iFresh Signs Purchase Agreement to Acquire 70 Percent Equity Interests in Xiamen DL Medical Technology
NEW YORK, NY - How can our industry form new alliances in order to protect the sale of fresh fruits and vegetables? Asian American grocery supermarket chain and online grocer, iFresh, recently announced that it has entered into a purchase agreement that is expected to aid our industry during these pressing times. The company agreed to acquire 70 percent of equity interests in Xiamen DL Medical Technology Co., which specializes in the research and development of technology, manufacturing, and distribution of medical and non-medical supplies.
"This acquisition is a major step forward in broadening our business into a new market,” Long Deng, Chief Executive Officer and Chairman of iFresh, commented. “iFresh's commitment to serve the community as a leading grocery supermarket chain has allowed us to be innovative in not only providing our residents with their daily life needs, but also necessary supplies during the current coronavirus pandemic. The company has been offering free masks to the elderly residents to help prevent them from getting sick. We believe the acquisition of Xiamen DL will enhance our product offering range and will drive long-term growth opportunities for our shareholders."
A press release stated that pursuant to the terms of the Purchase 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 percent equity interests in Xiamen DL. The closing of the acquisition is subject to customary terms and conditions as set forth in the agreement.
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