CHANGSHA, China, Oct. 13, 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 CROP CIRCLE, its casual street food restaurant
in New York City, has witnessed a
25% monthly growth in sales from August
2020 to October 2020.
As previously announced, Urban
Tea now owns the registered trademark of "CROP CIRCLE" in
the United States. The Company
operates the Crop Circle restaurant in Greenwich Village near Washington Square Park,
which features "guokui," a flatbread baked in a clay oven with
various choices of flavorful fillings such as shrimp, beef, pork,
chicken, preserved vegetables and brown sugar, a popular street
snack originating from northern China's Shanxi province. The Company also owns the
trademark "MENO" and operates MENO, a modern tea and coffee shop
with a small curated food menu.
Despite the COVID-19 outbreak and subsequent social distancing
and business closure orders to contain the pandemic, CROP CIRCLE
has established itself as an increasingly popular destination for
its Chinese-inspired street food. Situated just blocks away from
MENO, Urban Tea's ownership of these
two restaurants marks the implementation of the Company's initial
branding and marketing strategy in the
United States.
Mr. Long Yi, CEO of Urban Tea said, "We believe that the food and
beverage industry is evolving rapidly, especially during these
unprecedented times, and we see tremendous potential in the casual
take-out dining market. As such, we're delighted to see such
positive results from our first two months of operations in
New York City with Crop Circle.
The operational knowledge and experience available to us will be
instrumental in facilitating our strategic overseas expansion plans
and the positive initial response is a testament to that."
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.
View original
content:http://www.prnewswire.com/news-releases/urban-tea-incs-newly-acquired-crop-circle-restaurant-reports-a-25-sales-growth-in-the-midst-of-the-covid-19-pandemic-301150921.html
SOURCE Urban Tea Inc.