iFresh Announces Exclusive Agreement with Dragon Seeds LLC
October 19 2017 - 8:30AM
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 Dragon
Seeds, LLC (“Dragon Seeds”), a 15-acre farm based in Vero Beach,
FL, that specializes in organically-grown Mibao dragon fruit, to
exclusively supply its dragon fruits to iFresh.
Dragon Seeds is run by Mr. Guocheng Li, who has
over 20 years’ experience in growing, harvesting, packing, and
distributing dragon fruits. Mr. Li’s team was the first to
successfully graft the Mibao dragon fruit variety with a local
American variety of dragon fruit, which improved the precocity,
drought tolerance, and adaptability of the fruit. Dragon Seeds also
has many years of operational experience using organic farming
techniques and meets current USDA requirements for growing organic
produce.
Dragon Seeds, LLC 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, "I am excited to share my
passion for producing the best fruits and vegetables through
sustainable organic farming with iFresh’s customers. With this
agreement, iFresh will be able to provide its customers with fresh,
high-quality, organic dragon fruit at a reasonable price.”
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 Zu
Phone: 1-347-436-8368
E-mail: rose.zu@icrinc.com
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