New York, NY , Dec. 12, 2016 (GLOBE NEWSWIRE) -- Umatrin Holding Limited (OTCQB: UMHL) (“Umatrin” or the “Company”) a diversified products company focused on the Asian market in the areas of e-commerce, property development and real estate announced today that it has entered into a Memorandum of Understanding (MOU) to further expand and diversify its operations.
The Company entered into a non-binding MOU for a period of one year with Fujian Jilong Jiya Engineering Consultant Pte Ltd (FJLJY), a project development company incorporated and based in China. FJLJY has offered UMHL the opportunity to acquire 51% of the company to jointly develop and manage this project. UMHL has accepted these terms. The purpose of this MOU is to advance the project and provide the framework for implementing and progressing this acquisition of FJLJY by UMHL.
Early this year, FJLJY entered into a lease agreement for land measuring 25 million square meters located in Fujian Anxi, China. This area is known as Chen Wu Lang Sang to use and/or develop the land for 70 years (the “Land”). At the same time, FJLJY applied and the agreement was sanctioned by the government of The People’s Republic of China of Fujian Province to develop the property into a mixed eco-agricultural and religious recreational and tourism development space for 70 years. The government also approved FJLJY to offer international investors an opportunity to jointly develop the land project accordingly.
DATO’ LIEW KOK HONG, CEO and President of Umatrin stated, “Umatrin is executing on its business strategy as a diversified company and further expanding our investment objectives. We are pleased to enter into this MOU with FJLJY and begin developing this this land project over the next three years”.
After completion of the project, the Company expects annual revenue equal to RMB 1.1 BN or $165 million USD according to today’s foreign currency rates.
ABOUT UMATRIN
Umatrin Holding Limited is a diversified company including an e-commerce platform which sells health, beauty and wellness products throughout Asia. Our goal is to maximize shareholder’s value through investing in a portfolio of company’s subsidiaries primarily in ASIA market and other markets including but not limited to, retail manufacturing, property development, agriculture, tourism, education and mining sectors with investments that offer strategic and leading market position, strong cash flows and strong future potential growth. For more information, visit www.umhl.org
FORWARD-LOOKING STATEMENT
This press release contains forward-looking statements, particularly as related to, among other things, the business plans of the Company, statements relating to goals, plans and projections regarding the Company's financial position and business strategy. The words or phrases "plans," "would be," "will allow," "intends to," "may result," "are expected to," "will continue," "anticipates," "expects," "estimate," "project," "indicate," "could," "potentially," "should," "believe," "think," "considers" or similar expressions are intended to identify "forward-looking statements." These forward-looking statements fall within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934 and are subject to the safe harbor created by these sections. Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, transactions or orders that may be cancelled, and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties related to the fluctuation of local, regional, and global economic conditions, the performance of management and our employees, our ability to obtain financing, competition, general economic conditions and other factors that are detailed in our periodic reports and on documents we file from time to time with the Securities and Exchange Commission. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date, and the Company specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement.
Contact: Investor Support Phone Number: (866)-874 4888 E-mail address: support@umhl.org
