NEW YORK, Aug. 10, 2020 (World NEWSWIRE) — iFresh, Inc. (“iFresh” or the “Company”) (Nasdaq: IFMK), a leading Asian American grocery supermarket chain and on line grocer, announced these days that it has entered into an acquisition agreement (the “Agreement”) to receive 100% of Jiuxiang Blue Sky Technological know-how (Beijing) Co., Ltd. (“Jiuxiang”).
Jiuxiang is a technological know-how corporation that engages in source chain money solutions, built-in payment systems, and pay as you go card advertising programs. These products and services fulfill buyer needs for green items and solutions and improve environmental effectiveness. Jiuxiang has created an advanced source chain platform focusing on B2B2C（business to business to Consumer）areas, together with signature merchandise of jiayoubei online purchasing malls, solitary-purpose pay as you go card payment units, and offer chain techniques. These merchandise adopt an integrated functioning product and centralized IT-infrastructure to aid clientele capitalize on new electronic capabilities, including increased connectivity, on line-to-offline procuring working experience, digital payment techniques, and tailored SME system platforms.
Under the Settlement, iFresh will receive 100% of Jiuxiang in exchange for 5,036,298 shares of the Company’s typical inventory and 1,000 shares of the Company’s Series C Convertible Chosen Stock. Upon approval of the Company’s shareholders, the 1,000 shares of Sequence C Chosen Stock will be converted into 1,916,781 shares of the Company’s popular stock. The Series C Favored Stock will rank on parity with the Collection A Convertible Most well-liked Inventory and Sequence B Convertible Most popular Inventory of the Organization. All of the issuances and conversions of the Company’s widespread stock had been at a selling price for each share of $1.402. The closing of the acquisition is issue to customary closing phrases and disorders.
“We are psyched to welcome Jiuxiang to iFresh’s system,” said Mr. Long Deng, Chairman of iFresh, commented. “Due to Jiuxiang’s technological know-how and thorough source chain economical provider choices and capabilities, iFresh believes it will be capable to increase to a broader customer base that the Corporation had previously constrained access to, unlocking a crucial sector for our on-line grocery business enterprise. We are confident that the deployment of Jiuxiang’s integrating provide chain platform will assist us operate far more effectively, while at the same time attaining an edge on the level of competition.”
Ms. Ming Liu, CEO of Jiuxiang, commented, “We are honored to be becoming a member of with iFresh, a effectively-founded Asian chain grocery store. The acquisition represents an fantastic chance for Jiuxiang to launch its marketplace-main technological know-how in the U.S., a obvious future phase to even more increase our worldwide scale. We are seeking forward to working with iFresh’s experienced administration group to deliver a greatest-in-course retail cellular engineering platform to the U.S. iFresh’s solutions and assistance traces have numerous similarities to the shoppers we provide in China that have been benefited from our state-of-the-art effectively-connected cell advertising and marketing system. Our put together substantial information of the retail grocer market place and our integrated on line engineering working system is anticipated to advantage our shoppers, in flip supporting the ongoing foreseeable future expansion of iFresh.”
About iFresh, Inc.
iFresh Inc. (Nasdaq: IFMK), headquartered in Long Island Town, New York, is a major Asian American grocery grocery store chain and on line grocer on the east coast of U.S. With nine retail supermarkets along the US japanese seaboard (with extra suppliers in Glen Cove, Miami and Connecticut opening quickly), and two in-household wholesale companies strategically located in towns with a really concentrated Asian population, iFresh aims to fulfill the raising calls for of Asian People (whose paying for power has been escalating speedily) for refreshing and culturally special make, seafood and other groceries that are not uncovered in mainstream supermarkets. With an in-property proprietary supply community, on the internet product sales channel and sturdy relations with farms that create Chinese specialty vegetables and fruits, iFresh is in a position to present refreshing, significant-excellent specialty produce at competitive charges to a increasing foundation of shoppers. For a lot more data, make sure you pay a visit to: http://www.ifreshmarket.com/.
Ahead-On the lookout Statements
Sure statements designed herein are “forward-on the lookout statements” within just the which means of the “harmless harbor” provisions of the Private Securities Litigation Reform Act of 1995. Ahead-seeking statements may possibly be determined by the use of text these types of as “foresee”, “believe that”, “be expecting”, “estimate”, “program”, “outlook”, and “job” and other identical expressions that predict or indicate upcoming situations or developments or that are not statements of historical matters. These ahead-hunting statements include timing of the proposed transactions the company programs, aims, anticipations and intentions of the events after the transactions are total, and the Company’s believed and future results of functions, small business procedures, aggressive situation, field setting and likely progress prospects. These forward-searching statements replicate the present-day examination of existing information and facts and are topic to several hazards and uncertainties. As a end result, caution will have to be exercised in relying on forward-seeking statements. Due to regarded and unknown pitfalls, our precise final results might vary materially from our anticipations or projections. All ahead-looking statements attributable to the Enterprise or individuals performing on its behalf are expressly competent in their entirety by these components. All information and facts offered in this press release is as of the date hereof. Other than as required beneath the securities laws, the Enterprise does not assume a responsibility to update these forward-seeking statements.
Supplemental information concerning these and other factors that could impression our anticipations and projections can be found in our periodic filings with the SEC. IFMK’s SEC filings are offered publicly on the SEC’s web site at www.sec.gov. IFMK disclaims any obligation to update the forward-wanting statements, whether or not as a consequence of new information, long term functions or or else.
For much more details, be sure to contact:
At the Organization:
Email: [email protected]