GREENSBORO, N.C., Aug. 23, 2018 /PRNewswire/ -- Today, HF
Foods Group Inc. (NASDAQ: HFFG), formerly known as Atlantic
Acquisition Corp. (NASDAQ: ATACU, ATAC, ATACR), announced the
consummation of its business combination with privately-held HF
Group Holding Corporation. As previously announced, the
business combination was approved by stockholders of Atlantic
Acquisition Corp. at its August 10
meeting. Additionally, stockholders approved a name change to HF
Foods Group Inc. As a result of the completion of the business
combination, the former shareholders of HF Group Holding
Corporation will be issued 19.97 million shares of stock
(representing approximately 88.5% of the outstanding common stock)
at a value of $10.00 each, based on a
$199.7M valuation of the combined
company.
HF Group Holding Corporation, acting through its subsidiaries,
is a foodservice distributor in the southeastern United States offering high quality,
affordable food to Asian/Chinese restaurants. The company was
founded in 1997 and has grown to serve over 3,200 restaurants
across 10 states. With nearly 400 employees, HF Group's
multilingual sales and customer service divisions, allow the
company to overcome the language and culture barriers that are
hallmarks of the fragmented and fast growing sector.
"Zhou Min Ni has done a
phenomenal job creating one of the leading foodservice distribution
companies in the Asian/Chinese restaurant market in the United States," said Richard Xu, former Chairman and CEO of Atlantic
Acquisition Corp. "Mr. Ni and his team have been exceptional
partners throughout this process, and we look forward to HF Foods
Group continuing its success as a public company."
Zhou Mi Ni, CEO and Chairman of
HF Foods Group said, "Our long-term vision is to become a
nation-wide leader in this niche market. After more than 20 years
of operational experience and growing into a nearly $300M U.S. entity, we are excited to introduce HF
Foods Group as a public company listed on the NASDAQ stock market.
We look forward to expanding our customer base, streamlining
infrastructure and undertaking strategic expansion through product
enhancements, all of which we expect to create value for our
investors."
The existing management team of HF Group Holding continues to
operate the business post-transaction and will serve as executive
management of the post business combination public company.
Zhou Min Ni will be Chairman and
CEO, and his wife, Chan Sin Wong,
will serve as President and as a Director. Jian ("Jonathan")
Ming Ni continues as the company's
CFO, a position he has held since 2008.
HF Foods Group's new Board of Directors will be comprised of
three additional persons: ATAC Independent Director Ren Hua Zheng, Professor Hong Wang of North Carolina
A&T State University, and Vice President Zhehui Ni of Shanghai Electric Investment
Company. Together, the board brings years of expertise in strategy,
sales, operations, management and financial investment to HF
Group.
The common stock is expected to begin trading under the new
symbol HFFG on Thursday, August 23rd.
As of the closing of the business combination on August 22, 2018, the rights and units of the
former Atlantic Acquisition Corp. no longer trade on any securities
market.
Chardan Capital Markets acted as Atlantic's advisor in
connection with the transaction.
About HF Group Holding Corp.
HF Group Holding Corporation operates as a food service
distributor for Chinese restaurants and other businesses. The
company was founded in 2018 and is based in in Greensboro, North Carolina. Zhou Min Ni and his wife, Chan Sin Wong, co-founded Han Feng Inc., one of
HF Group Holding Corporation's subsidiaries, in Kernersville, North Carolina in 1997 and have
since opened three distribution centers in North Carolina, Florida and Georgia. HF Group Holding Corporation
currently employs approximately 400 people and distributes its
products to a network of 3,200 Chinese restaurants across 10
states.
About Atlantic Acquisition Corp.
Atlantic Acquisition Corp. was incorporated as a blank check
company formed for the purpose of entering into a merger, share
exchange, asset acquisition, stock purchase, recapitalization,
reorganization or other similar business combination with one or
more businesses or entities. The Company's efforts to identify a
target business were not be limited to a particular
industry or geographic region, although it intended to focus its
efforts on seeking a business combination with a company or
companies being operated by and/or serving ethnic minorities
in the United States,
especially within Asian-American communities in the consumer
industry.
Forward Looking Statements
This communication includes certain statements that may
constitute "forward-looking statements" for purposes of the federal
securities laws. Forward-looking statements include, but are
not limited to, statements that refer to projections, forecasts or
other characterizations of future events or circumstances,
including any underlying assumptions. The words "anticipate,"
"believe," "continue," "could," "estimate," "expect," "intends,"
"may," "might," "plan," "possible," "potential," "predict,"
"project," "should," "would" and similar expressions may identify
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking. Forward-looking
statements may include, for example, statements about the benefits
of the transaction described in this communication; the future
financial performance of HF Foods Group following the transaction;
changes in HF Foods Group's reserves and future operating results;
and expansion plans and opportunities. These forward-looking
statements are based on information available as of the date of
this communication, and current expectations, forecasts and
assumptions, and involve a number of judgments, risks and
uncertainties. Accordingly, forward-looking statements should
not be relied upon as representing HF Foods Group's views as of any
subsequent date, and HF Foods Group does not undertake any
obligation to update forward-looking statements to reflect events
or circumstances after the date they were made, whether as a result
of new information, future events or otherwise, except as may be
required under applicable securities laws. You should not
place undue reliance on these forward-looking statements. As
a result of a number of known and unknown risks and uncertainties,
HF Foods Group's actual results or performance may be materially
different from those expressed or implied by these forward-looking
statements. Some factors that could cause actual results to
differ include HF Foods Group's ability to recognize the
anticipated benefits of the transaction, which may be affected by,
among other things, competition and the ability of HF Foods Group
to grow and manage growth profitably following the transaction;
changes in applicable laws or regulations; the possibility that HF
Foods Group may be adversely affected by other economic, business,
and/or competitive factors; and other risks and uncertainties
indicated in Silver Run's public filings with the Securities and
Exchange Commission.
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SOURCE HF Foods Group Inc.