iFresh Announces Exclusive Agreement with Spring Farm WPB
October 30 2017 - 7:30AM
iFresh Inc. (NASDAQ:IFMK) ("iFresh" or the "Company"), a leading
Asian American grocery supermarket chain and online grocer,
announced today that it has entered into an agreement with Spring
Farm WPB, Inc. (“Spring Farm WPB”), a farm with locations in Vero
Beach and Loxahatchee, FL, and Pemberton, NJ, that specializes in
organically-grown Asian vegetables and fruits, pursuant to which
Spring Farm WPB will exclusively supply its vegetables and fruits
to iFresh.
Spring Farm WPB has three locations: one is a
350-acre farm located in Pemberton, NJ, that specializes in Asian
vegetables and melons, such as radish, bitter melon, long squash,
Taiwan okra, and winter melon eggplant. The 65-acre farm located at
Loxahatchee, FL, is one of the largest longan and litchi farms in
the U.S and has over 8,000 longan, litchi, papaya and loquat fruit
trees. The 370-acre farm located in Vero Beach, FL, specializes in
Asian vegetables and melons, such as yu choy mue, gai lan mue,
water spinach, Shanghai mue, and bok choy mue.
Spring Farm WPB, Inc is majority owned by Mr.
Long Deng, iFresh’s Chairman and Chief Executive Officer. The
transaction was approved by the Audit Committee of iFresh’s Board
of Directors.
Mr. Deng stated, "We are excited to share our
offering of quality Asian fruits and vegetables through sustainable
organic farming to iFresh’s customers. As the Asian population
continues to grow rapidly in the United States, our expanding store
base continues to experience healthy demand for Asian fruits and
vegetables. With this supply agreement, iFresh can provide its
customers with fresh, high-quality, organic Asian fruits and
vegetables at reasonable prices.”
About iFresh Inc.
iFresh Inc., headquartered in New York, New
York, is a leading Asian American grocery supermarket chain and
online grocer. With nine retail supermarkets along the US eastern
seaboard (with additional stores in Glen Cove, Miami and
Connecticut soon opening) and two in-house wholesale businesses
strategically located in cities with a highly concentrated Asian
population, the Company 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 perishables at competitive prices to a growing base of
customers. For more information, please visit:
http://www.ifreshmarket.com/.
Forward-Looking Statement
This announcement contains forward-looking
statements. Forward-looking statements provide our current
expectations or forecasts of future events. Forward-looking
statements include statements about our expectations, beliefs,
plans, objectives, intentions, assumptions and other statements
that are not historical facts. Words or phrases such as
"anticipate," "believe," "continue," "estimate," "expect,"
"intend," "may," "ongoing," "plan," "potential," "predict,"
"project," "will" or similar words or phrases, or the negatives of
those words or phrases, may identify forward-looking statements,
but the absence of these words does not necessarily mean that a
statement is not forward-looking. Examples of forward-looking
statements in this announcement include, but are not limited to,
statements regarding our disclosure concerning the Company's
operations, cash flows, financial position and dividend policy.
Contact:ICR Inc.Ms. Rose ZuPhone:
1-347-436-8368E-mail: rose.zu@icrinc.com
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