UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
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Date
of report (Date of earliest event reported): August 11, 2020
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WEYLAND
TECH INC.
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(Exact
Name of Registrant as Specified in Charter)
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Delaware
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000-51815
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46-5057897
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(State
or Other Jurisdiction
of Incorporation)
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(Commission
File Number)
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(IRS
Employer
Identification
No.)
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85
Broad Street, 16-079
New
York, New York 10004
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(Address
of Principal Executive Offices)
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Registrant’s telephone number, including area code: (808) 829-1057
N/A
(Former
Name of Former Address, if Changed Since Last Report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2. below):
☐ Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities
registered pursuant to Section 12(b) of the Act:
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Title
of each class
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Trading
Symbol(s)
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Name
of each exchange on which registered
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None
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N/A
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N/A
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Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange
Act. ☐
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Item
1.01
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Entry
into a Material Definitive Agreement
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On
August 11, 2020, Weyland Tech Inc., a Delaware corporation (the “Company”), entered into a binding letter of
intent (the “LOI”) to acquire substantially all of the assets of Fixel AI Inc. (“Fixel”) in a transaction
to be structured as an asset or stock purchase, in exchange for a total consideration of $4,500,000 to be allocated as follows:
(i) a promissory note payable to Fixel in the amount of $1,575,000, accruing interest at 6% per annum; and (ii) the issuance of
$2,925,000 in common stock of the Company (the “Purchase Price”); provided, that the optimal acquisition structure
will be evaluated after information regarding Fixel’s legal structure, tax position and additional materials have been evaluated
during due diligence (collectively, the “Transaction”).
The
LOI is a binding agreement that represents the basis on which the parties will proceed to consummate the Transaction pursuant
to a fully integrated, written, long-form agreement (the “Purchase Agreement”). The parties intend to close the Transaction
within thirty (30) days of signing the LOI.
In
connection with the closing, the Company and key executives of Fixel shall enter into a three-year employment agreements with
the Company.
In
connection with the closing, each of the three (3) founders shall receive a grant of 25,000 options to purchase common stock of
the Company at $5.00 per share, which shall have a cashless exercise feature.
The
Purchase Agreement will contain standard representations, warranties, covenants, indemnification and other terms customary in
similar transactions.
The
foregoing summary of the LOI does not purport to be complete and is qualified in its entirety by reference to the document, a
copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K (“Current Report”).
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Item
7.01
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Regulation
FD Disclosure
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On
August 13, 2020, the Company issued a press release announcing the binding LOI and the planned Transaction. A copy of this press
release is attached hereto as Exhibit 99.1 and is being furnished with this Current Report.
The
information set forth under Item 7.01 of this Current Report, including Exhibit 99.1 attached hereto, is being furnished and shall
not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), or otherwise subject to the liabilities of such section. The information in Item 7.01 of this Current Report, including
Exhibit 99.1, shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange
Act, regardless of any incorporation by reference language in any such filing, except as expressly set forth by specific reference
in such a filing. This Current Report will not be deemed an admission as to the materiality of any information in this Current
Report that is required to be disclosed solely by Regulation FD.
Forward
Looking Statements
This
Current Report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
All statements other than statements of historical fact contained in this Current Report, including statements regarding entering
into a subsequent Purchase Agreement and related plans are forward-looking statements. These statements involve known and unknown
risks, uncertainties and other important factors that may cause the Company’s actual results, performance or achievements
to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.
In addition, projections, assumptions and estimates of the Company’s future performance and the future performance of the
markets in which the Company operates are necessarily subject to a high degree of uncertainty and risk. In some cases, you can
identify forward-looking statements by terms such as “may,” “will,” “would,” “could,”
“should,” “expect,” “plan,” “anticipate,” “could,” “intend,”
“target,” “project,” “contemplate,” “believe,” “estimate,” “predict,”
“potential” or “continue” or the negative of these terms or other similar expressions. The forward-looking
statements in this Current Report are only predictions. The Company has based these forward-looking statements largely on its
current expectations and projections about future events and financial trends that the Company believes may affect its financial
condition, operating results, business strategy, short-term and long-term business operations and objectives. These forward-looking
statements speak only as of the date of this Current Report and are subject to a number of risks, uncertainties and assumptions.
