Urban Tea Expects Opening of First Overseas Tea House in New York in the Summer

Rhea-AI Summary

Urban Tea Inc. (NASDAQ: MYT) announced progress on its first overseas store, Meno, located in New York City, with a trial opening expected on July 15, 2020, amidst COVID-19 safety measures. The store aims to be a vibrant destination for specialty teas and baked goods, located near NYU in Greenwich Village. The CEO expressed enthusiasm over this expansion, marking a significant milestone despite delays caused by the pandemic. The company will follow health guidelines with social distancing and staff screenings, offering take-out and limited dine-in services.

Positive

• First overseas store in New York City scheduled to open July 15, 2020.
• Strategic location in a vibrant neighborhood near NYU.
• Plans to adhere to COVID-19 safety protocols, ensuring customer safety.

Negative

• Opening delayed from early 2020 due to the COVID-19 pandemic.
• Uncertainty in business ramp-up amid ongoing pandemic challenges.

CHANGSHA, China, June 24, 2020 /PRNewswire/ -- Urban Tea Inc. (the "Company," "we" or "Urban Tea") (NASDAQ: MYT), a premier retailer of specialty teas and baked goods headquartered in Hunan, China, announced today that the Company has made significant progress in the renovation of its first overseas store in New York City. The store named "Meno" is expected to have a trial opening on July 15^th, 2020, and a grand opening in August, assuming New York City will reopen as currently scheduled.

The store is located at 218 Thompson Street, near Washington Square Park and the New York University campus in the Greenwich Village neighborhood of lower Manhattan, which is one of the city's most vibrant and popular neighborhoods. The design of the store is expected to create a quintessential hang-out spot for the customers to enjoy its specialty tea drinks. As New York continues to reopen, we have and will continue to closely follow state and city guidelines in the renovation of Meno. We will open the tea house with social distancing measures and other sanitary procedures in place. Additionally, all staff will be screened for the coronavirus before shifts, wear masks and gloves, as well as practice proper handwashing and food safety protocols. The full menu will be served with take-out and online order store pick up. Limited dine-in service will be offered to customers.

Long Yi, Chief Executive Officer of Urban Tea, commented: "We are excited about our plan to open our first overseas store Meno in NYC during the summer. This marks the first milestone in our long-term overseas operation plan. Although Meno was initially planned to be opened in early 2020, the evolving COVID-19 situation has delayed our plans. Although opening a new store during a pandemic is challenging and we understand that it may take some time to ramp up the business during this time of uncertainty, our team has been working tirelessly to make this happen and to continue looking towards the future."

About Urban Tea, Inc. 

Urban Tea, Inc. is an emerging specialty tea product distributer and retailer headquartered in Changsha City, Hunan Province, China. Through its wholly owned subsidiary, Mingyuntang (Shanghai) Tea Limited which controls Hunan Ming Yun Tang Brand Management Co., Ltd. and Hunan 39 Pu Tea Co., Ltd., the Company currently market a wide range of trendy tea drinks, light meals, and pastries targeting China's new urban generation in Hunan province. Our products are focused on not only their taste but also their aesthetic presentation and health benefits. Our products are currently being offered via our own stores. For more information, please visit: http://ir.h-n-myt.com/investor.

Forward-Looking Statements

This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including development of the COVID-19 virus and the impact it will have on the Company's operations and the other risk factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on the SEC's website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the applicable securities laws, the Company does not assume a duty to update these forward-looking statements.

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SOURCE Urban Tea Inc.

FAQ

When is Urban Tea's first overseas store opening?

Urban Tea's first overseas store, Meno, is expected to have a trial opening on July 15, 2020.

Where is Urban Tea's Meno store located?

The Meno store is located at 218 Thompson Street in Greenwich Village, New York City.

What safety measures will Urban Tea implement for the opening?

Urban Tea will implement social distancing measures, staff screenings, and proper sanitation protocols.

What is the significance of the Meno store for Urban Tea?

The Meno store marks Urban Tea's first milestone in its long-term overseas operation plan.

What type of services will be offered at the Meno store?

The store will offer take-out, online order pickup, and limited dine-in services.