CHANGSHA, China, May 22, 2019 /PRNewswire/ -- Urban Tea
Inc. (the "Company", "we" or "Urban
Tea") (NASDAQ: MYT), a premier retailer of specialty teas
and baked goods in China,
announced its strategic business plan to expand its business to
selected overseas markets.
Since November 2018, the Company
has opened 9 company-owned stores in Changsha, Xiangtan, Liuyang and Shaoyang in
Hunan Province (including the
grand opening of a new store on May 20,
2019). The Company advocates "Freshly made, low- calorie"
eating habits, selling fresh, natural, delicious European style
pastries, fruit teas and light meals. In conjunction with the store
expansion, various marketing activities have attracted the
attention of consumers, and the company's expansion in the domestic
market progressed in an orderly manner.
In view of the enthusiasm in the growing Chinese consumers
and consumers with appreciation for fresh oriental tea products in
certain overseas markets, the Company has officially announced its
plan to operate in selected overseas markets.
The first phase of the plan will focus on the North American
market. The Company has signed a letter of intent with T-Zone Inc
for cooperation. The Company anticipates to work with T-Zone Inc to
integrate each other's resources, marketing and offline retail
channels, management experience, production technology and brand
advantages. At the same time, the Company aims to open its first
flagship store in the United
States.
The second phase of the plan is to explore the Southeast Asian
market. Southeast Asia is an
important destination for Chinese outbound travel. Many outbound
Chinese travelers have also brought domestic consumption habits and
Chinese tea culture to Southeast
Asia. In addition to a large number of existing Chinese
tourism consumers, we also believe there is great potential for our
products to become attractive to local consumers.
Ms. Kan Lu, Chief Financial Officer of Urban Tea Inc.,
commented, "With a professional R&D lab and an experienced
product development team, Urban Tea
is well equipped to develop fresh and healthy foods that can meet
local consumption preferences in designated overseas markets.
Through the implementation of the overseas expansion plan, we
expect to further expand brand awareness, promote the new
Chinese-style tea culture, and promote the 'Freshly made, low-
calorie' healthy eating concept."
About Urban Tea,
Inc.
Urban Tea, Inc. is an emerging
specialty tea product distributer and retailer headquartered in
Changsha City, Hunan Province, China. Through its wholly owned subsidiary,
Shanghai Ming Yun Tang Tea Limited ("Shanghai MYT") which controls
Hunan Ming Yun Tang Brand Management Co., Ltd. ("Hunan MYT"), the
Company currently market a wide range of trendy tea drinks, light
meals, and pastries targeting China's new urban generation in Hunan province. Our products are focused on
not only their taste but also their aesthetic presentation and
health benefits. Our products are currently being offered via our
own stores. We expect to start selling our products in our managed
and JV stores in mid-2019. For more information, please visit:
www.h-n-myt.com.
Safe Harbor Statement
This press release contains certain statements that may
include "forward-looking statements." All statements other than
statements of historical fact included herein are "forward-looking
statements." These forward-looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions, involving known and unknown risks
and uncertainties. Although the Company believes that the
expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. You should not
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including the risk factors discussed in the Company's
periodic reports that are filed with the Securities and Exchange
Commission and available on the SEC's website
(http://www.sec.gov). All forward-looking statements
attributable to the Company or persons acting on its behalf are
expressly qualified in their entirety by these risk factors. Other
than as required under the applicable securities laws, the Company
does not assume a duty to update these forward-looking
statements.
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SOURCE Urban Tea Inc.