The events and circumstances reflected in such forward-looking statements may not be achieved or occur and actual results could
differ materially from those projected in the forward-looking statements. Moreover, the Company operates in a very competitive
and rapidly changing environment. New risks and uncertainties may emerge from time to time, and it is not possible for the Company
to predict all risks and uncertainties. Except as required by applicable law, the Company does not plan to publicly update or
revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances
or otherwise.
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Item
9.01
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Financial
Statements and Exhibits
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(d)
Exhibits
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
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WEYLAND
TECH INC.
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Dated:
August 14, 2020
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By:
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/s/
Brent Y. Suen
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Brent
Y. Suen
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President
and Chief Executive Officer
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- 3 -
Exhibit
10.1
WEYLAND
TECH INC.
August
5, 2020
Fixel
AI, Inc.
Etgar
Shpivak, CEO
675
Ponce De Leon Avenue North East Atlanta, GA 30308
Re:
Letter of Intent
Dear
Etgar:
We
are pleased to present this Binding Letter of Intent (the “LOI”) that describes the mutual understanding and
intent of Weyland Tech, Inc. (“Weyland”), a Delaware corporation, or its wholly owned subsidiary (collectively
hereinafter referred to as “Buyer”), to purchase all of the assets of Fixel AI Inc., a Delaware corporation
(the “Seller” or “Company”) in a transaction to be structured as an asset or stock purchase,
provided, that the optimal acquisition structure will be evaluated by Buyer after information regarding the Company's legal structure,
tax position and additional materials have been evaluated during due diligence (the “Acquisition”). The parties
anticipate that the Acquisition would be pursuant to a formal purchase agreement to be entered into between Buyer and Seller,
or its stockholders as applicable (the “Agreement”), which shall include customary representations, warranties,
covenants and other provisions to be negotiated, together with other terms consistent with those set forth below. On the date
that this LOI is executed by all of the parties (the “Effective Date”), the terms hereof shall be binding on
all of the parties, subject to the completion of due diligence by the Buyer.
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1.
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Purchase
Price. Subject to the terms and conditions hereof, upon the close of the Acquisition
(the “Closing”) Buyer will purchase all of the assets of Seller in
exchange for the following (the “Purchase Price”):
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Total
consideration of $4,500,000 to be allocated as follows;
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(a)
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A
promissory note (the “Promissory Note”) payable to Seller in the amount
of $1,575,000, accruing interest at 6% per annum, with the principal and accrued and
unpaid interest thereon being due on the earlier of 18 months from the closing or a financing
event that results in gross proceeds to Buyer of no less than $7,000,000 (the “Event”).
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(b)
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The
issuance at Closing of a number of shares of common stock of Buyer, equal to $2,925,000
worth of the common stock of Buyer priced on the 20 trading day volume weighted average
price (“VWAP”) immediately prior to the Closing.
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2.
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Working
Capital. The parties shall mutually agree upon requisite working capital to remain
in the Company as of the closing of the Acquisition, and include appropriate working
capital adjustments to the purchase price based thereon.
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3.
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Indemnification.
No external escrow account will be required as part of this acquisition. Instead,
any Buyer indemnification claims may be offset against any payments owed by Buyer to
Seller under the Promissory Note.
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The
“Basket” shall be set at $50,000. This represents the minimum cumulative
losses that must be suffered by Buyer before Buyer can recover damages under the indemnification
provisions. Seller is responsible for all damages once damages reach the threshold basket
amount (e.g., assuming a $50,000 Basket, if cumulative claims are $45,000 the Seller
pays $0. If the cumulative claims are $55,000 then the Seller pays $55,000).
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4.
