Collaboration Projected to Contribute Additional $5 Million in Sales for 2025
Strong Cash Balance of $106 Million ($8.91 per share) Highlights Financial Strength
CHENGDU, CHINA / ACCESS Newswire / January 23, 2025 / WeTouch Technology Inc. (NASDAQ:WETH), a global leader in high-quality touch display solutions, today announced its entry into the South Korean market through a strategic partnership with a leading South Korea-based electronics manufacturer. As part of this collaboration, WeTouch will produce and supply advanced touchscreen components, while the partner will customize and finalize the products to address specific customer needs in the region.
This alliance has already generated approximately $1.5 million in initial orders, and WeTouch projects the venture will contribute an additional $5 million in sales for 2025. The partnership marks a critical step in WeTouch's international expansion strategy and underscores the significant growth potential within South Korea's dynamic technology market.
"Forming this partnership is a major milestone in our global growth efforts," said Mr. Zongyi Lien, CEO of WeTouch. "The South Korean market offers tremendous opportunities, and combining our manufacturing capabilities with our partner's localization expertise will allow us to deliver outstanding value for our customers. Furthermore, I remain confident that WeTouch's stock is profoundly undervalued, especially given our robust operational performance, profitable growth, and strong cash balance of $106 million-equivalent to $8.91 per share. This financial strength provides us with a solid foundation to pursue strategic initiatives and maximize long-term shareholder value."
This new venture in South Korea complements WeTouch's broader international growth plans. The company is currently constructing a state-of-the-art manufacturing facility in Vietnam to bolster production capacity in response to escalating demand for cutting-edge touch display solutions worldwide. In addition, WeTouch has been expanding its global sales outreach, highlighted by its recent participation in a major electronics industry trade show in Germany, where it showcased its latest innovations to potential partners and customers from around the globe.
About WeTouch Technology Inc.:
WeTouch Technology Inc. is a leading provider of high-quality touch display solutions, committed to revolutionizing human-machine interaction across various industries. With a focus on innovation and customer satisfaction, WeTouch delivers cutting-edge technology and unmatched performance in touch display solutions worldwide.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will", "expects", "anticipates", "future", "intends", "plans", "believes", "estimates", "target", "going forward", "outlook," "objective" and similar terms. Such statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and which are beyond Wetouch's control, which may cause Wetouch's actual results, performance or achievements (including the RMB/USD value of its anticipated benefit to Wetouch as described herein) to differ materially and in an adverse manner from anticipated results contained or implied in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in Wetouch's filings with the U.S. Securities and Exchange Commission, which are available at www.sec.gov. Wetouch does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.
Contact:
For more information, contact:
Michael Wei
Horizon IR
hwey@horizonconsultancy.co
SOURCE: Wetouch Technology Inc.
