CHANGSHA, China, May 8, 2019 /PRNewswire/ -- Urban Tea Inc. (the "Company", "we" or "Urban Tea") (NASDAQ: MYT), a premier retailer of specialty teas and baked goods in China, announced today its strategic plan to develop its market in the tea beverage industry.
In October 2018, Urban Tea, Inc established its subsidiary Shanghai Ming Yun Tang Tea Limited in China, which controls Hunan Ming Yun Tang Brand Management Co., Ltd. ("Hunan MYT") via a series of contractual agreements. Hunan MYT is a limited liability company which focuses on catering, and involves health, training, retail, wholesale and other fields. Headquartered in the Changsha Xingingmen Fanchen International Center, Hunan MYT integrates brand strategic positioning, offline operation, store management and brand marketing. Currently, Hunan MYT offers tea drinks, light meals, and pastries as its three lines of products.
Pastries include sweet bread, Danish pastries, whole wheat bread, hard bread, toast, silk cake, mousse cake, cheese cake, and others. By focusing on health and nutrition, and using fresh, green, high-quality ingredients, Hunan MYT produces freshly baked pastries with the aim of becoming the "all-natural baker". The tea drinks offered by Hunan MYT encompasses milk-covered tea, fresh fruit tea, fresh milk tea, as well as varieties of traditional tea, coffee and other beverages, emphasizing fashion, health, and quality, to attract trend seeking young consumers. Light meals include salads, sandwiches, tacos, pizza, pastas and other meals primarily drawing from French cuisine and other western cuisines, and emphasizes healthy meals and fresh ingredients.
The Company has established a research and development center, hired a professional-level product research and development division with state-of-the-art equipment, and places an emphasis on seasonal research and product development, by picking fresh fruits, using seasonal tea, and using in season grains. By offering seasonal menus we ensure fresh delivery to meet customers health and dietary needs to cultivate long term customers.
The Company's product development team is comprised of the following:
Director of Light Food R&D: Mr. Sanglin Xie:
- 2008 Served at a top 10 restaurant in Shanghai, Shangri-La Jade 36 restaurant
- 2009 Won the ICS China Youth Cooking Competition
- 2011 Served at the Michelin star rated Mr. Mis restaurant
- Winner of the Bocuse Asia-Pacific China 2012 China Youth Culinary Championship
- Participated in the preparation of the Top 50 Worldwide Ultraviolet restaurant.
Director of Beverage R&D: Mr. Runbo Yuan
- China Fruit Association Coffee Bean Branch certified senior barista
- Changsha Jieou Coffee College (SCAA certified) coffee quality appraisers
- Senior Trainer and Technical Instructor at Changsha Jieou Coffee Marketing Experience Center
- The third division of the 5th World Vacuum Pot Contest in China
- The 6th Vacuum Pot Contest, the champions of the champions runner-up and runner-up in the Changsha Division
- The runner-up in the National Finals of the 6th Vacuum Pot Contest,
- The 7th Vacuum Pot Contest, the champions of the champions runner-up and runner-up in the Changsha Division
- The backup instructor for the first China Barista Team Championship
- 2016 China Young Barista Exhibition Championship
- CSC World Vacuum Pot Contest China Jur
- Judge of the China Barista Skills Competition Finals
Pastries R&D Director: Mr. Haibo Jiang
- Shanghai Baking Masters Silver Award
- The first China Dessert Championship Finals Excellence Award,
- Shenzhen Baker New Language Senior Baker,
- Former Shenzhen Shanghai Au Lai Restaurant Bakery Director,
- Former Shanghai N+ Natural Baking Senior Baker
- Former Changsha Nai Snow's tea bread director
Hunan MYT operates stores under three brands: "Buoyance Manor", "Your Ladyship Tea" and "Meet Honey". The "Buoyance Manor" brand mainly features bakery products and a variety of coffee drinks. "Your Ladyship Tea" stores provide specialty teas, such as fruit tea, milk tea, along with some light snacks. "Meet Honey" is primarily for selling snacks and accessories, including peanut nougat gift boxes, cookies, coffee mugs, and tea cups.
Currently, we operate 8 stores in Hunan Province, including: Shaoyang You'a International Plaza Store (Buoyance Manor Flagship Store), Shaoyang Dongfeng Road Pedestrian Street Store (Buoyance Manor Image Store), Changsha Bailian Outlets (Buoyance Manor Image Store), Changsha Huitong Building (Buoyance Manor Image Store), Xiangtan Hotel Store (Buoyance Manor Image Store), Liuyang Industrial Park store (Buoyance Manor Image Shop), Changsha Desiqin Plaza store (Buoyance Manor Flagship Store), and Changsha Youyou Township Store (tea shop).
Ms. Kan Lu, Chief Financial Officer of Urban Tea Inc., commented, "Our professional operations and R&D teams have many years of industry experience and we are now emphasizing in R&D of industry operations, focusing on creating operations that can be replicated and streamlined, leading the trend of consumption in the same industry. In 2019, we plan to expand to expand to a total of 28 stores, and we expect to accelerate our market growth through a cooperative operation mode in mid-2019. We desire to make every product uniquely impressive to our customers, and bring consumers fresh, healthy and beautiful food and beverages."
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.
Safe Harbor Statement
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 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.