UMeWorld Receives VATS Permit Approval Notice
Hong Kong, China (FSCwire) - UMeWorld Limited (OTCQB:UMEWF) is very pleased to announce that it has received a notice of approval from the Chinese Ministry of Industry and Information Technology, Guangtung Branch for a Value-Added Telecommunication Services permit ("VATS Permit"). The VATS Permit is required by Chinese government regulators in order for the Company to collect revenue from UMFun users through China Mobile educational platform. UMeWorld expects to receive the VATS Permit on or before June 5, 2015.
Ruby Hui, Executive Vice President commented, “We are very pleased to achieve this important milestone. The receipt of the VATS Permit will trigger a recurrent revenue stream to the Company from China Mobile. Our collaboration with China Mobile is paying off and will eventually be reflected in our stock price. We are committed to becoming profitable in 2015 and building value for all shareholders through the continued execution of our strategy, including the roll out of the UMFun in-school assessment solution as previously announced.”
China Mobile’s educational platform is available to students in Kindergarten through Grade Twelve and is the largest subscription-based educational platform in the world, used mainly by teachers, parents and schools through many provinces in China.
The kindergarten-to-grade-12 (K-12) educational system in China is the largest in the world, comprising approximately 200 million students. UMeWorld is on track to becoming a leading educational service provider in China.
UMeWorld is an internet technology company with a focus on the K-12 education market in China. UMFun, the Company’s K-12 flagship product, is a cloud based, patent-pending, adaptive learning & assessment platform that can intelligently analyze and adapt to a student’s performance and personalizes the delivery of proprietary educational items in accordance with the student’s learning needs. UMFun’s off-school version is made available to Chinese K-12 students through China Mobile, the world’s largest mobile service provider by network scale and subscriber base, serving over 801 million customers.
For more information, please contact:
Ruby Hui, Executive Vice President
Telephone: (86) 020-89237947
Released May 11, 2015