iFresh Inc. Enters into Common Stock Purchase Agreement with TRITON FUNDS
July 16 2018 - 7:30AM
iFresh, Inc. (“iFresh” or “the Company”) (NASDAQ:IFMK), a leading
Asian American grocery supermarket chain and online grocer, today
announced that it has entered into a common stock purchase
agreement with TRITON FUNDS LP, a Delaware limited partnership, for
TRITON FUNDS to purchase 90,910 shares of the Company’s common
stock at $5.50 per share. The purchase of the shares will take
place if requested by the Company and agreed to by TRITON FUNDS.
iFresh will issue 1,000 shares of its common stock to an affiliate
of TRITON FUNDS in connection with entering into the agreement,
followed by an additional 4,000 shares of its common stock if
TRITON FUNDS purchases the shares.
“We are excited to enter into this agreement with TRITON FUNDS
and support this student-led initiative,” commented Mr. Long Deng,
Chairman and CEO of iFresh. “We appreciate TRITON FUNDS’ support
and believe this agreement will prove rewarding to both
parties.”
“TRITON FUNDS is actively increasing our holdings in synergistic
Asian American companies and the synergies with iFresh have been
apparent from Day 1,” Nathan Yee, Co-founder of TRITON FUNDS, said.
“Our fund has great connections with the UC system [which is 40%
Asian]; we look forward to applying our millennial touch to
assisting iFresh with their expansion.”
This news release does not and shall not constitute an offer to
sell or the solicitation of an offer to buy any securities, nor
shall it constitute an offer, solicitation or sale in any
jurisdiction in which, or to any person to whom, such offer,
solicitation or sale is unlawful.
About iFresh Inc. iFresh Inc., headquartered
in Long Island City, 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 opening soon), and
two in-house wholesale businesses 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/.About TRITON FUNDS
LLCTRITON FUNDS LLC is a student-run private investment
fund manager founded by undergraduates from the University of
California, San Diego (UCSD). TRITON FUNDS provides students the
invaluable opportunity to gain real-world experience investing
alongside experienced financial professionals. TRITON FUNDS invests
in high performing teams with revolutionary aspirations to grow
their company into industry leaders. TRITON FUNDS creates an
ecosystem that assists talented entrepreneurs in successfully
growing their ideas and maintaining strong community ethical
standards. TRITON FUNDS provide strategic capitalization,
business development support, and engineered exits to organizations
that have a viable future in the modern economy. For more
information, please visit:
www.tritonfunds.com.Forward-Looking StatementThis
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: Dragon Gate Investment Partners
LLC Tel: +1(646)-801-2803 Email: ifmk@dgipl.com
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