Urban Tea Inc.'s Newly Acquired "CROP CIRCLE" Restaurant Reports a 25% Sales Growth in the Midst of the COVID-19 Pandemic
CHANGSHA, China, Oct. 13, 2020 /PRNewswire/ -- Urban Tea Inc. (the "Company," "we" or "Urban Tea") (NASDAQ:MYT), a premier retailer of specialty teas and baked goods headquartered in Hunan, China, announced today that CROP CIRCLE, its casual street food restaurant in New York City, has witnessed a 25% monthly growth in sales from August 2020 to October 2020.
As previously announced, Urban Tea now owns the registered trademark of "CROP CIRCLE" in the United States. The Company operates the Crop Circle restaurant in Greenwich Village near Washington Square Park, which features "guokui," a flatbread baked in a clay oven with various choices of flavorful fillings such as shrimp, beef, pork, chicken, preserved vegetables and brown sugar, a popular street snack originating from northern China's Shanxi province. The Company also owns the trademark "MENO" and operates MENO, a modern tea and coffee shop with a small curated food menu.
Despite the COVID-19 outbreak and subsequent social distancing and business closure orders to contain the pandemic, CROP CIRCLE has established itself as an increasingly popular destination for its Chinese-inspired street food. Situated just blocks away from MENO, Urban Tea's ownership of these two restaurants marks the implementation of the Company's initial branding and marketing strategy in the United States.
Mr. Long Yi, CEO of Urban Tea said, "We believe that the food and beverage industry is evolving rapidly, especially during these unprecedented times, and we see tremendous potential in the casual take-out dining market. As such, we're delighted to see such positive results from our first two months of operations in New York City with Crop Circle. The operational knowledge and experience available to us will be instrumental in facilitating our strategic overseas expansion plans and the positive initial response is a testament to that."
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, Mingyuntang (Shanghai) Tea Limited which controls Hunan Ming Yun Tang Brand Management Co., Ltd. and Hunan 39 Pu Tea Co., Ltd. The Company currently markets a wide range of trendy tea drinks, light meals, and pastries targeting the new urban generation in both China and the United States. Our products are focused on not only their taste but also their aesthetic presentation and health benefits. For more information, please visit: http://ir.h-n-myt.com/investor.
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 uncertainty about the spread of the COVID-19 virus and the impact it will have on the Company's operations, the demand for the Company's products, supply chains, local government's regulation of restaurants, and economic activity in general. These and other risks and uncertainties are detailed in 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.
SOURCE Urban Tea Inc.