Company Announcements

Singapore, May 15, 2024 (GLOBE NEWSWIRE) -- Webuy Global Ltd (NASDAQ: WBUY) ("Webuy" or the "Company"), a Southeast Asian community e-commerce retailer, today announced the launch of its travel business in Indonesia, as it expands its presence in the growing Southeast Asian tourism market.

Indonesia’s burgeoning middle class, which, according to data from the World Bank, is projected to make up 80% of the population by 2045, represents a significant and underserved market with considerable potential for new business ventures. This demographic shift is creating a new cohort of consumers seeking high-quality services and experiences, with travel being a prominent example.

Webuy's unique approach, which aims to seamlessly integrate online and offline elements, is ideally suited to cater to this emerging demand. For example, the Company's recently launched Mitra Referral Program ("Mitra") makes the referral process to connect to Mitra agents, who are similar to the Company’s group leaders, more straightforward, and facilitates streamlined connections between potential travelers and Webuy’s services. Once a referral is made, Webuy's dedicated team of tour consultants ensures that each customer's travel needs are met and their clients enjoy exceptional travel experiences customized to their individual preferences. Travel agents also benefit from a simplified referral process and receive an additional source of income.

The Company's travel business' inaugural trip was a six-day, four-night tour in Korea, which garnered an exceedingly positive response from its participants. A post-tour survey revealed 100% customer satisfaction, underscoring the tour's resounding success.

Vincent Xue Bin, Chief Executive Officer and Co-Founder of Webuy, commented, "I am delighted to see the positive trajectory of our travel service. We are capitalizing on the momentum of our successful package tour business in Singapore to further penetrate the rapidly expanding Southeast Asian tourism market. Our team of seasoned tour consultants and professionals provide exceptional support to referred clients, ensuring they receive excellent service and personalized solutions. Going forward, we will build on our momentum to further develop our community network and deliver sustainable shareholder value."

About Webuy Global Ltd

Webuy Global Ltd (Nasdaq: WBUY) is an innovative, technology-focused company with the goal of building the most trusted retail brand and advanced e-commerce platform in Southeast Asia, designed to leverage data in order to provide a community-driven experience for consumers.  The Company's unique 'group buy' business model is set to revolutionize traditional shopping practices, by offering substantial cost savings to customers through an efficient purchasing model and community-centric approach. Akin to group purchases and bulk orders, this approach simplifies the process for customers, eliminating the need for individual bulk purchases. Furthermore, the Company's business model streamlines the traditional supply chain by minimizing the involvement of intermediaries, thereby offering a more direct "farm-to-table" supply model.  The Company’s vision is to enable the ten million families in Southeast Asia to live a healthier, higher-quality lifestyle. Additional information about the Company is available at http://webuy.global/ 

Forward-Looking Statements

This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies; the Company's future business development; financial condition and results of operations; product and service demand and acceptance; reputation and brand; the impact of competition and pricing; changes in technology; government regulations; fluctuations in general economic and business conditions in U.S., Singapore and Indonesia and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

Contacts

Investor Relations

Robin Yang, Partner

ICR, LLC

Email: Webuy.IR@icrinc.com

Phone: +1 (646) 880-9057