HONG KONG, CHINA, Dec. 20, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- UMeWorld Limited (OTC:UMEWF) is pleased to provide the following corporate update:
UMFun
Throughout the past 6 months, the government has issued a series of new regulations governing the after-school education market, which have created some uncertainty for both online and offline education companies. The regulations have strengthened regulatory supervision, heightened compliance standards and standardized operations. We believe that the government’s ultimate objective is to pursue a policy of balanced development of education in the K-12 system, to strengthen the equality of education and promote a harmonious teaching platform in China. We fully support these new government policies and believe that our UMFun product, designed to level the playing field for education, will benefit under these new initiatives in the longer term.
As previously announced, UMFun paid subscribers exceeded 300,000 in June, 2018. This number has since risen to over 500,000 in the past 30 days. While we are pleased with UMFun’s performance under current circumstances, the regulatory environment has resulted in teachers being more cautious recommending ancillary educational products to parents. At the same time, the new regulations have compelled a large number of online and offline education companies to cease operations. These regulatory developments have raised the entry barriers to new participants and will result in a stronger and more sustainable market environment in the long term.
Corporate Development
In May, 2018, the Company received a letter of intent from an Investment Bank based in U.S. for a proposed up-listing of the Company to Nasdaq. We have temporarily halted the discussion process due to general market uncertainty and the recent changes in Chinese government regulations, as stated above. The Company has decided to revisit this opportunity and plans to complete the uplisting in 2019.
About UMeWorld
We are an educational technology company and a visionary player in the online educational landscape in China. UMFun, our K-12 flagship product, is a cloud-based assessment and learning analytics platform that can intelligently analyze and adapt to a student's performance and personalizes the delivery of proprietary educational items in accordance with their individual learning needs. UMFun 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 887 million customers. Working with China Mobile, we are levelling the educational playing field by providing affordable and quality education to millions Chinese K-12 students 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.