iFresh, Inc. Announces Exclusive Distribution Agreement with Xiamen Yidong Intelligent Technology Co., Ltd for Smart Retail T...
August 31 2018 - 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 exclusive distribution
agreement (“the Agreement”) with Xiamen Yidong Intelligent
Technology Co., Ltd (“Xiamen Yidong”), a leading manufacturer of
retail payments and unmanned smart retail technology, to sell
Xiamen Yidong’s smart retail products in North America, South
America, and Central America.
Under the terms of the Agreement, iFresh has
been granted exclusive distribution rights for the sale of Xiamen
Yidong Intelligent Technology Co., Ltd’s E+Store, E+Box, E+Door,
E+AI, E+Cabinets, E+Shopping Cart, and related smart retail
shopping products for a term of 5 years in North America, South
America, and Central America. iFresh has the right to extend the
Agreement for an additional 10 years.
These smart retail products replace traditional
labor with automatic checkout systems using palmprint, facial
recognition technology, artificial technology and mobile phone
apps, to provide a seamless consumer experience. Xiamen Yidong's
smart retail products, upgrades and retail models use smart
technology to reduce labor costs and help physical stores face the
competition and challenges from online retail.
Mr. Long Deng, Chairman and CEO of iFresh,
commented, “We are pleased to announce this agreement with Xiamen
Yidong. We plan to both use Xiamen Yidong’s smart products in our
own stores and sell these products to other interested parties. We
expect our customers to be attracted to the convenience of these
unmanned checkout stations and we also plan to integrate the
technology with current US payment systems to make it easier for US
vendors to use.”
Mr. Deng continued, “iFresh is planning to open
unmanned convenience stores in the United States in the future. We
hope to develop a franchise system and use this technology to
transform gas station convenience stores across the United States
so that they benefit from reduced labor costs. Further, iFresh has
started to incorporate retail smart technology services and smart
technology across the value chain.”
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 Xiamen Yidong Intelligent
Technology Co., Ltd.
Headquartered in Xiamen, Xiamen Yidong
Intelligent Technology Co., Ltd. (“Xiamen Yidong”) is a leading
manufacturer of retail payment terminals and unmanned smart retail
technology. Xiamen Yidong launched the first unmanned convenience
store in Fujian, operating 24 hours a day, 7 days a week in
September 2017. In the months following, Xiamen Yidong opened
nearly 100 unmanned convenience stores across China. Xiamen Yidong
uses artificial intelligence, deep learning, machine learning,
natural language processing, creating palmprint and face
recognition, product identification, and behavior recognition
systems combined with “Internet of Things” technology for software
and hardware design and development. These technologies power
Xiamen Yidong’s smart retail systems, including smart shelves,
smart refrigeration, smart settlement, smart advertising and
others. For more information, please
visit: http://www.estore.ai.
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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