iFresh, Inc. Signs Letter of Intent with CITCON for Smart Retail Payment Solutions
September 20 2018 - 8:30AM
iFresh, Inc. (“iFresh” or “the Company”) (NASDAQ: IFMK), a leading
Asian American grocery supermarket chain and online grocer,
announced today that the Company has signed a Letter of Intent
(“the LOI”) with CITCON, a leading cross-border mobile payments
company, to provide smart supermarket payment solutions.
As previously announced in a press release dated
August 31, 2018, iFresh has been granted exclusive distribution
rights for the sale of Xiamen Yidong Intelligent Technology Co.,
Ltd’s (“Xiamen Yidong”) E+Store, E+Box, E+Door, E+AI, E+Cabinets,
E+Shopping Cart, and related smart retail shopping products in
North America, South America, and Central America. These smart
retail products replace traditional labor with automatic checkout
systems using palmprints, facial recognition technology, artificial
intelligence technology, and mobile phone apps to provide a
seamless consumer experience.
Under the terms of the LOI, CITCON will provide
software for Xiamen Yidong’s smart retail technology to accept U.S.
credit and debit cards, which will allow iFresh to distribute
Xiamen Yidong’s smart retail products across the United States.
CITCON will coordinate software development with Xiamen Yidong to
ensure compatibility and proper integration.
Mr. Long Deng, Chairman and CEO of iFresh,
commented, “We are excited to announce the LOI with CITCON. As we
prepare to rollout our smart retail technology in our stores and
elsewhere, we believe CITCON is the perfect partner to execute our
smart supermarket payments. CITCON has previously worked with
iFresh to implement mobile payments in our stores using the popular
Alipay and WeChat Pay platforms. Both CITCON and Xiamen Yidong have
already performed related work with iFresh and we are pleased to
team up with these parties to ensure that our smart retail
ecosystem is complete and localized.”
Mr. Deng continued, “We believe that more
unattended smart retail stores will open in the United States. In
addition to smart supermarket offerings in our stores, we plan to
offer this smart retail technology to convenience stores across the
United States in the future. We believe the seamless payment and
shopping experience that we plan to offer to customers will provide
an exceptional customer retail experience, reduce labor costs and
provide a frictionless payment process for retailers. As we begin
to phase in these new retail and smart retail concepts, we are
pleased to collaborate with CITCON to ensure the best possible
adaptation of these innovations in retail.”
“A major shift is happening in the retail
industry and payment is playing a key role. New unattended retail
solutions in the supermarket space could bring disruption to the
industry not seen since the introduction of self-serve checkout
lines,” said Chuck Huang, Founder and CEO of CITCON. “CITCON is
devoted to developing innovative payment and commerce solutions for
businesses to better engage consumers who expect a simpler and more
convenient shopping experience. We are pleased to extend our
partnership with iFresh to implement solutions that would shape the
future of retail.”
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. 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/.
About CITCON
CITCON is a cross-border mobile payment and
marketing solution leader, enabling merchants to accept QR-based
mobile wallets in-store and online on a global scale. Among the
payment options supported by CITCON, Alipay and WeChat Pay are two
of the most popular wallets with over one billion active consumers.
On top of payments, CITCON also allows merchants to run marketing
and loyalty campaigns through our partner network. Trusted by
thousands of merchants in North America and Europe, including DFS
Group, Caesars Entertainment Group, Kering Group among others,
CITCON offers solutions for businesses to drive omnichannel
commerce growth in a variety of industries ranging from Retail,
e-Commerce, Hotel, Food & Beverage, Transportation,
Entertainment to Education. CITCON was Founded in 2015 by Chuck
Huang, a serial entrepreneur and payment veteran with over a
decade's experience in both US and China, and received $10M venture
funding from leading VCs (Zhen Fund, Cybernaut) in Silicon Valley
and China. For more information, please visit
http://www.citcon.com/.
Forward-Looking Statement
This announcement contains forward-looking
statements. Forward-looking statements provide our current
expectations or forecasts of future events. Forward-looking
statements include statements about our expectations, beliefs,
plans, objectives, intentions, assumptions and other statements
that are not historical facts. Words or phrases such as
"anticipate," "believe," "continue," "estimate," "expect,"
"intend," "may," "ongoing," "plan," "potential," "predict,"
"project," "will" or similar words or phrases, or the negatives of
those words or phrases, may identify forward-looking statements,
but the absence of these words does not necessarily mean that a
statement is not forward-looking. Examples of forward-looking
statements in this announcement include, but are not limited to,
statements regarding our disclosure concerning the Company's
operations, cash flows, financial position and dividend policy.
For more information, please contact:
At the Company:
iFresh, Inc.
Email: ir@ifreshmarket.com
Tina Xiao
Ascent Investor Relations LLC
Phone: +1-917-609-0333
Email: tina.xiao@ascent-ir.com
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