UMeWorld Provides Shareholder Update
Hong Kong (FSCwire) - The management team of UMeWorld Limited (OTCQB: UMEWF) is pleased to provide this shareholder update.
UMeWorld launched UMFun to China Mobile’s educational platform in the Shanxi province on March 16th, 2015. UMFun is now available in two provinces that China Mobile services, with over 12,500,000 paid subscribers on its K-12 educational platform.
Since launching UMFun on China Mobile’s educational platform in August 2014, more than 600,000 users have joined UMFun. The Company is in various stages of launch preparation in several other provinces and expects to have UMFun available in seven Chinese provinces by the end of 2015. The company is reaffirming its anticipated subscriber base of 2,000,000 and 10,000,000 subscribers in 2015 and 2016 respectively, as initially announced in July 2014.
The Company submitted an application to the Chinese Ministry of Industry and Information Technology for a Value-Added Telecommunication Services permit ("VATS Permit") in December 2014. The VATS Permit is required by Chinese government regulators in order to collect revenue from UMFun users through China Mobile. The Company has gone through several rounds of discussion with the Ministry regarding this application and has responded to the Ministry’s satisfaction. The Company has received no comments or requests for further information from the Ministry for the past three weeks. Accordingly, the Company is confident that issuance of the VATS Permit is imminent.
China Mobile’s educational platform is available to students in Kindergarten through Grade Twelve and is the largest subscription-based educational platform in world, used mainly by teachers, parents and schools through many provinces in China.
The Kindergarten-to-Grade Twelve Educational System in China is the largest in the world, comprising approximately 200,000,000 students. UMeWorld is on track to becoming a leading K-12 educational service provider in China.
UMFun is the only cloud-based, patent-pending, adaptive learning educational platform in China. UMFun™ is a cost effective, engaging and fun to use assessment and tutoring platform that can intelligently analyze and adapt to a student’s performance and personalizes the delivery of proprietary educational items according to the student’s learning needs.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of 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” and similar statements. UMeWorld may make written or oral forward-looking statements in its reports filed 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. Statements that are not historical facts, including statements about UMeWorld’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these risks and uncertainties is included in our annual report on Form 20-F and other documents filed with the Securities and Exchange Commission. UMeWorld does not undertake any obligation to update any forward looking statement, except as required under applicable law. All information provided in this press release is as of the date of this press release, and UMeWorld undertakes no duty to update such information, except as required under applicable law.
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Telephone: (86) 020-89237947
Released April 8, 2015