HONG KONG — (Marketwired) — 11/09/17 — Weyland Tech, Inc. (OTCQX: WEYL) (“Weyland” or “Company”), a provider of mobile business applications, announced today that its joint venture discussions with FuntaseSports Entertainment (“Funtase”), a leading provider of eSports content and fantasy sports games in South Korea, are making significant progress and the companies have reached terms for cooperation.
“As I–ve said recently, eSports is an exciting growing part of the digital economy that presents huge opportunities for Weyland. Partnering with Funtase is going to give our CreateApp platform access to a market that is rapidly growing and barely even existed 10 years ago,” commented Weyland CEO Brent Suen announcing the news.
“The preliminary terms we are finalizing with Funtase, will give us an early edge in providing the –picks and shovels– for eSports related m-commerce consistent with our vision for the CreateApp platform. In our view the various leagues, teams, and players will be the SMB–s in this marketplace and with limited modifications we can provide the benefits of CreateApp to them in a similar fashion to our offerings to SMB–s in other markets.”
“Funtase has agreed to provide us access to their data on those market participants as part of a cross platform marketing strategy. That is a huge win, because we will not need to spend time identifying all the games, leagues, teams, and players. Instead we will be able to focus on providing these eSports market participants with the ability to reach their customers — fans and sponsors — with information and merchandise through the CreateApp platform. As AtoZPay comes online, we will also be able to provide a payments platform for those goods and services, generating additional user revenue.”
Funtase–s CEO, Jerome Park, commented “Weyland is well positioned to enter the eSports market as their user base is highly complementary to eSports with similar demographic profiles. Both of our companies are focused on a young demographic that is mobile-native and mobile-first, in a very complementary way.”
“The companies are also discussing Weyland–s ability to provide digital payments capabilities for the Funtase platform directly, which we will provide updates on as progress is made,” concluded Mr. Suen.
Weyland and Funtase are also exploring near term opportunities for deploying Funtase–s platform to Weyland–s CreateApp users as a –white-label– app that enables daily fantasy sports for a new, younger eSports audience on a gamified platform that will differ radically from the current draft fantasy sport market offerings.
Funtase provides gamified daily fantasy draft games for the mobile and PC platforms in the Asia market based around several of the world–s leading eSports titles. Funtase and Weyland are also in discussions to provide their offerings for the non-Asia international markets.
Funtase was founded in early 2017 in Seoul, Korea and is made of games industry veterans from Nexon, Neople, and eBay. The platform is currently in alpha stage and planning its beta launch in the summer 2018.
Weyland Tech–s CreateApp platform is focused on the Asia markets. Our CreateApp platform offered in 12 languages, enables small and medium sized businesses (“SMB–s”) to create native mobile applications (“APP”) 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 via simple easy to build mobile APPs in an affordable and cost-effective manner.
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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 (). 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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