iFresh Announces Authorization of 2 Million Share Buyback Program
September 13 2019 - 8:30AM
iFresh, Inc. ("iFresh" or "the Company") (NASDAQ: IFMK), a leading
Asian American grocery supermarket chain and online grocer,
announced that its Board of Directors has authorized a new share
repurchase program of up to 2 million shares of iFresh common stock
between certain price range in the open market. The Company expects
to put the program into place within the next twelve months and
will issue a further release when the program has been established.
“The authorization of a stock repurchase program demonstrates
the Board’s confidence in the long term value of the Company and
our continued commitment to optimizing our shareholder returns.
Once the plan is put into place, we will opportunistically
repurchase our stock, while maintaining liquidity to support our
growth.” said Mr. Long Deng, Chairman and Chief Executive Officer
of iFresh.
Once established, repurchases under the program
may be made from time to time at the Company’s discretion in the
open market, through block trades, or in privately negotiated
transactions pursuant to Rule 10b-5, Rule 10b5-1, Rule 10b-18 and
other applicable regulations. The timing and actual number of
shares repurchased will depend on a variety of factors including
regulatory restrictions on price, manner, timing, and volume,
corporate and other regulatory requirements and other market
conditions in an effort to minimize the impact of the purchases on
the market for the stock. The program will not obligate the
Company to acquire any particular amount of common stock and
depending on market conditions and other factors these purchases
may be commenced or suspended at any time without prior notice.
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.
The following factors, among others, could cause actual results
to differ materially from those described in these forward-looking
statements: the outcome of any legal proceedings that have been, or
will be, instituted against IFMK or other parties to the Share
Exchange Agreement and the Share Purchase Agreement following the
announcement of the Share Exchange Agreement and Share Purchase
Agreement and transactions contemplated therein; the ability of the
Company to meet NASDAQ listing standards following the transactions
and in connection with the consummation thereof; the inability to
complete the transactions contemplated by the Share Exchange
Agreement and Share Purchase Agreement due to the failure to obtain
approval of the stockholders of IFMK or Keybank or other closing
conditions to; risks that the proposed transactions disrupts
current plans and operations and the potential difficulties in
employee retention as a result of the announcement of the Share
Exchange Agreement and consummation of the transactions described
therein; costs related to the proposed Acquisition and Spin-Off;
changes in applicable laws or regulations; the ability of the
post-restructure company to meet its financial and strategic goals,
due to, among other things, competition, the ability of the
post-restructure company to grow and manage growth profitability,
maintain relationships with customers and retain its key employees;
the possibility that the post-restructure Company may be adversely
affected by other economic, business, and/or competitive factors;
and other risks and uncertainties described herein, as well as
those risks and uncertainties discussed from time to time in other
reports and other public filings with the SEC by the
Company.
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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