iFresh Announces Completion of $2.5 Million Private Placement Financing
April 06 2020 - 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 completed a private placement financing
with two individual investors, bringing gross proceeds of
approximately $2.5 million from the sales of an aggregate of
1,783,167 shares of common stock of the Company at a per share
price of $1.402.
Mr. Long Deng, Chief Executive Officer and Chairman of iFresh
commented: “We are pleased to be able to close this private
placement financing amid weak market conditions due to the global
COVID-19 pandemic. We expect that the net proceeds from this
financing will be used for our face-mask import business by funding
the purchase of raw materials, as well as general working capital
purposes.”
“Following the most recent health officials’ guidance, the New
York City Mayor and the San Francisco Mayor have urged their
residents to wear face coverings to help prevent the spread of
COVID-19 when they go outside, causing the demand for face masks to
continue to surge. The Company will increase the scale of face mask
production and sell its face masks through iFresh stores, the
iFresh online Store, the Amazon Marketplace, and wholesale to other
super markets. We are confident that the Company is well positioned
for growth and will continue to improve its financial performance,”
Mr. Long Deng concluded.
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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