HONG KONG, Jan. 17, 2023 (GLOBE NEWSWIRE) -- UMeWorld Limited (OTC PINK: UMEWF) is pleased to announce that it has entered into a definitive agreement to acquire 100% interest in a profitable, nutritional supplements sales and marketing company (“TargetCo”) previously announced on August 15, 2022. TargetCo’s 2022 revenues were approximately USD 5.95 million with potential for a strong growth and margin profile. The transaction is expected to be accretive to UMeWorld’s earnings per share in 2023 on an adjusted basis.
Michael Lee, CEO of UMeWorld Limited, commented, “We are excited to finally enter into the definitive Agreement and welcome the TargetCo team aboard. This acquisition accelerates our strategy to transform UMeWorld into a Health & Wellness company with a vision to promote healthier lives for our customers. UMeWorld will leverage this distribution platform to introduce a portfolio of innovative nutritional products from all over the world.”
The transaction is subject to customary closing conditions and is expected to be completed in Q1, 2023. Terms of the agreement were not disclosed.
About UMeWorld Limited
UMeWorld Limited is a health and wellness company with a vision of helping its customers live healthier. The Company, through its subsidiaries, plans to operate in the Sales and Marketing of Dagola™ diacylglycerol cooking oils and the Nutritional Supplements business. Dagola™ cooking oil is now available on Amazon at http://www.amazon.com/dagola for the US market. For more information on Dagola cooking oil, and its potential health benefits please visit www.dagolaoil.com.
Michael Lee, CEO