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Non-Competition
Agreement. Concurrent with the execution of a purchase agreement, Mr. Etgar Shpivak,
and certain other key executives to be identified, shall execute and deliver to the Buyer
a comprehensive two (2) year Non-Competition agreement in a form to be provided by Buyer.
The Non-Competition Agreement is intended to protect the goodwill of the business being
acquired and to restrict Mr. Etgar Shpivak and such other executives from pursuing competitive
endeavors in competitive markets to the Company and is not intended to preclude them
from pursuing interests which don’t compete with the business or its future well-being.
A mutually agreed upon portion of the Purchase Price shall be allocated to the Non-Competition
Agreements as of Closing.
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5.
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Closing
Conditions. The Agreement will provide for certain closing conditions to the acquisition,
including but not limited to:
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●
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satisfactory
completion of due diligence investigations and legal review of Company;
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●
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corporate
approval by both parties of the acquisition as required;
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●
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the
company being free of debt or other debt instruments;
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●
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satisfactory
review by Buyer of Seller’s financial statements for the years ended December 31,
2018 and 2019; as well as the period ended June 30, 2020, and
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●
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other
customary closing conditions, including, but not limited to, (a) all material consents
and approvals of third parties being obtained for the acquisition of Company, (b) there
not having been filed any litigation or government proceedings seeking to enjoin the
acquisition, (c) no material adverse change to the business or assets of either party
and (d) all necessary government filings having been made.
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The
Closing of the transaction contemplated hereby is intended to take place within thirty (30) days of signing this LOI. Notwithstanding
the foregoing, the parties hereto acknowledge that the terms herein are intended to create legally binding obligations between
the parties, subject to due diligence review by the Buyer.
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6.
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Employment
of Key Executives; Equity Compensation:
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●
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Employment
Agreements. In connection with the closing, Buyer and key executives of Seller shall
enter into a three-year Employment Agreement with Buyer, pursuant to which they shall
serve in their respective operating roles (TBD) of Buyer and its subsidiaries (the “Employment
Agreements”). Prior to the occurrence of the Event, as described previously,
the salaries shall be kept at their current levels. Following the occurrence of the Event,
the compensation for the key executives shall be as set forth in Exhibit A.
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●
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Equity
Compensation. In connection with the closing, each of Etgar Shpivak and the other
2 founders shall receive a grant of 25,000 options to purchase common stock of the Buyer
at $5.00 per share, which shall have a cashless exercise feature.
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7.
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Purchase
Agreement. The Purchase Agreement will incorporate the terms of this binding LOI
and such other terms as are satisfactory in form and content to Buyer and Seller. The
purchase agreement will contain the usual provisions, including representations and warranties
by Seller and its stockholders with respect to the final condition, results of operations
and assets and liabilities of Seller, customary seller’s indemnities, and such
other representations, warranties, covenants, provisions and conditions as either of
the parties and their respective counsel may reasonably require.
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8.
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Conduct
of Business Prior to Closing. From and after the date this LOI is executed until
the Closing or the earlier termination of the understandings contained herein, Seller
will cause the Company to conduct its business only in the ordinary course without any
approval, commitment or payment of extraordinary bonuses or salary increases; any assumption,
creation or incurrence of any debt, encumbrances, capital leases or other obligations
of an extraordinary nature; any assumption, endorsement or guaranty of a third party
obligation; or any material change in business practices or accounting methods; without
the express written consent of Buyer, which shall not be unreasonably withheld; and will
operate and maintain the assets, properties and business of Seller in substantially the
same manner as operated and maintained on the date hereof.
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9.
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Information
and Access. Seller agrees to promptly provide to Buyer and its designees full access
to any and all (i) lists and copies of all contracts, leases and other agreements and
obligations of Seller, together with such other information as may be reasonably required
to assist Buyer in making an evaluation of the properties, assets, liabilities, business
and prospects of Seller, (ii) personnel of Seller as may be reasonably required to assist
Buyer in evaluating this transaction, and (iii) properties, books, files and records,
including tax returns filed and those in preparation and audit work papers and other
records of the accountants of Seller and all other financial, technical and operating
data in order that Buyer and its designees may have full opportunity to make such investigation
and evaluation.
