On 10/14/20, WeTouch Technology, Inc. reverse merged into the GLFW shell with the filing of a Form 10-12g. The stock symbol was changed to WETH. WeTouch Technology Inc. also goes by the name WeTouch Group, Sichuan VTouch Technology and Sichuan WeTouch. It is a subsidiary of Australia WeTouch, but the main operations are located in China. WeTouch, is involved in the development, manufacturing, sales and servicing of medium to large sized touchcreens. WeTouch touchscreens are used in a large range of industries, including finance, automotive, industrial, retail, gaming, lottery and medical, and the “WeTouch” brand is highly recognised and respected in these industries in China. *WeTouch Technology Inc. is the largest manufacturer of 5 wire / 4 wire resistive touchscreens and surface capacitive / projective capacitive (PCAP) touchscreen / touch monitors in China. On 10/14/20 WeTouch (WETH) officially merged into the GLFW shell with the filing of the Form 10-12G
-WeTouch had $19 million in cash as of 6/30/20 with Total Assets of $43.2 million and Total Liabilities of $8.7 million
-WeTouch had $40 million in revenues in 2019 -WeTouch had Net Income of $13.7 million in 2019 and $11.8 million in Net Income in 2018 https://www.sec.gov/Archives/edgar/data/1826660/000149315220019460/form10-12g.htm
Wetouch started research and development for projected capacitive touch panel in early 2009, and founded Wetouch Technology Co,,Ltd( The following referred to Wetouch) in Renshou ShiGao Industrial Zone of Tianfu New Distrct with registered capital of 80 million CNY. The factory covers an area of 7,000 square meters, building area of 60, 000 square meters, with total investment of 200 million CNY.
Wetouch focus on designing, manufacturing and sales for projected capacitive touch panel from 7” to 42”,which is widely used for POS ,GPS ,Financial ,Industrial ,Lottery ,Gaming and Medical devices.
The factory was completed and was into production from September 2013, and has got government’s high-tech fund support for nearly more than 20 Million CNY. Wetouch has been qualified as Chinese bank self-service equipment and POS supplier for the size of 15”,17”,19”, while 8 to 10 inches for automotive industry.
As a leading provider of touch panel, Wetouch focuses on research and development, and has set up a professional R&D team with more than 30 engineers, sets up a research and development center for edging touch materials and new technology in Southwest Wels University. Till now, Wetouch has already got more than 10 patents, and got ISO9001, ISO14000, the FCC, CE, ROHS, TS16949 and other domestic and international certifications. WeTouch on Linkedin: WeTouch is the largest manufacturer of 5 wire / 4 wire resistive touchscreen and surface capacitive / projective capacitive (PCAP) touchscreen / touch monitors in China
WeTouch Technology Company Website
Most of our touchscreens are used in industry control, GPS, POS terminals, Medical Industry, Information Kiosk, Gaming Machine, payment kiosk and others Company Size: 200 to 500 employees https://www.linkedin.com/showcase/wetouchscreen Australia WeTouch Technology LTD. Prospectus from 2017
WeTouch was going to go public on the Australian Stock Exchange (ASX) but never did
Here are some key highlights from their 2017 Prospectus:
Page 6 Section 1.2
The main operating entity of the Group, Sichuan VTouch Technology Limited Company (Sichuan WeTouch), is engaged in the development, manufacturing, sales and servicing of medium to large sized touchscreens
. Sichuan WeTouch’s products are used in a large range of industries, including finance, automotive, industrial, retail, gaming, lottery and medical, and the “WeTouch” brand is highly recognised and respected in these industries in China
Sichuan WeTouch’s touchscreen products are sold to a range of institutional customers. WETH Insider Ownership (According to the 10Q ending 6/30/20)
Its top key existing customers are: > Hong Kong Caibo Tech Co., Ltd; > Shenzhen City Diret Technology Co., Ltd; > Shenzhen Soling Industrial Co., Ltd; > Canon (Suzhou) Co., Ltd; > Multimedialink; > Mesada Technology Co., Ltd; > Siemens Industrial Automation Products (Chengdu) Co., Ltd; > Shenzhen Tokwa Precision Technology Co., Ltd; > Suzhou Weinview Co., Ltd; > Telerex Nederland B.V.; > Taiwan Yili Electronic Industry Co., Ltd; > Omron (Guangzhou) Car Electric Co., Ltd; > Hong Kong Car Control Technology Co., Ltd; > Thai International Trade (Shenzhen) Limited Division; > Computer Express LLC; > Schneider Electric (China) Co., Ltd; and > AKG Technologies Inc.
Page 72 Section 6 - Financial Information
Revenue has increased from A$3.2 million in 2014 to A$4.2 million in 2015 (a 34% increase), and to A$21.3 million in 2016 (a 397% increase) - A = Australian Dollars
In the first quarter of 2017, there is an order intake amounting to 130 million RMB ($18.5 million in US dollars)
The gross margin is 30.7% in 2014, 83.5% in 2015, and 53% in 2016.
From the second half in 2016, the company went into mass production mode resulting in lower unit production cost, and coupled with the substantial growth in overseas sales which are more profitable, saw an improvement in its gross margin compared to 2014. It now employes more than 300 people in China producing medium to large size touchscreens for a variety of industries including retail, finance, gaming, health and the automotive industry. The business was founded in 2011 by Guangde Cai who is the major shareholder of the company
WeTouch's customers include Siemens, Schneider Electric and Canon https://www.manmonthly.com.au/unsw-touch-screens-wetouch
and he had personally funded it to date, in addition to a $20 million research grant from the Chinese government.
In the past 18 months the company moved from small production runs to large scale production and this resulted in its revenue growing from $4 million to $21 million in 2016 and it's profit jumping from only $145,000 to $7 million in 2016.
(Probably in Australian dollars) https://www.afr.com/technology/chinese-touchscreen-manufacturer-wetouch-the-latest-foreign-firm-to-hit-the-asx-20170517-gw720g
*Guangde Cai - Is the majority owner of WETH with 50.48% of Common Stock
*Guangde Cai also owns 100% of Qihong Technology LTD. (Qihong Techonology Ltd. is 100% held by WeTouch Technology)
*Guangde Cai is the majority owner and founder of WeTouch Technology
*Jiaying Cai owns 100% of Qixun Technology Limited WETH Share Structure (Post Reverse Merger and symbol change)
300,000,000 - Authorized Shares - 11/06/20
31,397,083 - Outstanding Shares - 11/06/20
30,694,862 - Restricted Shares - 11/06/20
702,221 - Unrestricted Shares - 10/06/20 On 9/30/20 the name was officially changed from Gulf West Investment Properties Inc. to WeTouch Technology Inc. on the NVSOS site
*Guangde Cai, the new majority owner of WETH, is the founder and owner of WeTouch. A company that was trying to go public on the ASX stock exchange in 2017 but never did On 10/14/20, WeTouch Technology, Inc. (WETH) officially merged into the shell with the filing of the Form 10-12g
*WeTouch has $19 million in cash as of 6/30/20 with Total Assets of $43.2 million and Total Liabilities of $8.7 million
*WeTouch had $40 million in revenues in 2019 *WeTouch had Net Income of $13.7 million in 2019 and $11.8 million in Net Income in 2018 https://www.sec.gov/Archives/edgar/data/1826660/000149315220019460/form10-12g.htm