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iFresh Announces Completion Of Acquisition Of Jiuxiang Blue Sky Technology

NEW YORK, Aug. 27, 2020 (GLOBE NEWSWIRE) -- iFresh, Inc. (“iFresh” or the “Company”) (NASDAQ:IFMK), a leading Asian American grocery supermarket chain and online grocer, is pleased to announce

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NEW YORK, Aug. 27, 2020 (GLOBE NEWSWIRE) -- iFresh, Inc. (“iFresh” or the “Company”) (NASDAQ:IFMK), a leading Asian American grocery supermarket chain and online grocer, is pleased to announce that it has completed acquisition of Jiuxiang Blue Sky Technology (Beijing) Co., Ltd. (“Jiuxiang”), a technology company that engages in supply chain financial services, integrated payment systems, and prepaid card marketing systems (the “Acquisition”). As a result of the Acquisition, Jiuxiang has become an indirect wholly-owned subsidiary of iFresh.

Jiuxiang specializes in providing supply chain financial services that satisfy customer demands for green products and services and that improve environmental performance. Jiuxiang has developed an advanced supply chain platform targeting Business to Business to Consumer (B2B2C))areas, including signature products of jiayoubei online shopping malls, single-purpose prepaid card payment systems, and supply chain systems. These products adopt an integrated operating model and centralized IT-infrastructure to help clients capitalize on new digital capabilities, including enhanced connectivity, online-to-offline shopping experience, digital payment systems, and customized SME system platforms.

Pursuant to the terms of the Acquisition,the Company acquired 100% of the equity interests in Jiuxiang in exchange for the issuance of an aggregate of 5,036,298 shares of the Company’s common stock and 1,000 shares of the Company’s Series C Convertible Preferred Stock.  Upon approval of the Company’s shareholders, the 1,000 shares of Series C Preferred Stock will be converted into 1,916,781 shares of the Company’s common stock.

Mr. Long Deng, Chairman of iFresh, stated, “We are thrilled to complete this Acquisition and launch Jiuxiang’s integrating supply chain technology within our business. iFresh is determined to be at the forefront of online grocery business providers. The closing of the Acquisition represents an important milestone for the Company, because it will allow us to strengthen our E-commerce business model and expand our customer base.”

Ms. Ming Liu, CEO of Jiuxiang, commented, “We are very happy to move forward with this strategic partnership with iFresh. With this Acquisition, our best-in-class retail mobile technology platform will be launched in the U.S. market. This launch embodies our ambition to grow globally and will expose more businesses and companies to greener alternatives. Together, we believe our combined expertise and resources will deliver better business outcomes.”