Wetouch Technology Inc (WETH)

[abrooklyn]

https://sec.report/Document/0001493152-20-024656/

[rcaselli]

It’s on Edgar from awhile back,
but don’t see it on OTC Markets.


WETH

[molee]

Where do you see that submitted ?

[rcaselli]

Quiet Period before the effective Reg A?



WETH

[molee]

Well , here we sit on our hands , waiting ....

Stay safe >> M

[molee]

Probably not as I found this :

"The Company sells its products primarily through direct customers in the PRC and to some extent, the overseas customers in European countries and East Asia such as South Korea and Taiwan ."

https://www.otcmarkets.com/filing/html?id=14981294&guid=ce4Ukqe4gPFihth

[Prinz18]

Could WETH be on Biden's China list?

[Welcome2Pinkyland]

Only the annual filing needs to be audited to stay listed on the QB

[rcaselli]

They’ve uplisted to attract a more affluent investor. And they seem to be executing good on strategic business/financial decisions.

BUT

Why is this not an AUDITED financial filing??



WETH

[molee]

Yes , I see that . The company still looks strong to me ...

[Prinz18]

Deduct $ 7.6m from $ 8.4m leaves you with net income of $ .8m (against $ 1.3m last year)!!!

[molee]

See what I'm saying ? All shares today bought at the ask $2.70 and it didn't even blink .

[Welcome2Pinkyland]

Not sure, but they need to come back

[Welcome2Pinkyland]

Basic and diluted EPS. Basic and diluted net income per share were $0.25. If $WETH does this for 4 q’s - estimated pps value would be between $10 and $30

[molee]

Last time financials came out there was a run up to 5 dolla .. remember ?

Where did those people come from and where did they go , I wonder ...

[Welcome2Pinkyland]

Probably no one is seeing the news except penny players

[molee]

I know ... maybe the market thinks it's fake news ... LOL

[Welcome2Pinkyland]

Most likely because -Revenues increased by ONLY 202.3% to $10.7 million-

AND -Net income increased by ONLY 563.9% to $8.4 million-

$WETH

[Welcome2Pinkyland]

BOOM! Wetouch Technology Inc. (WETH) Reports First Quarter 2021 Unaudited Financial Results
8:30 AM ET 5/26/21 | GlobeNewswire
Wetouch Technology Inc. (WETH) Reports First Quarter 2021 Unaudited Financial Results

-Revenues increased by 202.3% to $10.7 million-

-Net income increased by 563.9% to $8.4 million-

Chengdu, China, May 26, 2021 (GLOBE NEWSWIRE) -- Wetouch Technology Inc. (OTCQB: WETH) ("Wetouch" or "the Company"), a specialty manufacturer of medium to large sized projected capacitive touchscreens today announced its unaudited financial results for the first quarter ended March 31, 2021.

First Quarter 2021 Financial Highlights
-- Total net revenues were US$10.7 million, representing a 202.3% increase
from US$3.5 million from the same period in 2020.

-- Gross profit increased by 197.5% to US$5.1 million from US$1.6 million
for the same period in 2020.

-- Gross margin was 48.4%, compared with 46.6% for the same period in 2020

-- Net income increased by 563.9% to US$8.4 million, including one time gain
on asset disposal of $7.6 million, from US$1.3 million from the same
period in 2020.

-- Basic and diluted EPS. Basic and diluted net income per share were $0.25,
compared with $0.04 in the same period of 2020.

-- Cash at the end of first quarter of 2021 was US$54.5 million compared to
US$24.0 million at the end of fiscal year 2020.

