iFresh Announces Exclusive Distribution Agreement with Shijiazhuang Yiling Pharmaceutical in the US
July 07 2020 - 8:30AM
iFresh, Inc. ("iFresh" or "the Company") (NASDAQ: IFMK), a leading
Asian American grocery supermarket chain and online grocer,
announced that it has signed an exclusive distribution agreement
with Shijiazhuang Yiling Pharmaceutical Co., Ltd (“Yiling Pharm”).
This partnership will allow iFresh to introduce Yiling Pharm’s
series of products to the US Market.
Yiling Pharm (SZSE: 002603) is one of the top 20 Chinese listed
pharmaceutical companies. The company is mainly engaged in the
research and development, manufacture and distribution of
traditional Chinese medicines. While rolling out research and
development of innovative traditional Chinese medicine, Yiling
Pharm is actively expanding to biochemical and health sectors
selling anti-cold respiratory, cardiovascular, tumor targeting,
cerebrovascular, and diabetes drugs. One of Yiling Pharm’s herbal
products, Lianhua Qingwen Capsules/Granules, which mainly contains
13 kinds of Chinese herbs, including Forsythia suspensa, Lonicera,
and isatis root, has been included as part of China’s standard
therapy for COVID-19, as recommended by China National Health
Commission and State Administration of Traditional Chinese Medicine
(TCM) authorities. Following positive clinical trial results and
authoritative journals internationally published papers, Lianhua
Qingwen Capsules/Granules were also approved as one of treatments
for COVID-19 by China National Drug Administration. This
product has not been approved by any US federal agency and is not
currently available for sale in the United States.
Mr. Long Deng, Chairman of iFresh, commented, “We are excited to
partner with Yiling Pharmaceutical and introduce their products to
US consumers as the exclusive distributor. All imported products
will be required to undergo FDA premarket approval. We look forward
to adding their products to our stores.”
Mr. Xiangjun Wu, Chairman of Yiling Pharm, stated, “I am really
pleased about our partnership with iFresh. By collaborating with
iFresh, Shijiazhuang Yiling Pharm will gain US market share through
an established chain store, online sales, and distribution
channel.”
About iFresh, Inc.
iFresh Inc. (Nasdaq: IFMK), headquartered in Long Island City,
New York, is a leading Asian American grocery supermarket chain and
online grocer on the east coast of U.S. With nine retail
supermarkets along the US eastern seaboard (with additional stores
in Glen Cove, Miami and Connecticut opening soon), and two in-house
wholesale businesses strategically located in cities with a highly
concentrated Asian population, iFresh aims to satisfy the
increasing demands of Asian Americans (whose purchasing power has
been growing rapidly) for fresh and culturally unique produce,
seafood and other groceries that are not found in mainstream
supermarkets. With an in-house proprietary delivery network, online
sales channel and strong relations with farms that produce Chinese
specialty vegetables and fruits, iFresh is able to offer fresh,
high-quality specialty produce at competitive prices to a growing
base of customers. For more information, please visit:
http://www.ifreshmarket.com/.
Forward-Looking Statements
Certain statements made herein are "forward-looking statements"
within the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
"anticipate", "believe", "expect", "estimate", "plan", "outlook",
and "project" and other similar expressions that predict or
indicate future events or trends or that are not statements of
historical matters. Such forward-looking statements include timing
of the proposed transactions; the business plans, objectives,
expectations and intentions of the parties once the transactions
are complete, and the Company’s estimated and future results of
operations, business strategies, competitive position, industry
environment and potential growth opportunities. These
forward-looking statements reflect the current analysis of existing
information and are subject to various risks and uncertainties. As
a result, caution must be exercised in relying on forward-looking
statements. Due to known and unknown risks, our actual results may
differ materially from our expectations or projections. All
forward-looking statements attributable to the Company or persons
acting on its behalf are expressly qualified in their entirety by
these factors. All information provided in this press release is as
of the date hereof. Other than as required under the securities
laws, the Company does not assume a duty to update these
forward-looking statements.
Additional information concerning these and other factors that
may impact our expectations and projections can be found in our
periodic filings with the SEC. IFMK's SEC filings are available
publicly on the SEC's website at www.sec.gov. IFMK disclaims
any obligation to update the forward-looking statements, whether as
a result of new information, future events or otherwise.
For more information, please contact:At the Company:
iFresh, Inc.
Email: herinyin@newyorkmart.com
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