Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Nasdaq  >  IFresh Inc.    IFMK

IFRESH INC.

(IFMK)
  Report
SummaryQuotesChartsNewsCalendarCompanyFinancials 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector news

iFresh, Inc. Signs Letter of Intent to Acquire Dragon Seeds LLC

share with twitter share with LinkedIn share with facebook
08/24/2018 | 09:31am EDT

NEW YORK, NY, Aug. 24, 2018 (GLOBE NEWSWIRE) -- iFresh, Inc. (“iFresh” or “the Company”) (NASDAQ: IFMK), a leading Asian American grocery supermarket chain and online grocer, announced today that it has entered into a non-binding letter of intent (the “LOI”) to acquire Dragon Seeds, LLC (“Dragon Seeds”), a farm based in Vero Beach, Florida, specializing in Mibao dragon fruit.

Pursuant to the terms of the LOI, dated May 2, 2018, iFresh is expected to acquire 70% ownership of Dragon Seeds in consideration for a combination of cash and stock to be determined after the completion of due diligence.

As previously disclosed in a press release dated October 19, 2017, iFresh entered into an exclusive supply agreement with Dragon Seeds. The management team of Dragon Seeds has over twenty years of operational experience growing, harvesting, packing, and distributing dragon fruit. The farm’s “Dragon King” brand, features Mibao dragon fruit successfully grafted with a local American variety of dragon fruit.

Dragon Seeds is majority owned by Mr. Long Deng, iFresh’s Chairman and Chief Executive Officer. The final terms of the transaction will be approved by the Audit Committee of iFresh’s Board of Directors.

Mr. Long Deng, Chairman and CEO of iFresh, commented, “This acquisition will be a good addition for iFresh, supporting our continued strategy of vertically integrating our supply chain. Dragon Seeds' experts share our customer-focused approach.”

Mr. Long Deng, continued, “We look forward to actively supporting Dragon Seeds team through continued investment to more fully realize our vision of satisfying the increasing demands of Asian Americans for fresh and culturally unique products and further differentiating our product line from that of our competitors.”

About iFresh, Inc.

iFresh Inc. (NASDAQ: IFMK), 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/.

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.

For more information, please contact:

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

Primary Logo

© GlobeNewswire 2018

share with twitter share with LinkedIn share with facebook
All news about IFRESH INC.
10/06IFRESH INC : Changes in Registrant's Certifying Accountant (form 8-K)
AQ
10/05IFRESH INC : Notice of Delisting or Failure to Satisfy a Continued Listing Rule ..
AQ
09/17IFRESH : Announces the Cancellation of Special Meeting of Shareholders
AQ
09/17iFresh Announces the Cancellation of Special Meeting of Shareholders
GL
08/28iFresh Launches E-commerce Site in English
GL
08/27iFresh Announces Completion of Acquisition of Jiuxiang Blue Sky Technology (B..
GL
08/27IFRESH INC : Completion of Acquisition or Disposition of Assets, Unregistered Sa..
AQ
08/24iFresh Announces Positive Net Income for First Quarter 2020 and Anticipates C..
GL
08/20IFRESH : Fiscal 1Q Earnings Snapshot
AQ
08/20IFRESH : Management's Discussion and Analysis of Financial Condition and Results..
AQ
More news
Financials (USD)
Sales 2020 89,5 M - -
Net income 2020 -8,29 M - -
Net Debt 2020 84,1 M - -
P/E ratio 2020 -3,30x
Yield 2020 -
Capitalization 26,7 M 26,7 M -
EV / Sales 2019 0,32x
EV / Sales 2020 1,25x
Nbr of Employees 298
Free-Float 34,2%
Chart IFRESH INC.
Duration : Period :
iFresh Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends IFRESH INC.
Short TermMid-TermLong Term
TrendsBullishBearishNeutral
Income Statement Evolution
Managers
NameTitle
Long Deng Executive Chairman, Chief Executive Officer & COO
Yan Hong Xue Chief Financial Officer
Mark C. Fang Independent Director
Jay Walder Independent Director
Harvey Leibowitz Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
IFRESH INC.118.07%27
WALMART INC.21.05%407 635
ALIMENTATION COUCHE-TARD INC.4.46%36 481
SEVEN & I HOLDINGS CO., LTD.-14.31%28 904
SM INVESTMENTS CORPORATION-7.00%24 133
AVENUE SUPERMARTS LIMITED15.13%18 572