iFresh Announces Exclusive Agreement with Spring Farm WPB

NEW YORK, Oct. 30, 2017 -- 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 Spring Farm WPB, Inc. (“Spring Farm WPB”), a farm with locations in Vero Beach and Loxahatchee, FL, and Pemberton, NJ, that specializes in organically-grown Asian vegetables and fruits, pursuant to which Spring Farm WPB will exclusively supply its vegetables and fruits to iFresh.

Spring Farm WPB has three locations: one is a 350-acre farm located in Pemberton, NJ, that specializes in Asian vegetables and melons, such as radish, bitter melon, long squash, Taiwan okra, and winter melon eggplant. The 65-acre farm located at Loxahatchee, FL, is one of the largest longan and litchi farms in the U.S and has over 8,000 longan, litchi, papaya and loquat fruit trees. The 370-acre farm located in Vero Beach, FL, specializes in Asian vegetables and melons, such as yu choy mue, gai lan mue, water spinach, Shanghai mue, and bok choy mue.

Spring Farm WPB, Inc 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, "We are excited to share our offering of quality Asian fruits and vegetables through sustainable organic farming to iFresh’s customers. As the Asian population continues to grow rapidly in the United States, our expanding store base continues to experience healthy demand for Asian fruits and vegetables. With this supply agreement, iFresh can provide its customers with fresh, high-quality, organic Asian fruits and vegetables at reasonable prices.”

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.

Contact:
ICR Inc.
Ms. Rose Zu
Phone: 1-347-436-8368
E-mail: [email protected]