In the news release, Urban Tea Inc. Announces Strategic Plan to
Develop Tea Beverage Market, issued 08-May-2019 by Urban Tea Inc. over PR Newswire,
we are advised by the company that due to an inadvertent error, the
press release indicates its strategic plan to develop its market in
the tea beverage industry. Instead, the company has fully advanced
into the tea beverage industry, so the wording has been changed to
some paragraphs. The complete, corrected release follows:
Urban Tea Inc. Fully Advanced into Tea Beverage Market
CHANGSHA, China, May 8, 2019 /PRNewswire/ -- Urban Tea Inc.
(the "Company", "we" or "Urban Tea")
(NASDAQ: MYT), a premier retailer of specialty teas and baked goods
in China, announced that it has fully advanced into the tea
beverage industry.
After launching of its specialty tea business in October 2018, Urban Tea has made steady
progress in deployment of its business plan by opening 8 stores in
Changshao and Shaoyang in Hunan
province, establishing professional product research and
development division, storage warehouse and delivery team and
promoting its brands.
Currently, Hunan MYT offers tea drinks, light meals, and
pastries as its three lines of products. The tea drinks we offered
include milk-covered tea, fresh fruit tea, fresh milk tea, as well
as varieties of traditional tea, coffee and other beverages,
emphasizing fashion, health, and quality, to attract trend seeking
young consumers. Light meals include salads, sandwiches, tacos,
pizza, pastas and other meals primarily drawing from French cuisine
and other western cuisines, and emphasizes healthy meals and fresh
ingredients. Pastries include sweet bread, Danish pastries, whole
wheat bread, hard bread, toast, silk cake, mousse cake, cheese
cake, and others. By focusing on health and nutrition, and using
fresh, green, high-quality ingredients, we produce freshly baked
pastries with the aim of becoming the "all-natural baker".
The Company has established a research and development center,
hired a professional-level product research and development team
with state-of-the-art equipment. We emphasize on seasonal product
development, by selecting fresh fruits, seasonal tea, and in season
grains. By offering seasonal menus we ensure fresh delivery to meet
customers' health and dietary needs to cultivate customer
loyalty.
The Company's product development team is comprised of the
following members:
Director of Light Food R&D: Mr. Sanglin Xie:
- 2008 Served at a top 10 restaurant in Shanghai, Shangri-La Jade 36 restaurant
- 2009 Won the ICS China Youth
Cooking Competition
- 2011 Served at the Michelin star rated Mr. Mis restaurant
- Winner of the Bocuse Asia-Pacific China 2012 China Youth
Culinary Championship
- Participated in the preparation of the Top 50 Worldwide
Ultraviolet restaurant.
Director of Beverage R&D: Mr. Runbo
Yuan
- China Fruit Association Coffee Bean Branch certified senior
barista
- Changsha Jieou Coffee College (SCAA certified) coffee quality
appraisers
- Senior Trainer and Technical Instructor at Changsha Jieou
Coffee Marketing Experience Center
- The third division of the 5th World Vacuum Pot Contest in
China
- The 6th Vacuum Pot Contest, the champions of the champions
runner-up and runner-up in the Changsha Division
- The runner-up in the National Finals of the 6th Vacuum Pot
Contest,
- The 7th Vacuum Pot Contest, the champions of the champions
runner-up and runner-up in the Changsha Division
- The backup instructor for the first China Barista Team
Championship
- 2016 China Young Barista Exhibition Championship
- CSC World Vacuum Pot Contest China Jury
- Judge of the China Barista Skills Competition Finals
Pastries R&D Director: Mr. Haibo
Jiang
- Shanghai Baking Masters Silver Award
- The first China Dessert Championship Finals Excellence
Award,
- Shenzhen Baker New Language Senior Baker,
- Former Shenzhen Shanghai Au Lai Restaurant Bakery
Director,
- Former Shanghai N+ Natural Baking Senior Baker
- Former Changsha Nai Snow's tea bread director
We currently operate our stores under three brands: "Buoyance
Manor," "Your Ladyship Tea" and "Meet Honey." The "Buoyance
Manor" brand mainly features bakery products and a variety of
coffee drinks. "Your Ladyship Tea" stores provide specialty teas,
such as fruit tea, milk tea, along with some light snacks. "Meet
Honey" will be primarily for snacks and accessories, including
peanut nougat gift boxes, cookies, coffee mugs, and tea cups.
Currently, we operate 8 stores in Hunan Province, including: Shaoyang You'a
International Plaza Store (Buoyance Manor Flagship Store), Shaoyang
Dongfeng Road Pedestrian Street Store (Buoyance Manor Image Store),
Changsha Bailian Outlets (Buoyance Manor Image Store), Changsha
Huitong Building (Buoyance Manor Image Store), Xiangtan Hotel Store
(Buoyance Manor Image Store), Liuyang Industrial Park store
(Buoyance Manor Image Shop), Changsha Desiqin Plaza store (Buoyance
Manor Flagship Store), and Changsha Youyou Township Store
(tea shop).
Miss. Kan Lu, Chief Financial Officer of Urban Tea Inc.,
commented, "Our professional operation and R&D teams have many
years of industry experience. With strong emphasis on product
development, we currently focus on creating operations that can be
replicated and streamlined which will be leading the consumer trend
in the industry. In 2019, we plan to expand to a total of 28
company owned stores. We also expect to accelerate our market
growth through managed stores and JV stores starting from mid-2019.
We desire to carefully deploy our tea business plan to reach our
long-term strategic goal of becoming an industry leader in the
specialty tea retail market."
About Urban Tea,
Inc.
Urban Tea, Inc. is an emerging
specialty tea product distributer and retailer headquartered in
Changsha City, Hunan Province, China. Through its wholly owned subsidiary,
Shanghai Ming Yun Tang Tea Limited ("Shanghai MYT") which controls
Hunan Ming Yun Tang Brand Management Co., Ltd. ("Hunan MYT"), the
Company currently market a wide range of trendy tea drinks, light
meals, and pastries targeting China's new urban generation in Hunan province. Our products are focused on
not only their taste but also their aesthetic presentation and
health benefits. Our products are currently being offered via our
own stores. We expect to start selling our products in our managed
and JV stores in mid-2019.
Safe Harbor Statement
This press release contains certain statements that may
include "forward-looking statements." All statements other than
statements of historical fact included herein are "forward-looking
statements." These forward-looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions, involving known and unknown risks
and uncertainties. Although the Company believes that the
expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. You should not
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including the risk factors discussed in the Company's
periodic reports that are filed with the Securities and Exchange
Commission and available on the SEC's website
(http://www.sec.gov). All forward-looking statements
attributable to the Company or persons acting on its behalf are
expressly qualified in their entirety by these risk factors. Other
than as required under the applicable securities laws, the Company
does not assume a duty to update these forward-looking
statements.
For more information, please contact investor
relations:
Tina Xiao
Ascent Investor Relations LLC
Phone: +1-917-609-0333
Email: tina.xiao@ascent-ir.com
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SOURCE Urban Tea Inc.