Weyland Tech Initiates Food Service Pilot in $500 Billion Dollar O2O Marketplace

HONG KONG--(Marketwired - Oct 17, 2017) - Weyland Tech Inc. (OTCQX: WEYL), a global provider of mobile business applications, announced today that its food services pilot program has launched.

In the pilot, announced in May, Weyland Tech is collaborating on developing Online-to-Offline ("O2O") applications initially targeting the food service industry.

"In our projections the revenue for the pilot alone, with just 3 food distributors, reaches a $250,000 annual run rate over the next 12 months. In the coming months, we will open the platform up to additional distributors and are targeting a $2,000,000 run rate exiting the first full year," said Brent Suen, Weyland's CEO. Suen continued, "We expect exponential growth as we open the platform up to the whole industry and add the business to consumer modules. We'll also take the lessons learned and modules built into our platforms in the United States and through our partners in international markets."

"In Hong Kong, where the trial is based, dining out in restaurants grew to over $13 billion last year; we want our mobile apps enabling transactions in that kind of growing marketplace. Southeast Asia has some of the highest rates for daily dining outside of the home in the world."

John MacNeil, Weyland Tech Director of Strategy and Capital Markets said, "We're really excited about the potential of online-to-offline in mobile applications. The pilot is B2B, as the platform develops we'll bring the same capabilities to B2C. Outside of the most developed Asian cities, millions of buyers are not directly served by Third Party Logistics providers ("3PL") but can reach centralized physical locations for pick-up. The solutions we are developing with Faith United will allow merchants to reach each other and online buyers and close sales that would not otherwise occur." 

Mr. Suen added, "Most people today talk about online-to-offline as a strategy to bring online customers to brick and mortar. While the focus today is using online marketing and advertising to entice the customer to visit a physical store and make a purchase, the potential is so much larger."

"We think of online-to-offline broadly, using the same tools to generate any real world action. To Weyland, it's not just buying something in a store, it can be restocking product like we are doing with our Faith United trial, it can be getting people to come out to a concert, or to an eSports event to watch their favorite players live."