News | October 19, 2017

iFresh Announces Exclusive Agreement With Dragon Seeds LLC

New York (GLOBE NEWSWIRE) - iFresh Inc. (NASDAQ:IFMK) ("iFresh" or the "Company"), a leading Asian American grocery supermarket chain and online grocer, announced today that it has entered into an agreement with Dragon Seeds, LLC (“Dragon Seeds”), a 15-acre farm based in Vero Beach, FL, that specializes in organically-grown Mibao dragon fruit, to exclusively supply its dragon fruits to iFresh.

Dragon Seeds is run by Mr. Guocheng Li, who has over 20 years’ experience in growing, harvesting, packing, and distributing dragon fruits. Mr. Li’s team was the first to successfully graft the Mibao dragon fruit variety with a local American variety of dragon fruit, which improved the precocity, drought tolerance, and adaptability of the fruit. Dragon Seeds also has many years of operational experience using organic farming techniques and meets current USDA requirements for growing organic produce.

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

Mr. Deng stated, "I am excited to share my passion for producing the best fruits and vegetables through sustainable organic farming with iFresh’s customers. With this agreement, iFresh will be able to provide its customers with fresh, high-quality, organic dragon fruit at a reasonable price.”

About iFresh Inc.
iFresh Inc., headquartered in New York, 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 soon opening) and two in-house wholesale businesses strategically located in cities with a highly concentrated Asian population, the Company 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 perishables 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.

© 2017 GlobeNewswire, Inc. All Rights Reserved.

SOURCE: iFresh Inc.