"we are pleased to see continued strong recovery of businesses for the first quarter despite the challenges from a small wave of Covid-19 outbreak. We kicked off 2021 with strong topline growth and significant improvement in almost all key operational metrics, placing us firmly on track to further growth," Mr. Guangde Cai, Chairman of WETH, commented, "Geographically, sales from PRC increased by 213.0%, complemented by 191.7% increase from overseas. Units sold increased by 178.3% to 499,796 touchscreens in the first quarter of 2021 from 179,592 units in the same period last year. Average selling price of our products also increased by 7.1% thanks to the increased sales of new models of higher-end products of such as touch screens used in gaming machine with higher selling price in domestic market during the three-month period ended March 31, 2021. As one of leading manufacturers of medium to large sized projected capacitive touchscreens in China, we are confident that our exceptional products and services, as well as our constantly improved and expanded product offering, would enable us to gain market share and deliver long-term value for our shareholders."

First Quarter 2021 Financial Results

Total Revenues. We generated revenue of $10.7 million and $3.5 million for the three months ended March 31, 2021 and 2020, respectively, an increase of $7.2 million, or 205.7%, compared to $3.5 million in the same period of last year. This was due to an increase of 178.3% in sales volume and of 9.7% in the average selling price of our products, and 7.1% positive impact from exchange rate due to appreciation of RMB against US dollars, compared with those of the same period of last year.

Gross Profit and Gross Profit Margin. Gross profit was $5.1 million in the first quarter ended March 31, 2021, compared to $1.6 million in the same period of 2020. Our gross profit margin increased to 47.7% for the first quarter ended March 31, 2021 as compared to 45.7% for the same period of 2020, primarily due to product mix shift to higher gross profit margin products such as self-service kiosks, ticket vending machine and financial terminals.

Gain on Asset Disposal. Gain on asset disposal was $7.6 million for the quarter ended March 31, 2021 compared to nil in the same period in 2020. Pursuant to local PRC government guidelines on local environment issues and the national overall plan, Sichuan Wetouch is under the government directed relocation order no later than December 31, 2021 and got compensated accordingly. On March 18, 2021, pursuant to the agreement with the local government and an appraisal report issued by a mutual agreed appraiser, Sichuan Wetouch received a compensation of RMB115.2 million ($17.8 million) ("Compensation Funds") for the withdrawal of the right to use of state-owned land and the demolition of all buildings, facilities, equipment and all other appurtenances on the land. During the three-month period ended March 31, 2021, the Company recorded a gain of $7,611,646 for the asset disposal.

Income Tax Expenses. Income tax expense was $1.3 million for the three-month periods ended March 31, 2021, as compared to $0.2 million in the same period a year ago. The effective income tax rates for the three-month periods ended March 31, 2021 and 2020 were 13.9% and 15.0%, respectively. The effective income tax rate for the three-month period ended March 31, 2021 differs from the PRC statutory income tax rate of 25% primarily due to Sichuan Wetouch's preferential income tax rate.

Net Income. We had a net income of $8.4 million in the first quarter of 2021 compared to a net income of $1.3 million in the same quarter of 2020.

Basic and diluted EPS. Basic and diluted net income per share were $0.25, compared with $0.04 in the same period of 2020.

Cash and cash equivalents. As of March 31, 2021, the Company had cash and cash equivalents, of $54.5 million, compared with $24.0 million as of December 31, 2020.

[molee]

Hard to believe NO market response to such a stellar report ...

Maybe they should hire a public relations person ...

[molee]

ALWAYS somebody with advance knowledge of information ....

Let it rise .. I am fully loaded .. hehe .

Stay safe >> M

[rcaselli]

Boom

Yesterday they were loading.
See you topside.
Winners circle.

WETH

[molee]

Wetouch Technology Inc. (WETH) Reports First Quarter 2021 Unaudited Financial Results

Wetouch Technology Inc.
Wed, May 26, 2021, 8:30 AM
In this article:

WETH
+0.37%


-Revenues increased by 202.3% to $10.7 million-

-Net income increased by 563.9% to $8.4 million-

Chengdu, China, May 26, 2021 (GLOBE NEWSWIRE) -- Wetouch Technology Inc. (OTCQB: WETH) ("Wetouch" or "the Company"), a specialty manufacturer of medium to large sized projected capacitive touchscreens today announced its unaudited financial results for the first quarter ended March 31, 2021.

