Farmmi Announces Latest Sales Win; Continues to Benefit from Increased Worldwide Demand for Mushrooms

Rhea-AI Summary

Farmmi, Inc. (NASDAQ: FAMI), a supplier of agricultural products in China, has secured a multi-product order for dried Shiitake mushrooms and black fungus to be exported to Israel. This highlights the growing global demand for mushrooms. CEO Yefang Zhang emphasized the company's competitive advantage from investments in supply chain and logistics, which enhance their sourcing of high-quality mushrooms. Farmmi aims to capture an increased market share as mushrooms gain popularity for their nutritional benefits, positioning the company well for future growth.

Positive

• Secured a new multi-product export order to Israel for Shiitake mushrooms and black fungus.
• Increased customer engagement globally is noted as a driving factor for growth.
• Investments in supply chain, warehousing, and logistics provide a competitive edge.
• Mushrooms are gaining popularity as a nutritious food, driving market demand.

Negative

• None.

LISHUI, China, May 13, 2021 /PRNewswire/ -- Farmmi, Inc. ("Farmmi" or the "Company") (NASDAQ: FAMI), an agriculture products supplier in China, today announced its latest sales win underscoring the continued growth in worldwide demand for mushrooms. The Company's Zhejiang Forest Food Co., Ltd. subsidiary was awarded another multi-product order for export to Israel.  This latest order is for dried whole and sliced Shiitake mushrooms, and dried black fungus.

Ms. Yefang Zhang, Farmmi's Chairwoman and CEO, commented, "We are benefiting from increased customer engagements worldwide.  Investments we made in building out our supply chain, warehousing, packaging and logistics are giving Farmmi an advantaged competitive position.  Our ability to source high-quality mushrooms and edible fungi from major suppliers sets us apart.  For example, one of our major suppliers is located in Qingyuan County, the birth place of artificial cultivation dating back about 1,000 years.  When we leverage that high level of product with our sophisticated supply chain, superior quality control system and logistics, it is a powerful combination."

Ms. Zhang continued, "We are at a major inflection point in the development of the industry. Mushrooms are now a common staple in households and restaurants.  Because mushrooms are so vitamin and nutrient dense, they are becoming a power food for people seeking improved health and wellness.  Farmmi is in a great position to benefit from this momentum, and we plan to capture an increased share of the sales opportunities in front of us as we grow with both existing and new customers."

About Farmmi, Inc.

Headquartered in Lishui, Zhejiang, Farmmi, Inc. (NASDAQ: FAMI), is a leading agricultural products supplier, processor and retailer of Shiitake mushrooms, Mu Er mushrooms, other edible fungi and other agricultural products.  For further information about the Company, please visit: http://ir.farmmi.com.cn/.

Forward-Looking Statements

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including the potential impact of COVID-19 on our business within and outside of China. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.

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SOURCE Farmmi, Inc.

FAQ

What recent sales order did Farmmi, Inc. secure?

Farmmi, Inc. secured a multi-product order for dried Shiitake mushrooms and black fungus for export to Israel.

How is Farmmi, Inc. positioning itself in the market?

Farmmi is positioning itself by enhancing its supply chain, logistics, and sourcing of high-quality mushrooms to benefit from rising worldwide demand.

What does the CEO of Farmmi, Inc. say about the company’s growth?

CEO Yefang Zhang stated that the company is at a major inflection point and plans to capture an increased market share as mushrooms become a staple food.

What is the significance of mushrooms in Farmmi, Inc.'s business strategy?

Mushrooms are increasingly recognized for their nutritional benefits, making them a key focus in Farmmi's growth strategy.