On April 12, 2018, Mr. Jianming You resigned as a member of the Board of Directors of iFresh Inc. Mr. You also resigned as a member of the company’s Audit Committee, Nominating and Corporate Governance Committee and Compensation Committee, effective that same date. The resignation of Mr. You was not because of any disagreement with the company on any matter relating to the Company’s operations, policies or practices. On April 12, 2018, Mr. Harvey Leibowitz was appointed to fill the vacancy on the Board of Directors of the Company until his successor is duly qualified and elected to succeed him at the Company’s next annual meeting or such earlier date of his resignation or removal. The Company has determined that Mr. Leibowitz is an “independent director” and an “audit committee financial expert” as defined and determined in accordance with the Marketplace Rules of The NASDAQ Stock Market Inc. and the Securities Exchange Act of 1934, as amended. Mr. Leibowitz will serve on each of the Audit Committee, Nominating and Corporate Governance Committee and Compensation Committee. Mr. Leibowitz will be the chairman of the Audit Committee.
On April 12, 2018, Mr. Mark C. Fang, an independent director of the Company, was appointed to serve as the chairman of the Nominating and Corporate Governance Committee and Mr. Jay Walder, an independent director of the Company, was appointed to serve as the chairman of the Compensation Committee.
iFresh Inc. (iFresh) is an Asian/Chinese supermarket chain with multiple retail locations. iFresh offers seafood, vegetables, meat, fruit, frozen goods, groceries, and bakery products through its retail stores. iFresh operates with approximately 12 supermarkets across New York, Boston, Florida and Connecticut. In New York, the Companyâs supermarkets include New York Supermarket East Broadway, Inc., New York Mart Mott ST., Inc., New York Roosevelt, Inc. (online exclusive), New York Mart 8 Ave, Inc., Ming's Supermarket, Inc., Zen Mkt Quincy, Inc., New York Mart Sunrise, Inc., iFresh e. Colonial, Inc, iFresh Glen Cove, Inc., New York Mart CT, Inc. and New York Mart North Miami, Inc. In Boston, the Companyâs supermarkets include Ming's Supermarket, Inc. and Zen Mkt Quincy, Inc. In Florida, the Companyâs supermarkets include New York Mart Sunrise, Inc., iFresh E. Colonial, Inc. and New York Mart North Miami, Inc. In Connecticut, the Company has New York Mart CT, Inc.