First Quarter 2021 Financial Highlights

Total net revenues were US$10.7 million, representing a 202.3% increase from US$3.5 million from the same period in 2020.

Gross profit increased by 197.5% to US$5.1 million from US$1.6 million for the same period in 2020.

Gross margin was 48.4%, compared with 46.6% for the same period in 2020

Net income increased by 563.9% to US$8.4 million, including one time gain on asset disposal of $7.6 million, from US$1.3 million from the same period in 2020.

Basic and diluted EPS. Basic and diluted net income per share were $0.25, compared with $0.04 in the same period of 2020.

Cash at the end of first quarter of 2021 was US$54.5 million compared to US$24.0 million at the end of fiscal year 2020.


“we are pleased to see continued strong recovery of businesses for the first quarter despite the challenges from a small wave of Covid-19 outbreak. We kicked off 2021 with strong topline growth and significant improvement in almost all key operational metrics, placing us firmly on track to further growth,” Mr. Guangde Cai, Chairman of WETH, commented, “Geographically, sales from PRC increased by 213.0%, complemented by 191.7% increase from overseas. Units sold increased by 178.3% to 499,796 touchscreens in the first quarter of 2021 from 179,592 units in the same period last year. Average selling price of our products also increased by 7.1% thanks to the increased sales of new models of higher-end products of such as touch screens used in gaming machine with higher selling price in domestic market during the three-month period ended March 31, 2021. As one of leading manufacturers of medium to large sized projected capacitive touchscreens in China, we are confident that our exceptional products and services, as well as our constantly improved and expanded product offering, would enable us to gain market share and deliver long-term value for our shareholders."

First Quarter 2021 Financial Results

Total Revenues. We generated revenue of $10.7 million and $3.5 million for the three months ended March 31, 2021 and 2020, respectively, an increase of $7.2 million, or 205.7%, compared to $3.5 million in the same period of last year. This was due to an increase of 178.3% in sales volume and of 9.7% in the average selling price of our products, and 7.1% positive impact from exchange rate due to appreciation of RMB against US dollars, compared with those of the same period of last year.

Gross Profit and Gross Profit Margin. Gross profit was $5.1 million in the first quarter ended March 31, 2021, compared to $1.6 million in the same period of 2020. Our gross profit margin increased to 47.7% for the first quarter ended March 31, 2021 as compared to 45.7% for the same period of 2020, primarily due to product mix shift to higher gross profit margin products such as self-service kiosks, ticket vending machine and financial terminals.

Gain on Asset Disposal. Gain on asset disposal was $7.6 million for the quarter ended March 31, 2021 compared to nil in the same period in 2020. Pursuant to local PRC government guidelines on local environment issues and the national overall plan, Sichuan Wetouch is under the government directed relocation order no later than December 31, 2021 and got compensated accordingly. On March 18, 2021, pursuant to the agreement with the local government and an appraisal report issued by a mutual agreed appraiser, Sichuan Wetouch received a compensation of RMB115.2 million ($17.8 million) (“Compensation Funds”) for the withdrawal of the right to use of state-owned land and the demolition of all buildings, facilities, equipment and all other appurtenances on the land. During the three-month period ended March 31, 2021, the Company recorded a gain of $7,611,646 for the asset disposal.

Income Tax Expenses. Income tax expense was $1.3 million for the three-month periods ended March 31, 2021, as compared to $0.2 million in the same period a year ago. The effective income tax rates for the three-month periods ended March 31, 2021 and 2020 were 13.9% and 15.0%, respectively. The effective income tax rate for the three-month period ended March 31, 2021 differs from the PRC statutory income tax rate of 25% primarily due to Sichuan Wetouch’s preferential income tax rate.

Net Income. We had a net income of $8.4 million in the first quarter of 2021 compared to a net income of $1.3 million in the same quarter of 2020.

