Urban Tea Plans to Open New Store in New York City
Urban Tea Inc. (NASDAQ: MYT) has announced plans to open a new store in New York City, further expanding its presence in the catering industry. The company currently operates two stores in NYC, Meno and Crop Circle, offering tea-based beverages and popular northern Chinese street snacks. CEO Long Yi expressed optimism about the company's growth potential, citing the positive reception of their products. Urban Tea aims to enhance product R&D and integrate its offerings, catering to consumer demands.
- Expansion plans for a new store in New York City to attract more customers.
- Positive customer reception for existing offerings in NYC.
- Plans to strengthen product research and development capabilities.
- Potential risks from COVID-19 affecting operations and demand.
- Uncertainties related to supply chains and local regulations.
CHANGSHA, China, Oct. 19, 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 it has begun planning for the opening of a new store in New York City.
MYT currently has two stores in NYC, Meno, a store offering tea-based beverages and light snacks, as well as Crop Circle, a store offering its featured "guokui," a popular street snack originating from northern China's Shaanxi province, as well as other popular Chinese street food. MYT is currently planning to open a third store combining the offerings of both popular street food and tea-based beverages in NYC. It is currently in the planning phase and working on product development and selecting an address for the new store.
Long Yi, CEO, commented that, "With the gradual stabilization of existing store operations, the Company's management sees the future prospects of our product positioning and business philosophy in the New York catering industry. As a result, we plan to accelerate our expansion in New York, and are currently selecting a location for our new store. I am very happy that our food and beverage options are liked by our customers in New York. In the future, we plan on strengthening our product research and development capabilities and strive to meet more consumer needs. In the future, the Company plans on integrating the product lines of various brands and making it even easier for consumers to purchase different types of foods and beverages in one store."
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 markets a wide range of trendy tea drinks, light meals, and pastries targeting the new urban generation in both China and the United States. Our products are focused on not only their taste but also their aesthetic presentation and health benefits. 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 the uncertainty about the spread of the COVID-19 virus and the impact it will have on the Company's operations, the demand for the Company's products, supply chains, local government's regulation of restaurants, and economic activity in general. These and other risks and uncertainties are detailed in the 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.
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