/C O R R E C T I O N -- Urban Tea Inc./

Date : 05/09/2019 @ 10:00PM
Source : PR Newswire (US)
Stock : Urban Tea Inc (MYT)
Quote : 0.2976  -0.0104 (-3.38%) @ 12:59AM
Urban Tea share price Chart

/C O R R E C T I O N -- Urban Tea Inc./

Urban Tea (NASDAQ:MYT)
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6 Months : From Mar 2019 to Sep 2019

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In the news release, Urban Tea Inc. Announces Strategic Plan to Develop Tea Beverage Market, issued 08-May-2019 by Urban Tea Inc. over PR Newswire, we are advised by the company that due to an inadvertent error, the press release indicates its strategic plan to develop its market in the tea beverage industry. Instead, the company has fully advanced into the tea beverage industry, so the wording has been changed to some paragraphs. The complete, corrected release follows:

Urban Tea Inc. Fully Advanced into Tea Beverage Market

CHANGSHA, China, May 8, 2019 /PRNewswire/ -- Urban Tea Inc. (the "Company", "we" or "Urban Tea") (NASDAQ: MYT), a premier retailer of specialty teas and baked goods in China, announced that it has fully advanced into the tea beverage industry.

After launching of its specialty tea business in October 2018, Urban Tea has made steady progress in deployment of its business plan by opening 8 stores in Changshao and Shaoyang in Hunan province, establishing professional product research and development division, storage warehouse and delivery team and promoting its brands.

Currently, Hunan MYT offers tea drinks, light meals, and pastries as its three lines of products. The tea drinks we offered include milk-covered tea, fresh fruit tea, fresh milk tea, as well as varieties of traditional tea, coffee and other beverages, emphasizing fashion, health, and quality, to attract trend seeking young consumers. Light meals include salads, sandwiches, tacos, pizza, pastas and other meals primarily drawing from French cuisine and other western cuisines, and emphasizes healthy meals and fresh ingredients. Pastries include sweet bread, Danish pastries, whole wheat bread, hard bread, toast, silk cake, mousse cake, cheese cake, and others. By focusing on health and nutrition, and using fresh, green, high-quality ingredients, we produce freshly baked pastries with the aim of becoming the "all-natural baker".

The Company has established a research and development center, hired a professional-level product research and development team with state-of-the-art equipment. We emphasize on seasonal product development, by selecting fresh fruits, seasonal tea, and in season grains. By offering seasonal menus we ensure fresh delivery to meet customers' health and dietary needs to cultivate customer loyalty.

The Company's product development team is comprised of the following members:

Director of Light Food R&D: Mr. Sanglin Xie:

  • 2008 Served at a top 10 restaurant in Shanghai, Shangri-La Jade 36 restaurant
  • 2009 Won the ICS China Youth Cooking Competition
  • 2011 Served at the Michelin star rated Mr. Mis restaurant
  • Winner of the Bocuse Asia-Pacific China 2012 China Youth Culinary Championship
  • Participated in the preparation of the Top 50 Worldwide Ultraviolet restaurant.

Director of Beverage R&D: Mr. Runbo Yuan

  • China Fruit Association Coffee Bean Branch certified senior barista
  • Changsha Jieou Coffee College (SCAA certified) coffee quality appraisers
  • Senior Trainer and Technical Instructor at Changsha Jieou Coffee Marketing Experience Center
  • The third division of the 5th World Vacuum Pot Contest in China
  • The 6th Vacuum Pot Contest, the champions of the champions runner-up and runner-up in the Changsha Division
  • The runner-up in the National Finals of the 6th Vacuum Pot Contest,
  • The 7th Vacuum Pot Contest, the champions of the champions runner-up and runner-up in the Changsha Division
  • The backup instructor for the first China Barista Team Championship
  • 2016 China Young Barista Exhibition Championship
  • CSC World Vacuum Pot Contest China Jury
  • Judge of the China Barista Skills Competition Finals

Pastries R&D Director: Mr. Haibo Jiang

  • Shanghai Baking Masters Silver Award
  • The first China Dessert Championship Finals Excellence Award,
  • Shenzhen Baker New Language Senior Baker,
  • Former Shenzhen Shanghai Au Lai Restaurant Bakery Director,
  • Former Shanghai N+ Natural Baking Senior Baker
  • Former Changsha Nai Snow's tea bread director

We currently operate our stores under three brands: "Buoyance Manor,"  "Your Ladyship Tea" and "Meet Honey." The "Buoyance Manor" brand mainly features bakery products and a variety of coffee drinks. "Your Ladyship Tea" stores provide specialty teas, such as fruit tea, milk tea, along with some light snacks. "Meet Honey" will be primarily for snacks and accessories, including peanut nougat gift boxes, cookies, coffee mugs, and tea cups.

Currently, we operate 8 stores in Hunan Province, including: Shaoyang You'a International Plaza Store (Buoyance Manor Flagship Store), Shaoyang Dongfeng Road Pedestrian Street Store (Buoyance Manor Image Store), Changsha Bailian Outlets (Buoyance Manor Image Store), Changsha Huitong Building (Buoyance Manor Image Store), Xiangtan Hotel Store (Buoyance Manor Image Store), Liuyang Industrial Park store (Buoyance Manor Image Shop), Changsha Desiqin Plaza store (Buoyance Manor Flagship Store), and  Changsha Youyou Township Store (tea shop).

Miss. Kan Lu, Chief Financial Officer of Urban Tea Inc., commented, "Our professional operation and R&D teams have many years of industry experience. With strong emphasis on product development, we currently focus on creating operations that can be replicated and streamlined which will be leading the consumer trend in the industry. In 2019, we plan to expand to a total of 28 company owned stores. We also expect to accelerate our market growth through managed stores and JV stores starting from mid-2019. We desire to carefully deploy our tea business plan to reach our long-term strategic goal of becoming an industry leader in the specialty tea retail market."

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, Shanghai Ming Yun Tang Tea Limited ("Shanghai MYT") which controls Hunan Ming Yun Tang Brand Management Co., Ltd. ("Hunan MYT"), the Company currently market a wide range of trendy tea drinks, light meals, and pastries targeting China's new urban generation in Hunan province. Our products are focused on not only their taste but also their aesthetic presentation and health benefits. Our products are currently being offered via our own stores. We expect to start selling our products in our managed and JV stores in mid-2019. 

Safe Harbor Statement

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 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.

For more information, please contact investor relations:

Tina Xiao
Ascent Investor Relations LLC
Phone: +1-917-609-0333
Email: tina.xiao@ascent-ir.com

Cision View original content:http://www.prnewswire.com/news-releases/urban-tea-inc-announces-strategic-plan-to-develop-tea-beverage-market-300845946.html

SOURCE Urban Tea Inc.

Copyright 2019 PR Newswire

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