Basic and diluted EPS. Basic and diluted net income per share were $0.25, compared with $0.04 in the same period of 2020.

Cash and cash equivalents. As of March 31, 2021, the Company had cash and cash equivalents, of $54.5 million, compared with $24.0 million as of December 31, 2020.

[molee]

What I don't like is the MM only represents 100 shares when clearly there is much more .
Someone hits the $2.70 ask for 100 share and nothing happens to the ask .

Maybe there is a good move behind this pattern . We'll have to wait and see .

[rcaselli]

Whomever had shares for sale can’t have too many more. I bet we finish the week greener.

WETH

[molee]

While the volume was encouraging , it was all done with ask hits that did not budge the price .

That concerns me a little ...

[rcaselli]

Nice and interesting day.
Good to see some sort of pulse.



WETH

[molee]

Drifting lower here while mums the word ...

[Welcome2Pinkyland]

One of these days BOOM! Is my guess, but made a wrong guess that one time back in ‘07 - so let’s see how it goes. $WETH $$

[rcaselli]

#allbuys

[molee]

Strange trading today .. high volume + no movement ..

https://ih.advfn.com/stock-market/USOTC/wetouch-technology-qb-WETH/trades

[Welcome2Pinkyland]

Nice

[molee]

Wetouch Technology Inc. (WETH) Receives Approval to trade on the OTCQB Market

Chengdu, China, March 31, 2021 (GLOBE NEWSWIRE) -- Wetouch Technology Inc. (OTC: WETH) ("Wetouch" or "the Company"), a specialty manufacturer of medium to large sized projected capacitive touchscreens, is pleased to announce that after successfully completing the application process, the Company was approved for quotation on the OTCQB®, operated by the OTC Markets Groups. The Company’s common shares have begun trading on the OTCQB on March 29, 2021 under the stock symbol “WETH”.

Mr. Guangde Cai, Chairman of Wetouch, commented, "Up-listing to the OTCQB will enhance our visibility and make the Company accessible to a much broader range of U.S. investors. Trading on the OTCQB is expected to increase liquidity by providing current and potential investors with a transparent and easily accessible trading platform where they can find Real-Time quotes and market information.”

Shareholders of existing Wetouch shares, previously traded on the OTC® Pink Open Market, will now trade on the OTCQB without any further action required.

The OTCQB Venture is the premier marketplace for companies that are committed to providing a high-quality trading and information experience for their US investors. Qualifying for approval to trade on the OTCQB requires a Company to be current on disclosure obligations, to pass a minimum bid price test, and to provide an annual company verification and management certification process. The OTCQB quality standards creates a solid baseline of transparency, as well as the technology to improve the information and trading experience for investors.

[Welcome2Pinkyland]

Awesome $$

[molee]

$WETH is OTCQB now : https://www.otcmarkets.com/stock/WETH/disclosure

[AskMuncher]

$WETH Wetouch Technology Inc. (WETH) Plans to Relocate to Chengdu and Receives $17.7 million compensation
Press Release | 03/22/2021
Chengdu, China, March 22, 2021 (GLOBE NEWSWIRE) -- Wetouch Technology Inc. (OTC: WETH) ("Wetouch" or "the Company"), a specialty manufacturer of medium to large sized projected capacitive touchscreens, today announced that it has received $17.7 million from Sichuan Renshou Shigao Tianfu Investment Co., Ltd, a limited company owned by the local government (Sichuan Renshou”), as compensation for the Company’s relocation from its existing location in Meishan City to Chengdu, Sichuan province.

Based on a compensation agreement signed by the Company and Sichuan Rensou on March 16, 2021, the total compensation is RMB115.2 million (approximately $17.7 million based on an exchange rate of 6.5RMB per US $1.00), including RMB100.2 million ($15.4 million) based upon the appraised value of the property plus an extra 15% relocation bonus of RMB15.0 million ($2.3 million) pursuit to an appraisal report from an independent appraiser. On March 18, 2021, Wetouch received a total amount of RMB115.2 million (approximately $17.7 million) as the total amount of compensation from Sichuan Renshou.