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10.
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Confidentiality.
Buyer will use its best efforts to keep confidential any information furnished to
it by Seller in the course of negotiations, except to the extent any such information
must be disclosed to lenders or other interested parties or may be available to Buyer
from sources generally available to the public. In the event that a purchase agreement
is not entered into for any reason or if the Closing does not take place thereafter,
Buyer will use its best efforts to return to Seller all documents, work papers and other
materials submitted by Seller to Buyer. If Buyer gives any confidential information concerning
Seller to a bank or source of financing, the same shall be transmitted under circumstances
that the receiving party is notified of its confidentiality. Without prior written consent
from the other party, Seller, Buyer and each party's respective representatives (including,
without limitation, officers, directors, employees, partners, members, agents, financial
advisors, consultants, attorneys, accountants or other advisors) will not disclose to
any person (except to the extent otherwise required by applicable law) the terms of this
Letter of Intent, the fact that any discussions or negotiations are taking place between
Seller and Buyer or the existence of this Letter of Intent. The term "person"
as used in this Letter of Intent proposal will be interpreted broadly to include the
media and any corporation, company, group, partnership or other entity or individual.
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11.
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Governmental
Approvals. As a condition to Closing, Seller shall have received all necessary permits,
licenses, approvals and authorizations by such governmental authorities or third parties
that are necessary prior to Closing.
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12.
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Stockholder
Approval. As a condition to Closing, Seller shall have received the approval of this
transaction by all stockholders of record and/or equity holders in a duly noticed and
appropriately authorized stockholders’ meeting of Seller and each if its associated
companies.
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13.
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Conditions.
It is understood that (i) the execution by Buyer of the purchase agreement is contingent
upon, in addition to the other conditions and contingencies set forth in this letter,
the satisfactory completion of the investigation and evaluation referred to in this letter
and Buyer’s confirming to its sole satisfaction its current understanding with
respect to the business, results of operations, financial condition, assets, liabilities,
management and prospects of Seller, and (ii) conditions to Closing set forth in the purchase
agreement will include: (a) Buyer’s confirming to its sole satisfaction that there
has not been any material adverse change in the business, results of operations, financial
condition, assets, liabilities and prospects of Seller not contemplated by the income
statement, balance sheet and other financial information and projections previously presented
to Buyer by Seller, (b) the establishment of satisfactory financing arrangements for
the transaction, and (c) the obtaining of all consents and approvals, governments, private
or otherwise, or waivers of such consents and approvals, which may be necessary to permit
Buyer and Seller to consummate the transaction contemplated hereby.
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14.
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Agreement
Not to Negotiate with Others. At any time after signing the LOI, neither Seller nor
any Seller stockholders, nor any of their respective representatives will, directly or
indirectly, solicit, initiate discussions or engage in negotiations with, or distribute
any information regarding Seller to, any person (whether such discussions or negotiations
are initiated by Seller or otherwise) other than Buyer and its representatives, concerning
any possible sale of all or part of Seller (whether by way of public stock offering,
merger, issuance or sale of capital stock or securities, or sale of assets). Seller understands
that such actions would cause material economic harm to Buyer. This provision shall be
effective until the earlier to occur of the Closing or 45 days from the effective date
of this LOI, assuming that the transaction has not been formally canceled in writing
previously by either Party.
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15.
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Notification
of Certain Matters. Seller and its stockholders will give prompt notice to Buyer
in writing of (i) any actual or reasonably anticipated material change in the business
that does or may have an adverse impact on the business or prospects of the business
or (ii) the occurrence of any event which might reasonably result in the failure of Seller
or its stockholders to meet the terms and conditions outlined in this letter.
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16.
