Breaking News: Urban Tea Inc.'s Newly Acquired "CROP CIRCLE" Restaurant Reports a 25% Sales Growth in the Midst of the COVID-19 Pandemic | Financial Buzz

Breaking News: Urban Tea Inc.’s Newly Acquired “CROP CIRCLE” Restaurant Reports a 25% Sales Growth in the Midst of the COVID-19 Pandemic

Urban Tea Inc. (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.

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