In order to minimize the interruption of our business, a newly acquired wholly-owned subsidiary of ours in Sichuan, China entered into a leaseback agreement with Sichuan Renshou on March 16, 2021. The Leaseback Agreement entitles us to lease back the Property commencing from April 1, 2021 until December 31, 2021, at a monthly rent of RMB300,000 (approximately $46,154). The Company will be able to continue its operation until the end of 2021. The Company is actively searching for an appropriate parcel in Chengdu Medicine City (Technology Park), Wenjiang District, Chengdu for the construction of our new production facilities and office buildings. We expect that the construction and relocation will be completed prior to December 31, 2021, although there is no absolute assurance.

“We are excited to relocate our facilities to Chengdu with new corporate headquarter, manufacturing plants, and R&D center, which will be an opportunity to upgrade our operation and drive efficiency and allow Wetouch to better accommodate future business expansion, while simultaneously, providing a nurturing environment to foster team innovation as well as attract and retain talent in Chengdu, a dynamic city both for work and living,” Mr. Guangde Cai, Chairman of Wetouch, commented. “We are looking forward to sustained and healthy growth at our new home as we continue to strengthen our leading position in China’s large format touchscreen industry.”

Caution Concerning Forward Looking Statements

The SEC encourages companies to disclose forward-looking information so that investors can better understand a company's future prospects and make informed investment decisions. The information on this website contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often include words such as "anticipates," "estimates," "expects," "projects," "intends," "plans," "believes" and words and terms of similar substance in connection with discussions of future operating or financial performance.

The Company's forward-looking statements are based on management's current expectations and assumptions regarding the Company's business and performance, the economy and other future conditions and forecasts of future events, circumstances and results. As with any projection or forecast, forward-looking statements are inherently susceptible to uncertainty and changes in circumstances. The Company's actual results may vary materially from those expressed or implied in its forward-looking statements. Important factors that could cause the Company's actual results to differ materially from those in its forward-looking statements include government regulation, economic, strategic, political and social conditions and the risk factors set forth in the Company’s Form 10 Registration Statement which can be viewed at

https://www.sec.gov/Archives/edgar/data/1826660/000149315220023313/form10-12ga.htm

About Wetouch Technology Inc

Wetouch, through its indirect wholly-owned subsidiary Sichuan Wetouch Technology Co. Ltd, is engaged in the manufacturing and sales of medium to large sized projected capacitive touchscreens, ranging from 7.0 inch to 42 inch screens. The Company offers touchscreens for a variety of applications, including GPS/car entertainment panels for automotive industry, industrial human-machine interface (“HMI”), financial and banking terminals, point of sale, lottery and gaming machines, smart home, robots and charging stations. Wetouch sells its products both domestically in China and internationally, covering major areas in China, including but not limited to the eastern, southern, northern and southwest regions of China. Touchscreens produced by the Company not only have long life span and are low maintenance, but also have strong anti-interference, anti-corrosion, multi-touch capability and high light-transmittance ratio and stability. Wetouch has shipped products to South Korea and several European countries such as Spain and Germany and has established a strong and diversified client base. As of September 30, 2020, Wetouch held 10 patents and has passed a number of industry certifications, including ISO9001, ISO14001, TS16949, FCC, CE, ROHS, CCC, ROHS.

Investor Relation Contact:

Sophie Zhang
[e-mail]

[Welcome2Pinkyland]

Nice

[AskMuncher]

$WETH Wetouch Technology Inc. (WETH) Plans to Relocate to Chengdu and Receives $17.7 million compensation
Press Release | 03/22/2021
Chengdu, China, March 22, 2021 (GLOBE NEWSWIRE) -- Wetouch Technology Inc. (OTC: WETH) ("Wetouch" or "the Company"), a specialty manufacturer of medium to large sized projected capacitive touchscreens, today announced that it has received $17.7 million from Sichuan Renshou Shigao Tianfu Investment Co., Ltd, a limited company owned by the local government (Sichuan Renshou”), as compensation for the Company’s relocation from its existing location in Meishan City to Chengdu, Sichuan province.

