iFresh Signs Purchase Agreement to Acquire 70% Equity Interests in Xiamen DL Medical Technology
iFresh Inc. (IFMK)
US:NASDAQ Investor Relations:
investors.ifreshmarket.com/investor-relations
Company Research
Source: GlobeNewswire
NEW YORK, March 17, 2020 (GLOBE NEWSWIRE) -- iFresh, Inc. ("iFresh" or the “Company") (Nasdaq: IFMK), a leading Asian American grocery supermarket chain and online grocer, announced today that the Company has entered into a purchase agreement, pursuant to which the Company agreed to acquire 70% of equity interests in Xiamen DL Medical Technology Co. (“Xiamen DL”), Ltd., specializing in research and development of technology, manufacturing, and distribution of medical and non-medical protective masks, cotton spinning textiles, knitwear, daily necessities, kitchen and toilet appliances, and other related goods. Pursuant to the terms of the Purchase Agreement (the “Agreement”), the Company shall pay Xiamen DL $600,000 in cash and issue 900,000 shares of common stock of the Company in consideration for the 70% equity interests in Xiamen DL. The closing of the acquisition is subject to customary terms and conditions as set forth in the Agreement. Mr. Long Deng, Chief Executive Officer
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