CHANGSHA, China, Oct. 19, 2020 /PRNewswire/ -- Urban Tea Inc.
(the "Company," "we" or "Urban Tea")
(NASDAQ: MYT), a premier retailer of specialty teas and baked goods
headquartered in Hunan, China,
announced today that it has begun planning for the opening of a new
store in New York City.
MYT currently has two stores in NYC, Meno, a store offering
tea-based beverages and light snacks, as well as Crop Circle, a
store offering its featured "guokui," a popular street snack
originating from northern China's
Shaanxi province, as well as other
popular Chinese street food. MYT is currently planning to open a
third store combining the offerings of both popular street food and
tea-based beverages in NYC. It is currently in the planning phase
and working on product development and selecting an address for the
new store.
Long Yi, CEO, commented that,
"With the gradual stabilization of existing store operations, the
Company's management sees the future prospects of our product
positioning and business philosophy in the New York catering industry. As a result, we
plan to accelerate our expansion in New
York, and are currently selecting a location for our new
store. I am very happy that our food and beverage options are liked
by our customers in New York. In
the future, we plan on strengthening our product research and
development capabilities and strive to meet more consumer needs. In
the future, the Company plans on integrating the product lines of
various brands and making it even easier for consumers to purchase
different types of foods and beverages in one store."
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,
Mingyuntang (Shanghai) Tea Limited
which controls Hunan Ming Yun Tang Brand Management Co., Ltd. and
Hunan 39 Pu Tea Co., Ltd. The
Company currently markets a wide range of trendy tea drinks, light
meals, and pastries targeting the new urban generation in both
China and the United States. Our products are focused on
not only their taste but also their aesthetic presentation and
health benefits. 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 uncertainty about the spread of the COVID-19
virus and the impact it will have on the Company's operations, the
demand for the Company's products, supply chains, local
government's regulation of restaurants, and economic activity in
general. These and other risks and uncertainties are detailed in
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.
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SOURCE Urban Tea Inc.