UMeWorld Announces Strategic Cooperation With China's Fastes
HONG KONG, Feb. 18, 2020 /PRNewswire/ -- UMeWorld Limited (OTC: UMEWF) announced today that it has entered into a strategic alliance, with MINISO, one of China's fastest-growing household goods retailers with total sales of USD 2.6 Billion in 2018.
Since its founding in 2013, by adhering to the business philosophy of 'High Quality and Affordable Price' and through the transformation of the supply chain, MINISO has developed a unique and novel business model in the retail space. It has opened more than 3,500 stores worldwide, with one billion visits and 300 million purchases having been made by its guests. MINISO is considered to be the representative enterprise in the new retail era, with an impressive speed of expansion.
Through this cooperative association, UMeWorld plans to bring Proud Kids, its newly acquired online Junior English language training brand, to MINISO's millions of online fans and customers. As part of this partnership, MINISO will launch a series of copyrighted 'Proud Kids' picture book sets in 2,000 of its stores throughout China. Each Proud Kids picture book set, which is designed to engage children between the ages of three and nine years, comes with two complimentary online trial English instruction lessons.
The picture books target three different academic levels - Level K, Level Lower school and Level Intermediate school. The books, through pictures and audio, explore facts about animals, their names, the sounds they make, the foods they eat, their daily activities and where they live, all in a kid-friendly, captivating format. The two complementary live instruction sessions are designed as a learning extension of the book set. Customers read the books and the audio materials as a warm-up to the online sessions. Then, they practice the English language subject matter, in real time, with online English teachers. The Company expects that upwards of 5% - 8% of book purchasers will enroll in the full 120-session, award-winning Proud Kids' instructional package, retailing for RMB 6,696 (USD 971).
This cooperative arrangement will allow Proud Kids to extend its reach beyond its existing market in several northeastern cities to all major cities throughout China. The agreement also offers MINISO the opportunity to invest up to RMB 20 million (USD2.9 million) into the Company, to facilitate UMeWorld's up-listing to Nasdaq, as soon as practicable.
Proud Kids recorded 200% year-over-year revenue increase in 2019 and expects to carry that growth momentum into 2020. The Company is optimistic that this affiliation with MINISO will generate a predictable, long-term revenue stream and growth for both companies through this commercial structure, with a marketing plan that will generate attractive dividends well into the future.
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.
About Proud Kids
Proud Kids is a leading online English education platform in China. We connect native English-speaking tutors from the UK, North America and South Africa with young learners between the ages of 4-12 years in China. We partner local English teachers with native English-speaking tutors. With our own interactive curriculum that aligns with China's English education curriculum, teachers teach on a 1-on-4 small class model, guiding students through fun and dynamic learning experiences. We are poised to build lasting growth across the world.
This press release contains forward-looking statements made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. In some cases, these forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to," "confident," "future," or other similar expressions. UMeWorld 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 report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about or based on UMeWorld 's current beliefs, expectations, assumptions, estimates and projections about us and our industry, are forward-looking statements that involve known and unknown factors, risks and uncertainties that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Such factors and risks include, but not limited to the following: UMeWorld's goals and growth strategies; its future business development, financial condition and results of operations; competition in our industry; fluctuations in general economic and business conditions in China; dependence on key personnel; and assumptions underlying or related to any of the foregoing. You should not place undue reliance on these forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided, including the forward-looking statements made, in this press release are current as of the date of the press release. Except as required by law, UMeWorld undertakes no obligation to update any such information or forward-looking statements to reflect events or circumstances after the date on which the information is provided or statements are made, or to reflect the occurrence of unanticipated events.
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Executive Vice President
E-mail: [email protected]
SOURCE UMeWorld Limited