iFresh Announces Entry into a Waiver and Amendment Agreement
April 06 2021 - 8:30AM
iFresh, Inc. (“iFresh” or the “Company”) (Nasdaq: IFMK), a leading
Asian American grocery supermarket chain and online grocer, today
announced the Company, NYM Holding, Inc. (“NYM”), certain
subsidiaries of NYM, Go Fresh 365, Inc., Mr. Long Deng (the “Loan
Parties”) entered into a Limited Waiver and Amendment Agreement
(the “Waiver Agreement”) with KeyBank National Association
(“KeyBank” or the “Lender”) with respect to a Credit Agreement
dated as of December 23, 2016, as amended, pursuant to which
KeyBank made available to NYM a revolving credit facility, a term
loan facility, and other credit accommodations. The Waiver
Agreement contains amendments to the Credit Agreement and other
Loan Documents.
Pursuant to the Waiver Agreement, the Lender
agrees to provide a limited waiver of the Specified Events of
Default, the accrued and unpaid interest at the Default Rate
outstanding as of the Effective Date, and the accrued and unpaid
reimbursable fees and costs of the Lender outstanding as of the
Effective Date; provided that such limited waiver shall only become
effective upon the Lender’s timely receipt of $1.0 million of the
Payment Amount on or before April 7, 2021. The Lender agreed to
waive all and identified Specified Events of Default and will not
seek recourse for such known and identified Specified Events of
Default. The Specified Events of Default refer to, collectively,
iFresh Events of Default, the Payment Events of Default, the Change
in Control Event of Default, the Judgement Event of Default, and
the Financial Covenant Events of Default.
Mr. Long Deng, Chairman of iFresh, commented, “We are pleased to
finally sign the Waiver Agreement with KeyBank to obtain the
limited waiver of the Specified Events of Default. The Company is
working with the Lender to deliver the outstanding payments with a
view to improving its business credit rating. More importantly, we
believe that the purpose of the Waiver Agreement is to enable us to
satisfy Form S-3 filing eligibility requirements.”
For more information about the Waiver Agreement, please refer to
the Company’s Current Report on Form 8-K filed with the Securities
and Exchange Commission on April 6, 2021.
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 one in-house
wholesale business 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/.
Cautionary
Statement Regarding Forward-Looking StatementsThis press
release contains within the meaning of the Private Securities
Litigation Reform Act of 1995. These 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: carrie@ifreshmarket.com
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