonesia. For more information, visit atozpayindonesia.com .
About Push Interactive
The e-Commerce platform of Weyland, Push Interactive, 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, 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 the assets of 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; the ability to find a strategic alternative and successfully execute such plan; the continued use and success of AtozGo and AtozPay; 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.
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