iFresh Signs Purchase Agreement to Acquire 70% Equity Interests in Xiamen DL Medical Technology
March 17 2020 - 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 entered into a purchase
agreement, pursuant to which the Company agreed to acquire 70% of
equity interests in Xiamen DL Medical Technology Co. (“Xiamen DL”),
Ltd., specializing in research and development of technology,
manufacturing, and distribution of medical and non-medical
protective masks, cotton spinning textiles, knitwear, daily
necessities, kitchen and toilet appliances, and other related
goods.
Pursuant to the terms of the Purchase Agreement (the
“Agreement”), the Company shall pay Xiamen DL $600,000 in cash and
issue 900,000 shares of common stock of the Company in
consideration for the 70% equity interests in Xiamen DL. The
closing of the acquisition is subject to customary terms and
conditions as set forth in the Agreement.
Mr. Long Deng, Chief Executive Officer and Chairman of iFresh,
commented: “This acquisition is a major step forward in broadening
our business into a new market. Our board of directors have been
extremely supportive of the transaction given the current COVID-19
outbreak and the surging demand of medical products. Currently,
Xiamen DL has been producing 400,000 pieces of medical and
non-medical masks daily using their maximum production capacity to
meet local demands as well as global orders. iFresh’s
commitment to serve the community as a leading grocery supermarket
chain has allowed us to be innovative in not only providing our
residents with their daily life needs, but also necessary supplies
during the current coronavirus pandemic. The Company has been
offering free masks to the elderly residents to help prevent them
from getting sick. We believe the acquisition of Xiamen DL will
enhance our product offering range and will drive long-term growth
opportunities for our shareholders.”
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.
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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