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Closing
Costs. Except as otherwise provided herein, Seller and their respective stockholders
(“Seller”) hereby agree that all fees, expenses and taxes (including transfer
taxes) incurred by them in connection with this transaction shall be borne by Seller,
and Buyer agrees that all fees and expenses incurred by Buyer in connection with this
transaction shall be borne by Buyer.
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17.
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Governing
Law and Venue; Relief. This Letter of Intent shall be governed by and construed in
accordance with the laws of the State of California applicable to contracts made and
to be performed in California. Upon any breach of the provisions of this LOI, the parties
agree that money damages would not be a sufficient remedy and Buyer shall be entitled
to equitable relief, including in the form of injunctions and orders for specific performance,
in addition to all other remedies available at law or in equity.
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18.
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Binding
Effect of This Letter. The provisions contained herein constitute a binding agreement
among the parties, subject to due diligence review by Buyer. Notwithstanding the foregoing,
the parties agree to negotiate in good faith to enter into a purchase agreement to formally
document the binding and enforceable obligations of the parties hereunder.
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19.
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Counterparts.
This Letter of Intent may be executed in one or more counterparts, each of which
will be deemed to be an original copy of this letter and all of which, when taken together,
will be deemed to constitute one and the same agreement.
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[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]
Please
indicate your acceptance of the foregoing by signing and returning to the undersigned the enclosed copy of this letter. This offer
will expire at 5:00 p.m. Pacific Time on August 10, 2020, unless earlier accepted. Upon receipt of an executed copy of this letter,
we intend to promptly commence our legal, accounting and other due diligence reviews of the transaction. We look forward to concluding
this acquisition, and continuing to build the outstanding company you founded.
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Yours
truly,
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WEYLAND
TECH, INC.
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By:
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/s/
Brent Suen
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Brent
Suen, CEO
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Accepted
this 11th day of August, 2020, by:
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FIXEL
AI INC.
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By:
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/s/
Etgar Shpivak
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Etgar
Shpivak, CEO
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Page
5 of 5
Exhibit 99.1
Weyland
Tech Enters Agreement to Acquire Fixel AI, Leading
Innovator in AI-Powered Digital Marketing Technology
New York, NY – August 13, 2020 – Weyland
Tech, Inc. (OTCQX: WEYL), a leading global provider of eCommerce, mCommerce, and fintech business enablement solutions, has
reached an agreement to acquire Fixel AI, an award-winning innovator of digital marketing technology.
Fixel’s audience engagement platform provides startups
to Fortune 500 companies the ability to dramatically enhance their online marketing spend by segmenting and ranking website visitors
based on their level of engagement.
Applying the power of A.I. machine learning, Fixel automatically
analyzes in real-time dozens of user interactions on a company’s website to identify the most engaged visitors with the highest
purchase intent, while eliminating low quality traffic that has nearly zero probability of making a purchase.
As demonstrated by many real-world applications,
Fixel’s audience segmentation technology creates high-intent audiences for retargeting and use their unique characteristics
to target ‘lookalike audiences’ on advertising platforms, like Google, Facebook, Twitter and LinkedIn.
Proprietary AI analytics provides granular insights into top-performing
audiences which can be used to further optimize campaigns. The typical waste in spending on online campaigns can be eliminated
by identifying and removing underperforming low volume keywords and channels.
Delivered as a cloud-based software-as-a-service (SaaS), Fixel’s
technology can be quickly and easily embedded into any website. It integrates seamlessly with all major ad platforms, CMS and DMP
services, including Facebook, Google Ads, Shopify and WordPress. The CCPA and GDPR complaint, first-party data solution works regardless
of third-party cookies or other data sources, so businesses can be confident their targeting is accurate.
Weyland plans to operate Fixel as a new subsidiary, but expects
Fixel’s technology to be immediately integrated by Logiq, Weyland’s end-to-end eCommerce
marketing solution for enterprises and major U.S. brands. Logiq also publishes several branded websites which it uses to generate
first-party data.
