iFresh, Inc. Signs Letter of Intent to Acquire 75% of Fujian Fuding Seagull Fishing Food Co., Ltd.
March 20 2018 - 8:30AM
iFresh, Inc. (“iFresh” or “the Company”) (NASDAQ:IFMK), a leading
Asian American grocery supermarket chain and online grocer, today
announced today that it has signed a non-binding, letter of intent
(LOI) to acquire Fujian Fuding Seagull Fishing Food Co., Ltd.
(Seagull Fishing), a company located in Fujian Province, China,
that specializes in seafood breeding, farming, fishing, processing
and trade.
Established in 1993, Fujian Fuding Seagull Fishing Food Co.,
Ltd. is a leading company in the seafood industry. Seagull Fishing
had sales of approximately 1.2 billion RMB in 2017 and 1.3 billion
RMB in 2016. The acquisition price has been set at a level of
approximately 525 million RMB, with a combination of cash and
stock. According to the letter of intent, the Company will proceed
with a formal due diligence and expects to sign a definitive
agreement within 90 days.
“Seagull Fishing is currently one of the largest fisheries
engaged in seafood breeding, farming and processing in China,” says
Long Deng, Chairman and CEO of iFresh. “Their excellent breeding
team and technicians will meet iFresh’s need talent in this area.
After the acquisition, iFresh customers will have more options for
fresh seafood provided by Seagull Fishing.”
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), two in-house wholesale businesses strategically located in
cities with a highly concentrated Asian population, and six
iFresh-managed stores, 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/.
Contact: Dragon Gate Investment Partners LLC Tel:
+1(646)-801-2803 Email: ifmk@dgipl.com
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