UMeWorld Limited to Purchase Three Palm Oil Mills Totaling Two Million Metric tons of Capacity for $90 Million of Convertible Preferred Equity at $4 Per Share
- UMeWorld Limited will purchase three Palm oil mills with a production capacity of nearly 2 million metric tons, representing a market value of $600 million per year. The purchase also includes leading ESG technology for palm oil refinery production. The CEO expects the capacity addition to reflect in the company's sales and earnings in the last half of 2023.
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UMeWorld Limited will also purchase the leading ESG technology for palm oil refinery production. Purchase represents the launch of its new business model.
MIAMI, May 30, 2023 (GLOBE NEWSWIRE) -- UMeWorld Limited (OTC:PINK UMEWF) has signed a binding Letter of Intent to purchase three Palm oil mills totaling 240 TPH (Tons per Hour) - 300 TPH production capacity in three separate locations in Malaysia. This represents nearly 2 million metric tons of Fresh Fruit Bunches (FFBs) production capacity with roughly net through put of 600 thousand metric tons per year or approximately 3.3 million barrels of Crude Palm Oil (CPO) per year of licensed capacity. As of the end of April, the price of Malaysian palm oil was about
The Company will issue Convertible Preferred Equity of
Mr. Michael Lee, CEO of UMeWorld, said, “The Company’s purchase, of this significant capacity of palm oil refining will launch a new strategic direction for us. Added to our proprietary technology of enhancing the Diglyceride percentage of any cooking oil, will eventually allow the Company to become a fully integrated enterprise to the consumer. Palm oil is the lowest cost cooking oil. Having the premier ESG refining technology will position us to benefit from Malaysia’s huge investment commitment to sustainable palm oil capacity growth. We intend to revolutionize the palm oil industry by promoting sustainable and innovative solutions that improve the economic, social, and environmental well-being of our stakeholders. We will become a major player in that growth. I expect the Company’s sales and earnings will reflect this capacity addition in the last half of 2023.”
About UMeWorld
We are an integrated edible oil company. We are building a vertically integrated mid-stream refining and value-added downstream business that makes us an integral supplier of food, feed, oleochemicals and renewable fuel needs across a variety of industries.
Media Contact:
Michael Lee, CEO
UMeWorld Limited
Email: info@umeworld.com
Forward-Looking Statements
This press release may contain forward-looking statements, about UMeWorld's expectations, beliefs or intentions regarding, among other things, its product development efforts, business, financial condition, results of operations, strategies or prospects. In addition, from time to time, UMeWorld or its representatives have made or may make forward-looking statements, orally or in writing.
Forward-looking statements can be identified by the use of forward-looking words such as "believe," "expect," "intend," "plan," "may," "should" or "anticipate" or their negatives or other variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical or current matters. These forward-looking statements may be included in, but are not limited to, various filings made by UMeWorld with the U.S. Securities and Exchange Commission, press releases or oral statements made by or with the approval of one of UMeWorld's authorized executive officers. Forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. Because forward looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause UMeWorld's actual results to differ materially from any future results expressed or implied by the forward-looking statements. Many factors could cause UMeWorld's actual activities or results to differ materially from the activities and results anticipated in such forward-looking statements, including, but not limited to, the factors summarized in UMeWorld's filings with the SEC. In addition, UMeWorld operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond its control. UMeWorld does not undertake any obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise. Please see the risk factors associated with an investment in our securities which are included in our Annual Report on Form 20-F and other periodic and current reports filed with the Securities and Exchange Commission.
FAQ
What is UMeWorld Limited purchasing?
What is the current market value of this capacity?
What else is included in the purchase?
How much Convertible Preferred Equity will the company issue?
When does the CEO expect the capacity addition to reflect in the company's sales and earnings?
