iFresh Announces Business Updates Amid COVID-19 Pandemic
April 09 2020 - 8:30AM
iFresh, Inc. ("iFresh" or the “Company") (Nasdaq: IFMK), a leading
Asian American grocery supermarket chain and online grocer,
announced today that as our communities continue to battle the
rapidly evolving pandemic, iFresh is committed to provide the
essential grocery shopping services while doing its best to protect
the Company’s valued customers and employees. This has resulted in
several temporary changes to store closures in some locations and
reduced hours in remaining opening stores. To continue fulfilling
our customers’ daily needs, iFresh’s online grocery delivery
service is now available and has become one of the most popular
options during this challenging period. The orders from the
Company’s “fresh quick delivery” online grocery platform have been
increasing significantly; close to 1,000 orders have been received
for the past ten days and an average of $200 dollars per order. The
Company is expecting to see steady growth in online grocery
delivery sales as the residents continue to stay at home.
The Company is enthusiastic towards the face-mask import
business in response to the surging global demand of protective
products. Xiamen DL Medical Technology Co. Ltd., (“Xiamen DL”), a
70% owned subsidiary of the Company, has begun to ramp up the
production of N95 medical face masks, with an approved CE
certificate for exporting; Xiamen DL will be distributing high
quality medical face masks in addition to non-medical face
masks.
Mr. Long Deng, Chief Executive Officer and Chairman of iFresh
commented: “We are very proud of the management team’s execution
capabilities to deal with the business challenges that present
themselves during these uncertain times. The Company is making
tremendous efforts to increase sales to minimize the negative
impact that COVID-19 has on our businesses. We are confident that
our business remains well positioned to succeed in the
long-term.”
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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