iFresh Announces Exclusive Agency Agreement with Bit Farm Inc.
iFresh, Inc. (Nasdaq: IFMK) announced an exclusive agreement with Bit Farm Inc. to distribute Bit Silica Plus, a fertilizer designed to enhance plant growth. This agreement permits iFresh to market Bit Silica Plus across the U.S. for 12 months, potentially extending thereafter. The product aims to rectify common nutritional deficiencies in plants through a unique blend of silica, titanium, and calcium. iFresh plans to leverage its extensive retail network to introduce this innovative product, which has shown positive trial results at partnering farms.
- Exclusive distribution agreement with Bit Farm enhances product line and revenue potential.
- Bit Silica Plus shown to promote plant growth through successful trials at partner farms.
- Leveraging existing retail network provides strong market entry for new product.
- None.
NEW YORK, Aug. 30, 2021 (GLOBE NEWSWIRE) -- iFresh, Inc. (“iFresh” or the “Company”) (Nasdaq: IFMK), a leading Asian American grocery supermarket chain and online grocer, today announced that the Company has entered into an exclusive agency agreement (“Agreement”) with Bit Farm Inc. This agreement names iFresh as the exclusive distributor of Bit Silica + ® (“Bit Silica Plus”), a fertilizer that promotes plant growth. iFresh is authorized to market and sell Bit Silica Plus in the United States for the next twelve months, with an option to extend.
Bit Farm Inc., incorporated in Florida, focuses in the technology sector, with operations in agriculture (including cannabis) and digital currency mining. Bit Farm has developed Bit Silica Plus to accelerate plant growth and extend harvest time. The plant supplement corrects common plant deficiencies through its carefully calibrated combination of highly fortified silica, titanium, and calcium. The supplement is produced through advanced production technologies, such as small molecule oscillation technology, positive and negative ion exchange technology, negative charge generation technology, and powerless photoelectric oxygen enrichment.
Mr. Long Deng, Chairman of iFresh, who has also personally invested in Bit Farm and acts as an external consultant to the company commented, “We are excited to use our extensive retail network to introduce Bit Silica Plus fertilizer to the market. Our partnering farm- Dragon Seed LLC has seen positive results from the plant trials of Bit Silica Plus. The supplement is expected to be introduced to other partnering farms. We believe our customers will be as enthusiastic about Bit Silica Plus as we are, and we look forward to our successful partnership with Bit Farm.”
About iFresh, Inc.
iFresh Inc. (Nasdaq: IFMK), headquartered in Long Island City, New York, is a leading Asian American grocery supermarket chain and online grocer on the east coast of U.S. With nine retail supermarkets along the US eastern seaboard (with additional stores in Glen Cove, Miami and Connecticut opening soon), and one in-house wholesale business strategically located in cities with a highly concentrated Asian population, iFresh 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 produce at competitive prices to a growing base of customers. For more information, please visit: http://www.ifreshmarket.com/.
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FAQ
What is the distribution agreement announced by iFresh on August 30, 2021?
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