NEW YORK, Feb. 13, 2017 /PRNewswire/ -- iFresh, Inc.
(NASDAQ: IFMK), formerly known as E-Compass Acquisition Corporation
(NASDAQ: ECAC, ECACU, ECACR), today announced that it consummated
its business combination with NYM Holding, Inc. ("NYM"), a
fast-growing Asian/Chinese grocery supermarket chain in the
north-eastern U.S. providing food and other merchandise hard to
find in mainstream grocery stores. The transaction was unanimously
approved by the boards of directors of both companies and was
approved by a vote of ECAC's shareholders at a special meeting on
January 17, 2017. With the
closing of the transaction, ECAC reincorporated to Delaware and has been renamed iFresh, Inc.
("iFresh"), and its common shares will trade on NASDAQ under the
new symbol "IFMK" beginning on February 13,
2017.
Long Deng, Founder and Chief
Executive Officer of NYM Holding, Inc., said "We are excited to
introduce NYM as a public company, the first publicly-listed
Chinese/Asian supermarket chain in the U.S. Our specialty is to
bring the freshest foods from farm to table and to make sure our
customers enjoy the freshness as much as we do. I am truly proud of
our team's dedicated job in cultivating and growing NYM to a
vertically-integrated supermarket chain in the Chinese and Asian
community during the past two decades. NYM's partnership with
E-Compass is a key milestone. Becoming a public company via the
business combination revitalizes NYM to the next stage, further
fulfilling our dedication in delivering freshness. The additional
funds raised through this transaction will be devoted to further
accelerate our growth and expand our footprint nationwide,
especially in the East Coast. With a wide-recognized brand, a
rapidly increasing customer base, and a strategic expansion and
integration plan, NYM has many exciting growth opportunities going
forward and will create value to our investors."
Richard Xu, Chairman and Chief
Executive Officer of E-Compass Acquisition Corp., said, "NYM has a
track record of efficient daily-operation and strategic
development. Mr. Long Deng and his
team are dedicated in this unique and blooming sector. With their
experience and insights, we believe NYM has the potential to
revolutionize and upgrade the Chinese/Asian supermarket sector
which can generate long-term value to shareholders. NYM is well
positioned to capitalize from the growing Chinese/Asian American
population, their increasing purchasing capacity, and the
integration momentum in its unique market sector. We are thrilled
to be part of the next stage in this Company's life cycle and look
forward to helping create value for our shareholders."
B Riley & Co. LLC acted as investment banking advisor to
ECAC and assisted NYM in obtaining debt financing from KeyBank
National Association ("Key Bank"). Cantor Fitzgerald acted as
capital market advisor for ECAC.
About NYM Holding, Inc.
NYM is a fast growing Asian/Chinese grocery supermarket chain in
the north-eastern U.S. providing fresh food and other merchandise
that is hard to find in mainstream grocery stores. Since its start
in 1995, NYM has been targeting the Chinese and Asian population in
the U.S. with its in-depth cultural knowledge of its target
customer's unique consumption habits and high demands in fresh
foods. NYM currently has two wholesale facilities and eight retail
supermarkets across New York,
Massachusetts and Florida, with annual revenue of $131.2 million for the fiscal year ended
March 31, 2016.
About E-Compass Acquisition Corp.
E-Compass Acquisition Corp. was a Cayman Islands exempted company incorporated
on September 23, 2014 as a blank
check company formed for the purpose of entering into a share
exchange, asset acquisition, share purchase, recapitalization,
reorganization or other similar business combination with one or
more businesses or entities, or entering into contractual
arrangements that give us control over such a target business.
Forward Looking Statements
This communication includes certain statements that may
constitute "forward-looking statements" for purposes of the federal
securities laws. Forward-looking statements include, but are
not limited to, statements that refer to projections, forecasts or
other characterizations of future events or circumstances,
including any underlying assumptions. The words "anticipate,"
"believe," "continue," "could," "estimate," "expect," "intends,"
"may," "might," "plan," "possible," "potential," "predict,"
"project," "should," "would" and similar expressions may identify
forward-looking statements, but the absence of these words
does not mean that a statement is not forward-looking.
Forward-looking statements may include, for example,
statements about the benefits of the transaction described in this
communication; the future financial performance of iFresh following
the transaction; changes in iFresh's reserves and future operating
results; and expansion plans and opportunities. These
forward-looking statements are based on information available as of
the date of this communication, and current expectations, forecasts
and assumptions, and involve a number of judgments, risks and
uncertainties. Accordingly, forward-looking statements should
not be relied upon as representing iFresh's views as of any
subsequent date, and iFresh does not undertake any obligation to
update forward-looking statements to reflect events or
circumstances after the date they were made, whether as a result of
new information, future events or otherwise, except as may be
required under applicable securities laws. You should not
place undue reliance on these forward-looking statements. As
a result of a number of known and unknown risks and uncertainties,
iFresh's actual results or performance may be materially different
from those expressed or implied by these forward-looking
statements. Some factors that could cause actual results to
differ include iFresh's ability to recognize the anticipated
benefits of the transaction, which may be affected by, among other
things, competition and the ability of iFresh to grow and manage
growth profitably following the transaction; changes in applicable
laws or regulations; the possibility that iFresh may be adversely
affected by other economic, business, and/or competitive factors;
and other risks and uncertainties indicated in Silver Run's public
filings with the Securities and Exchange Commission.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/ifresh-inc-fka-e-compass-acquisition-corp-announces-its-completion-of-business-combination-with-nym-holding-inc-300405867.html
SOURCE iFresh, Inc.