Weyland Tech Management Purchases Shares of Common Stock

NEW YORK, Feb. 10, 2020 (GLOBE NEWSWIRE) -- Weyland Tech, Inc. (OTCQX: WEYL) a leading global provider of mCommerce platform-as-a-service (PaaS), eCommerce managed services and fintech solutions, reported that its executive management purchased a total of 75,000 shares of the company’s common stock from the public market on February 7, 2020.

The buyers and amounts include:

• President & CEO, Brent Suen: 25,000 shares, bringing total shares held to 2,857,000.
• Chief strategy officer, Matthew Brent: 25,000 shares, bringing total shares held to 1,895,000.
• Chief operating officer, John MacNeil: 25,000 shares, bringing total shares held to 2,295,000.             

Previous insider open market purchases of common stock were made in October 2019 by Suen, who bought 99,000 shares. In November 2019, Suen purchased an additional 900,000 shares from a shareholder in a private transaction.

“Given our strong tailwinds, including the increasing number of business subscribers coming onto our CreateApp platform, our expanding geographic footprint and recent major acquisition, we see our growth continuing to accelerate over the coming quarters,” noted Suen. “We’re also seeing great enthusiasm and excitement in our segment of the tech industry—unlike anything I’ve seen in my 34 years in business.

“As a result of these positive factors, my team has continued to invest personally in WEYL. In fact, over the last few years, I have invested more dollars in WEYL than I’ve received in salary as president and CEO of the company. I believe there is no stronger demonstration of my unwavering belief in our value proposition and ability to deliver superior value for our stakeholders.”

Last month, the company completed its acquisition of the eCommerce technology company, Push Interactive, a direct-to-consumer eCommerce platform that provides an end-to-end solution for enterprises and major U.S. brands that include HomeAdvisor, QuinStreet and Sunrun.

On a combined pro forma basis, the companies anticipate reporting $11.9 million in revenue for the fourth quarter of 2019, with total revenue of $42.3 million for the year. The combined annualized run rate on a pro forma basis totaled more than $60.6 million at year-end 2019.

As the result of the company’s strong course of growth and development over the last year, it is preparing to uplist to the Nasdaq Stock Market. This move is expected to attract the attention of a broader base of investors, particularly institutional and family offices.