“Fixel excels as a unique ‘plug-and-play’
method of building high-quality audiences who are ready to buy, while filtering out all the noise and waste,” said Haig Newton,
CEO and president of the Logiq subsidiary. “They make audience creation easy while providing better control over remarketing
campaigns, including making media optimization faster and more efficient. They also provide critical solutions for the vanishing
‘cookie’ and increasing requirements for privacy protection.”
Many online companies still use third-party data collected from
users on other websites to target consumers with ads. But changes to major web browsers are cracking
down on third-party data collection and new internet
privacy rules are making this practice less viable. In January, Google announced
it plans to remove support for third-party cookies by 2022. Chrome, Safari, and Firefox and other browsers will also no longer
support this type of data tracking by 2022, with the phase-out heralded as the “death
of the third-party cookie.”
“As the ideal solution to the crumbling third-party cookie,
Fixel’s proprietary technology provides a first-party digital tag owned by the brand or publisher which can be used to automatically
identify the audiences who are relevant for a marketer’s business objectives,” noted Fixel CEO, Etgar Shpivak. “Our
proven technology decreases cost per acquisition, increases return on ad spend, and scales lookalikes audiences. This is just one
of the many areas where we see tremendous synergies with Weyland’s eCommerce platforms.”
Logiq’s chief technology officer, Tom Furukawa, commented:
“Fixel avoids problems with low quality traffic by intelligently scoring site visitors, including those responding to an
online campaign, and thereby providing a real set of customers for retargeting. We see Fixel’s technology greatly complementing
and enhancing our LogiqX AI-powered consumer intent engine, which captures and directs
consumers from multiple sources who are in the market to purchase a particular product or service, and promotes their engagement
and conversion for major enterprises and brands.”
The power and unique capabilities of Fixel’s digital marketing
technology has been recognized by both Techstars
and Plug and Play, two of the leading startup programs in
the U.S.
The
acquisition of Fixel is anticipated to close by early September upon satisfaction of due diligence and execution of a long-form
agreement. Further details of the transaction will be made available in a Current Report
on Form 8-K to be filed by Weyland Tech with the Securities and Exchange Commission, and available at sec.gov
and from the investor
section of the company’s
website at weyland-tech.com.
For more information about Fixel, visit fixel.ai
About Weyland Tech
Weyland Tech, Inc.
(OTCQX: WEYL) is a U.S.-based leading global provider of eCommerce, mCommerce, and fintech business enablement solutions. Its CreateApp™
platform-as-a-service enables small-and-medium sized businesses worldwide to easily create and deploy a native mobile app for their
business without technical knowledge or background. CreateApp empowers businesses to reach more customers, increase sales, manage
logistics, and promote their products and services in an easy, affordable, and highly efficient way. CreateApp is offered in 14
languages across 10 countries and three continents, including some of the fastest-growing emerging markets in Southeast Asia.
Weyland’s subsidiary, Logiq
Inc., provides a data-driven, end-to-end eCommerce marketing solution for enterprises and major U.S. brands, like Home Advisor,
QuinStreet and Sunrun. Its LogiqX™ AI-powered consumer intent engine captures
and directs consumers from multiple sources who are in the market to purchase a particular product or service, and promotes their
engagement and conversion. Weyland’s AtozPay™ subsidiary offers mobile
payments, e-wallet, and the AtozGo™ hyper-local food delivery services in Indonesia,
which has the fastest-growing mobile economy in Southeast Asia. For more information about Weyland Tech, go to weyland-tech.com.
Important Cautions Regarding Forward Looking Statements
This press 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 completion by the Company of due diligence and the consummation of the acquisition,
the ability of the Company to successfully integrate Fixel, 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 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.
LogiqX is a trademark of Logiq, Inc. All rights reserved.
Company Contact
Brent Suen, CEO
Weyland Tech Inc.
Email contact
Media & Investor Contact
Ronald Both or Grant Stude
CMA Investor & Media Relations
Tel (949) 432-7566
WEYL@cma.team
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