Based on a compensation agreement signed by the Company and Sichuan Rensou on March 16, 2021, the total compensation is RMB115.2 million (approximately $17.7 million based on an exchange rate of 6.5RMB per US $1.00), including RMB100.2 million ($15.4 million) based upon the appraised value of the property plus an extra 15% relocation bonus of RMB15.0 million ($2.3 million) pursuit to an appraisal report from an independent appraiser. On March 18, 2021, Wetouch received a total amount of RMB115.2 million (approximately $17.7 million) as the total amount of compensation from Sichuan Renshou.

In order to minimize the interruption of our business, a newly acquired wholly-owned subsidiary of ours in Sichuan, China entered into a leaseback agreement with Sichuan Renshou on March 16, 2021. The Leaseback Agreement entitles us to lease back the Property commencing from April 1, 2021 until December 31, 2021, at a monthly rent of RMB300,000 (approximately $46,154). The Company will be able to continue its operation until the end of 2021. The Company is actively searching for an appropriate parcel in Chengdu Medicine City (Technology Park), Wenjiang District, Chengdu for the construction of our new production facilities and office buildings. We expect that the construction and relocation will be completed prior to December 31, 2021, although there is no absolute assurance.

“We are excited to relocate our facilities to Chengdu with new corporate headquarter, manufacturing plants, and R&D center, which will be an opportunity to upgrade our operation and drive efficiency and allow Wetouch to better accommodate future business expansion, while simultaneously, providing a nurturing environment to foster team innovation as well as attract and retain talent in Chengdu, a dynamic city both for work and living,” Mr. Guangde Cai, Chairman of Wetouch, commented. “We are looking forward to sustained and healthy growth at our new home as we continue to strengthen our leading position in China’s large format touchscreen industry.”

Caution Concerning Forward Looking Statements

The SEC encourages companies to disclose forward-looking information so that investors can better understand a company's future prospects and make informed investment decisions. The information on this website contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often include words such as "anticipates," "estimates," "expects," "projects," "intends," "plans," "believes" and words and terms of similar substance in connection with discussions of future operating or financial performance.

The Company's forward-looking statements are based on management's current expectations and assumptions regarding the Company's business and performance, the economy and other future conditions and forecasts of future events, circumstances and results. As with any projection or forecast, forward-looking statements are inherently susceptible to uncertainty and changes in circumstances. The Company's actual results may vary materially from those expressed or implied in its forward-looking statements. Important factors that could cause the Company's actual results to differ materially from those in its forward-looking statements include government regulation, economic, strategic, political and social conditions and the risk factors set forth in the Company’s Form 10 Registration Statement which can be viewed at

https://www.sec.gov/Archives/edgar/data/1826660/000149315220023313/form10-12ga.htm

About Wetouch Technology Inc

Wetouch, through its indirect wholly-owned subsidiary Sichuan Wetouch Technology Co. Ltd, is engaged in the manufacturing and sales of medium to large sized projected capacitive touchscreens, ranging from 7.0 inch to 42 inch screens. The Company offers touchscreens for a variety of applications, including GPS/car entertainment panels for automotive industry, industrial human-machine interface (“HMI”), financial and banking terminals, point of sale, lottery and gaming machines, smart home, robots and charging stations. Wetouch sells its products both domestically in China and internationally, covering major areas in China, including but not limited to the eastern, southern, northern and southwest regions of China. Touchscreens produced by the Company not only have long life span and are low maintenance, but also have strong anti-interference, anti-corrosion, multi-touch capability and high light-transmittance ratio and stability. Wetouch has shipped products to South Korea and several European countries such as Spain and Germany and has established a strong and diversified client base. As of September 30, 2020, Wetouch held 10 patents and has passed a number of industry certifications, including ISO9001, ISO14001, TS16949, FCC, CE, ROHS, CCC, ROHS.

