iFresh Announces Entry into Definitive Agreement to Acquire Jiuxiang Blue Sky Technology (Beijing) Co., Ltd.
August 10 2020 - 8:30AM
iFresh, Inc. (“iFresh” or the “Company”) (Nasdaq: IFMK), a leading
Asian American grocery supermarket chain and online grocer,
announced today that it has entered into an acquisition agreement
(the “Agreement”) to acquire 100% of Jiuxiang Blue Sky Technology
(Beijing) Co., Ltd. (“Jiuxiang”).
Jiuxiang is a technology company that engages in
supply chain financial services, integrated payment systems, and
prepaid card marketing systems. These services satisfy customer
demands for green products and services and improve environmental
performance. Jiuxiang has developed an advanced supply chain
platform targeting B2B2C(business to business to Consumer)areas,
including signature products of jiayoubei online shopping malls,
single-purpose prepaid card payment systems, and supply chain
systems. These products adopt an integrated operating model and
centralized IT-infrastructure to help clients capitalize on new
digital capabilities, including enhanced connectivity,
online-to-offline shopping experience, digital payment systems, and
customized SME system platforms.
Under the Agreement, iFresh will acquire 100% of
Jiuxiang in exchange for 5,036,298 shares of the Company’s common
stock and 1,000 shares of the Company’s Series C Convertible
Preferred Stock. Upon approval of the Company’s shareholders,
the 1,000 shares of Series C Preferred Stock will be converted into
1,916,781 shares of the Company’s common stock. The Series C
Preferred Stock will rank on parity with the Series A Convertible
Preferred Stock and Series B Convertible Preferred Stock of the
Company. All of the issuances and conversions of the Company’s
common stock were at a price per share of $1.402. The closing
of the acquisition is subject to customary closing terms and
conditions.
“We are excited to welcome Jiuxiang to iFresh’s
platform,” said Mr. Long Deng, Chairman of iFresh, commented. “Due
to Jiuxiang’s technological expertise and comprehensive supply
chain financial service offerings and capabilities, iFresh believes
it will be able to expand to a broader customer base that the
Company had previously limited access to, unlocking a key market
for our online grocery business. We are confident that the
deployment of Jiuxiang’s integrating supply chain platform will
help us operate more efficiently, while simultaneously gaining an
edge on the competition.”
Ms. Ming Liu, CEO of Jiuxiang, commented, “We are
honored to be joining with iFresh, a well-established Asian chain
supermarket. The acquisition represents an excellent opportunity
for Jiuxiang to launch its market-leading technology in the U.S., a
clear next step to further increase our global scale. We are
looking forward to working with iFresh’s experienced management
team to bring a best-in-class retail mobile technology platform to
the U.S. iFresh’s products and service lines have many
similarities to the clients we serve in China that have been
benefited from our advanced well-connected mobile marketing
platform. Our combined extensive knowledge of the retail grocer
market and our integrated online technology operating system is
expected to benefit our customers, in turn supporting the continued
future growth of iFresh.”
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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