WeTrade Group Inc. Official Announcement for the Change of Board of Directors and Senior Management

Rhea-AI Summary

WeTrade Group Inc. announces unauthorized change in directors and officers, denies allegations of unauthorized share issuances and defends against lawsuit.

BEIJING, Oct. 3, 2023 /PRNewswire/ -- WeTrade Group Inc. ("WeTrade" or the "Company") (NASDAQ: WETG) , a global diversified "software as a service" ("SaaS") technology service provider committed to providing technical support and digital transformation tools for enterprises across different industries, today announced that the September 28, 2023 current report on Form 8-K filed with the SEC, purporting a change of the Company's directors and officers, was submitted to EDGAR without proper authorization of the Company. There were no changes to the Board of Directors and investors should not rely on the disclosures contained therein. The Board of Directors and officers are still remained the same as follow: Guo Bi Ming (Chairman), Wei He Chun (CEO), Annie Huang (CFO), Grace Li (Director), Qin Ning (Director), Ye Yu Xing (Director) and Li Da Xue (Director).

On September 28, 2023, a derivative lawsuit was filed in the United States District Court District of Wyoming against certain officers and directors (the"Named Defendants") of the Company by certain shareholders. The complaint alleges that the Named Defendants were no longer officers and directors of the Company as of June 30, 2023 and that the corporate actions relating to certain share issuances to private placement investors were unauthorized. A motion for temporary restraining order and preliminary injunction (the"TRO") was filed on September 28, 2023 to temporarily restrain the Named Defendants from acting on behalf of the Company.

The Company believes that the complaint is meritless and will vigorously defend it.

About WeTrade Group Inc.

WeTrade Group Inc. is a global diversified "Software as a Service" ("SaaS") technology service provider committed to providing technical support and digital transformation tools for enterprises across various industries. WeTrade Group consists of four business segments: YCloud, WTPay, Y-Health, and YG. YCloud is a micro-business cloud intelligent system launched by WeTrade, serving the global micro-business industry. YCloud strengthens users' marketing relationships and CPS commission profit management through leading technology and big data analysis. It also helps increase payment scenarios to boost customers' revenue through multi-channel data statistics, AI fission, and management, as well as an improved supply chain system. Independently developed by the Company, WTPay supports multiple methods of online payment and eight mainstream digital wallets in over 100 countries, helping customers quickly realize global collection and payment business. Y-Health is the sector focusing on public health business, which engages in developing global business for biological health and medical enterprises. Currently, Y-Health mainly focuses on epidemic detection and prevention, daily healthcare, traditional Chinese medicines, and more. YG is the new energy business segment that mainly provides tools and technical support for the digital new energy industry in the Middle East and Central Asia.

For more information, please visit: https://ir.wetg.group.

Forward Looking Statements

This report includes "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward looking statements may be identified by the use of words such as "anticipate", "believe", "expect", "estimate", "plan", "outlook", and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward looking statements include any statements regarding the Company's strategic and operational plan, and expected financial performance. Forward looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward looking statements are based on information available at the time those statements are made and/or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward looking statements, including but not limited to unforeseen events that may affect the performance of the Company's business. The Company does not intend, and undertakes no duty, to update this information to reflect future events or circumstances. Investors are referred to the most recent reports filed with the SEC by the Company.

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SOURCE WeTrade Group Inc