Investor Relation Contact:

Sophie Zhang
[e-mail]

[molee]

$WETH new filings out + OTCQB Cert. submitted :

https://www.otcmarkets.com/stock/WETH/disclosure

https://backend.otcmarkets.com/otcapi/company/financial-report/274376/content

[Welcome2Pinkyland]

Way up there. $WETH Just needs to get noticed- then boom! Is my guess $$$

[rcaselli]

Where does this put our book value
now with all this cash?

Calm before the storm.

WETH

[Welcome2Pinkyland]

Wowza. $$$ Wetouch Technology Inc. $WETH Plans to Relocate to Chengdu and Receives $17.7 million compensation

[molee]

Wetouch Technology Inc. (WETH) Plans to Relocate to Chengdu and Receives $17.7 million compensation


Chengdu, China, March 22, 2021 (GLOBE NEWSWIRE) -- Wetouch Technology Inc. (OTC: WETH) ("Wetouch" or "the Company"), a specialty manufacturer of medium to large sized projected capacitive touchscreens, today announced that it has received $17.7 million from Sichuan Renshou Shigao Tianfu Investment Co., Ltd, a limited company owned by the local government (Sichuan Renshou”), as compensation for the Company’s relocation from its existing location in Meishan City to Chengdu, Sichuan province.

Based on a compensation agreement signed by the Company and Sichuan Rensou on March 16, 2021, the total compensation is RMB115.2 million (approximately $17.7 million based on an exchange rate of 6.5RMB per US $1.00), including RMB100.2 million ($15.4 million) based upon the appraised value of the property plus an extra 15% relocation bonus of RMB15.0 million ($2.3 million) pursuit to an appraisal report from an independent appraiser. On March 18, 2021, Wetouch received a total amount of RMB115.2 million (approximately $17.7 million) as the total amount of compensation from Sichuan Renshou.

In order to minimize the interruption of our business, a newly acquired wholly-owned subsidiary of ours in Sichuan, China entered into a leaseback agreement with Sichuan Renshou on March 16, 2021. The Leaseback Agreement entitles us to lease back the Property commencing from April 1, 2021 until December 31, 2021, at a monthly rent of RMB300,000 (approximately $46,154). The Company will be able to continue its operation until the end of 2021. The Company is actively searching for an appropriate parcel in Chengdu Medicine City (Technology Park), Wenjiang District, Chengdu for the construction of our new production facilities and office buildings. We expect that the construction and relocation will be completed prior to December 31, 2021, although there is no absolute assurance.

“We are excited to relocate our facilities to Chengdu with new corporate headquarter, manufacturing plants, and R&D center, which will be an opportunity to upgrade our operation and drive efficiency and allow Wetouch to better accommodate future business expansion, while simultaneously, providing a nurturing environment to foster team innovation as well as attract and retain talent in Chengdu, a dynamic city both for work and living,” Mr. Guangde Cai, Chairman of Wetouch, commented. “We are looking forward to sustained and healthy growth at our new home as we continue to strengthen our leading position in China’s large format touchscreen industry.”

[Welcome2Pinkyland]

Nice $$

[molee]

I agree . I picked up 990 this morning ...

Stay safe >> M

[Welcome2Pinkyland]

Silence from the company is not helping- except for those who want to buy $WETH on the cheap.

[molee]

Losing altitude here ...

[Welcome2Pinkyland]

Getting some good volume today $$$ $WETH $$$

[molee]

Shouldn't there be new filings coming out here soon ?

https://www.otcmarkets.com/stock/WETH/disclosure

Stay safe >> M

[Welcome2Pinkyland]