iFresh Announces Completion of Acquisition of Jiuxiang Blue Sky Technology (Beijing) Co., Ltd.
27 Agosto 2020 - 2:50PM
iFresh, Inc. (“iFresh” or the “Company”) (Nasdaq: IFMK), a leading
Asian American grocery supermarket chain and online grocer, is
pleased to announce that it has completed acquisition of Jiuxiang
Blue Sky Technology (Beijing) Co., Ltd.
(“
Jiuxiang”), a technology company that engages in
supply chain financial services, integrated payment systems, and
prepaid card marketing systems (the
“
Acquisition”). As a result of the Acquisition,
Jiuxiang has become an indirect wholly-owned subsidiary of iFresh.
Jiuxiang specializes in providing supply chain financial
services that satisfy customer demands for green products and
services and that improve environmental performance. Jiuxiang has
developed an advanced supply chain platform targeting Business to
Business to Consumer (B2B2C))areas, including signature products of
jiayoubei online shopping malls, single-purpose prepaid card
payment systems, and supply chain systems. These products adopt an
integrated operating model and centralized IT-infrastructure to
help clients capitalize on new digital capabilities, including
enhanced connectivity, online-to-offline shopping experience,
digital payment systems, and customized SME system platforms.
Pursuant to the terms of the Acquisition,the Company acquired
100% of the equity interests in Jiuxiang in exchange for the
issuance of an aggregate of 5,036,298 shares of the Company’s
common stock and 1,000 shares of the Company’s Series C Convertible
Preferred Stock. Upon approval of the Company’s shareholders,
the 1,000 shares of Series C Preferred Stock will be converted into
1,916,781 shares of the Company’s common stock.
Mr. Long Deng, Chairman of iFresh, stated, “We are thrilled to
complete this Acquisition and launch Jiuxiang’s integrating supply
chain technology within our business. iFresh is determined to be at
the forefront of online grocery business providers. The closing of
the Acquisition represents an important milestone for the Company,
because it will allow us to strengthen our E-commerce business
model and expand our customer base.”
Ms. Ming Liu, CEO of Jiuxiang, commented, “We are very happy to
move forward with this strategic partnership with iFresh. With this
Acquisition, our best-in-class retail mobile technology platform
will be launched in the U.S. market. This launch embodies our
ambition to grow globally and will expose more businesses and
companies to greener alternatives. Together, we believe our
combined expertise and resources will deliver better business
outcomes.”
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/.
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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