CHANGSHA, China,
Nov. 13, 2019
/PRNewswire/ -- Urban Tea Inc. (the "Company", "we" or
"Urban Tea") (NASDAQ: MYT), a
premier retailer of specialty teas and baked goods based in
Hunan, China, announced today that
the Company is in the process of opening its first store in
New York and is expected to open
to the public in early 2020. This store will be operated and
managed by the Company's subsidiary Urban Tea Management Inc.,
which is jointly owned by the Company and its U.S. business partner
with a 51% and 49% equity ownership, respectively.
Strategically located in the NYU
neighborhood at 218 Thompson Street, the store will feature a
variety of high quality beverages and light meals expected to
delight young customers based on market research and survey of
local consumer preference. This first New
York store will have a new logo and stylish interior design
aiming to attract consumers looking for a trendy and premium
experience. The store will offer seven major beverage selections on
the menu: black tea, fruit flavored coffee, fresh milk tea, fresh
fruit tea, fruit cheese tea, traditional milk tea, and freshly
ground coffee. Additionally, western-style light meals will also be
available.
"It is with great excitement to expect the opening launch the
Company's first store in the United
States under our overseas expansion plan. We chose
New York City as the first store
location outside of China due to
its diverse and inclusive culture. To stand out from our peers, we
would like the first store to be in the center of metropolitan area
as a high-end beverage store. In order to become familiar with
local beverage chain stores operations, the Company has trained
three employees to acquire specialized knowledge and skill sets of
the local market. By having a trendy store design and custom
tailored food and beverage offerings, we hope the store will
attract the patronage of both New Yorkers and tourists alike" said
Mr. Long Yi, Chief Executive Officer
of Urban Tea. "We look forward
to execution of our long-term overseas operation plan. Going
forward, we will strive to gradually expand our footprints into
more regions based on the results and operations of this NYC store
in order to create greater shareholder value while introducing the
unique charm of Chinese style beverages to consumers from all
around the world."
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:
http://ir.h-n-myt.com/investor.
Forward-Looking Statements
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.
View original
content:http://www.prnewswire.com/news-releases/urban-tea-announces-its-plan-to-open-first-store-in-new-york-300957205.html
SOURCE Urban Tea Inc.