Farmmi Announces Latest Sale in the Middle East

Rhea-AI Summary

Farmmi, Inc. (NASDAQ: FAMI) announced a new high-volume order for its dried Shiitake mushrooms and black fungus from a long-term customer. The order, destined for export to Jordan, signifies continued demand for Farmmi's products in the Middle East. CEO Yefang Zhang highlighted the company’s strategic progress, emphasizing sales growth and competitive advantages due to investments in supply chain and product quality. Farmmi is optimistic about future growth opportunities as pandemic restrictions ease.

Positive

• Secured a repeat high-volume order for dried Shiitake mushrooms from a long-term customer.
• Continued sales growth in key target markets, particularly in the Middle East.
• Investments in supply chain and product quality enhance competitive advantage.

Negative

• None.

LISHUI, China, Dec. 14, 2022 /PRNewswire/ -- Farmmi, Inc. ("Farmmi" or the "Company") (NASDAQ: FAMI), an agricultural products supplier in China, today announced its latest high volume order shipping to the Middle East. The repeat multi-product order for the Company's dried Shiitake mushrooms and black fungus comes from one of Farmmi's long-term customers. The customer will export the Shiitake mushrooms to Jordan.

Ms. Yefang Zhang, Farmmi's Chairwoman and CEO, commented: "We have made significant progress on our long-term business strategy, led by sales growth in our key target markets. Investments we made in our supply chain, sales network and high-quality agriculture products give Farmmi a competitive advantage as we continue to focus on profit expansion and value creation for all shareholders. We are excited by our progress and the extensive long-term opportunities ahead of us in our target markets. We are also excited about the near-term opportunities, which have become even more favorable with the easing of pandemic restrictions. As a result, Farmmi is well positioned for growth and success, with multiple business catalysts helping to accelerate our growth."

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. Farmmi sells its products both online and offline. For further information about the Company, please visit Farmmi's 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 customers' businesses and our end purchasers' 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 on December 14, 2022?

Farmmi announced a high-volume repeat order for dried Shiitake mushrooms and black fungus, destined for Jordan.

What does the recent order signify for Farmmi?

The order signifies continued demand for Farmmi's products in the Middle East and reflects the company's strong relationships with long-term customers.

How is Farmmi positioned for growth following the recent order?

Farmmi is well positioned for growth due to strategic investments in their supply chain, sales network, and product quality, along with easing pandemic restrictions.

Which agricultural products does Farmmi supply?

Farmmi supplies edible mushrooms like Shiitake and Mu Er, as well as other agricultural products.

What is the stock symbol for Farmmi?

The stock symbol for Farmmi is FAMI.