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 $1,000/ton. Current market value of this capacity is $600 million of revenue per year or about $5.40 per outstanding share.
The Company will issue Convertible Preferred Equity of $90 million, which is convertible at a floor of $4 per share. This will aid the company enormously as it will seek to up-list the Company at a national exchange. The Company is also purchasing with these plants, the leading ESG (Global Environmental and Social Governance) machinery technology for palm oil refinery production.
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
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