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Urban Tea Inc. (the "Company", "we" or "Urban Tea") (NASDAQ: MYT), a premier retailer of specialty teas and baked goods based in Hunan, China, announced today that the Company is in the process of opening its first store in New York and is expected to open to the public in early 2020. This store will be operated and managed by the Company's subsidiary Urban Tea Management Inc., which is jointly owned by the Company and its U.S. business partner with a 51% and 49% equity ownership, respectively.
Strategically located in the NYU neighborhood at 218 Thompson Street, the store will feature a variety of high quality beverages and light meals expected to delight young customers based on market research and survey of local consumer preference. This first New York store will have a new logo and stylish interior design aiming to attract consumers looking for a trendy and premium experience. The store will offer seven major beverage selections on the menu: black tea, fruit flavored coffee, fresh milk tea, fresh fruit tea, fruit cheese tea, traditional milk tea, and freshly ground coffee. Additionally, western-style light meals will also be available.
"It is with great excitement to expect the opening launch the Company's first store in the United States under our overseas expansion plan. We chose New York City as the first store location outside of China due to its diverse and inclusive culture. To stand out from our peers, we would like the first store to be in the center of metropolitan area as a high-end beverage store. In order to become familiar with local beverage chain stores operations, the Company has trained three employees to acquire specialized knowledge and skill sets of the local market. By having a trendy store design and custom tailored food and beverage offerings, we hope the store will attract the patronage of both New Yorkers and tourists alike" said Mr. Long Yi, Chief Executive Officer of Urban Tea. "We look forward to execution of our long-term overseas operation plan. Going forward, we will strive to gradually expand our footprints into more regions based on the results and operations of this NYC store in order to create greater shareholder value while introducing the unique charm of Chinese style beverages to consumers from all around the world."
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, Shanghai Ming Yun Tang Tea Limited ("Shanghai MYT") which controls Hunan Ming Yun Tang Brand Management Co., Ltd. ("Hunan MYT"), 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. We expect to start selling our products in our managed and JV stores in mid-2019. For more information, please visit: http://ir.h-n-myt.com/investor.
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