iFresh Acquires Two New Stores
July 14 2017 - 8:30AM
iFresh Inc. (NASDAQ:IFMK) (“iFresh” or the “Company”), a leading
Asian American grocery supermarket chain and online grocer,
announced today the acquisition of two new stores.
The first acquisition is of Mia Supermarket in
Orlando, FL, a 20,370 square-foot grocery store located at 2415 E.
Colonial Drive. The new store, which will be called iFresh E.
Colonial, will be the first iFresh store in Orlando and its second
in Florida.
The second acquisition is of iFresh Glen Cove,
Inc. which is setting up a 22,859 square-foot grocery store in
Garden City, NY. To be located at 192 Glen Cove Road, within the
Roosevelt Field Mall business district, this will be the first
iFresh store in Long Island and its sixth in New York. We
expect iFresh Glen Cove to open in the first quarter of 2018.
Mr. Long Deng, Chairman and Chief Executive
Officer of iFresh, stated, “We are excited to expand our presence
along the I-95 corridor by adding iFresh E. Colonial and iFresh
Glen Cove to our existing portfolio of stores, and we see great
opportunities ahead as we continue to expand the regional presence
of our iFresh store locations. Orlando’s E. Colonial Drive has
developed into a food and restaurant hub of the Asian American
community in recent years, and Long Island’s Nassau County has seen
a growing Asian population with a high level of purchasing
power.
We aim to drive customer and sales growth to the
new stores through iFresh’s strategy of providing fresh produce
daily from regional farms at reasonable prices to our customers. E.
Colonial’s layout and produce offerings will be similar to those
offered in other iFresh locations and will include bakery and hot
food take out options to further increase customer traffic. The
Glen Cove store will be designed to conform to the iFresh layout as
well and include popular Japanese snacks. In addition, both
locations will offer “store to door” delivery through our online
e-commerce platform, further expanding our customer base and
growth.
We expect these acquisitions to be reflected in
our financial results beginning in the fiscal second quarter and
plan to continue evaluating other supermarket expansion
opportunities in the months ahead.”
About iFresh Inc.
iFresh Inc., headquartered in New York, New
York, is a leading Asian American grocery supermarket chain and
online grocer. With nine retail supermarkets along the US eastern
seaboard (with an additional store in Glen Cove soon opening) and
two in-house wholesale businesses strategically located in cities
with a highly concentrated Asian population, the Company 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 perishables at competitive
prices to a growing base of customers. For more information, please
visit: http://www.ifreshmarket.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.
Contact:
ICR Inc.
Ms. Rose Zu
Phone: 1-347-436-8368
E-mail: rose.zu@icrinc.com
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