Farmmi Announces Latest Multi-Product Order; Exporting to Israel as Part of Ongoing Broader Market Expansion

Rhea-AI Summary

Farmmi, Inc. (NASDAQ: FAMI), an agricultural product supplier based in China, has secured a new multi-product order for its dried Shiitake mushrooms and black fungus, set for export to Israel. This order aligns with the company's broader market expansion strategy. CEO Yefang Zhang expressed optimism about increased sales from core fungi products and new corn and cotton segments, crediting the established supply chain and logistics capabilities for meeting large-scale orders. Farmmi aims to capitalize on growing consumer demand for nutritious mushrooms.

Positive

• Secured new multi-product order for dried Shiitake mushrooms and black fungus for export to Israel.
• Anticipating higher sales levels for core fungi products and new segments.
• Established supply chain and logistics capabilities allow for fulfillment of large-scale orders.

Negative

• None.

LISHUI, China, Sept. 20, 2022 /PRNewswire/ -- Farmmi, Inc. ("Farmmi" or the "Company") (NASDAQ: FAMI), an agricultural products supplier in China, announced today a new sales win for its popular, flavor rich, nutritious dried Shiitake mushrooms and black fungus. The latest multi-product order will export to Israel as part of the Company's ongoing broader market expansion.

Ms. Yefang Zhang, Farmmi's Chairwoman and CEO, commented: "We are very encouraged by the higher sales level we are on track to achieve this year from our core fungi and recently added corn and cotton business segments. This is an exciting time for us as we are benefitting from a steady flow of new orders from our largest Asian markets, and from gaining considerable momentum in our ongoing broader market expansion. We are competitively advantaged by our established supply chain, and able to meet larger scale orders through our extensive experience in logistics. Our extensive logistics experience and our established supply chain allow us to fulfill global orders while maintaining the high quality of our products. Farmmi is positioned to further benefit with more and more restaurants, consumers and other businesses are discovering the delicious and nutritious qualities of mushrooms."

About Farmmi, Inc.

Established in 1998, Farmmi Inc. (NASDAQ: FAMI) is an agricultural products supplier, processor and retailer of edible mushrooms like Shiitake and Mu Er, as well as other agricultural products. In addition to its offline sales, Farmmi sells its products direct-to-consumer. For further information about the Company, please visit website.

Forward-Looking Statements

No statement made in this press release should be interpreted as an offer to purchase or sell any security. Such an offer can only be made in accordance with the Securities Act of 1933, as amended, and applicable state securities laws. Certain statements in this press release concerning our future growth prospects are forward-looking statements regarding our future business expectations and intended to qualify for the "safe harbor" under the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding lingering effects of the Covid-19 pandemic on our customer's businesses and our end purchaser's disposable income, our ability to raise capital on any particular terms, fulfillment of customer orders, fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, our ability to realize revenue from expanded operation and acquired assets in China, our ability to attract and retain skilled professionals, client concentration, industry segment concentration, and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings. These filings are available at www.sec.gov. Farmmi may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. In addition, please note that any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of the date of this press release. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

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SOURCE Farmmi, Inc.

FAQ

What recent order did Farmmi announce?

Farmmi announced a new multi-product order for dried Shiitake mushrooms and black fungus to export to Israel.

What is Farmmi's stock symbol?

Farmmi's stock symbol is FAMI.

When was the press release about Farmmi's order issued?

The press release was issued on September 20, 2022.

What are the key products involved in Farmmi's new order?

The key products involved in the new order are dried Shiitake mushrooms and black fungus.

How is Farmmi expanding its market?

Farmmi is expanding its market through new orders and increased sales from its core fungi and recently added corn and cotton segments.