UMeWorld Provides Corporate Update
HONG KONG, CHINA / ACCESSWIRE / October 2, 2017 / UMeWorld Limited (OTC PINK: UMEWF) is pleased to announce the signing of a Product Co-operation Agreement with China Mobile for the commercialization of UMFun on China Mobile's "AND" Education national platform. China Mobile has been consolidating its provincial "AND" Education platforms into one national platform. Under the terms of this Product Co-operation Agreement, China Mobile will start charging UMFun users on the "AND" Education national platform as soon as is practicable. This may take several weeks, as there are some technical issues to be resolved with the subscription settlement system (BOSS or Business Operating Support System) between the national platform and the provincial platforms. With this consolidation, UMFun is incrementally becoming available to China Mobile's 90,000,000 "AND" Education Platform subscribers in 31 provinces across China. In the meantime, UMFun continues to grow and has added 288,256 new student, teacher and parent users to its existing 14,000,000 user base, in the month of September alone.
In addition to the national consolidation that is underway, UMFun has started to generate subscription revenues from "AND" Education Platform provincial users - having received 7,926 confirmed orders and 8,373 pre-orders from two provinces. Overall, the Company is expecting its paid subscription rate to grow significantly once the provincial to national platform consolidation is completed.
UMeWorld is an internet technology company with a focus on the K-12 education market in China. UMFun, the Company's flagship product, is a cloud-based, adaptive learning and 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. 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.
Forward Looking 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. Among other things, the outlook for UMFun, quotations from management in this announcement, as well as UMeWorld's strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its reports filed with, 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 the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: our limited operations and need to expand in the near future; the potential lack of market acceptance of our products; our inability to raise additional capital to fund our operations and business plan; our ability to continue as a going concern; our ability to continue to attract UMFun paid subscribers; our ability to maintain and enhance the UMFun brand; and our ability to compete effectively against our competitors. Further information regarding these and other risks is included in the Company's reports filed with, or furnished to the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of this press release, and UMeWorld Limited undertakes no duty to update such information or any forward-looking statement, except as required under applicable law.
For more information, please contact:
SOURCE: UMeWorld Limited
Released October 2, 2017