Farmmi Becomes a Member of National Restaurant Association

Rhea-AI Summary

Farmmi, Inc. (NASDAQ: FAMI), an agricultural products supplier in China, has joined the National Restaurant Association, enhancing its market presence and credibility. Chairwoman and CEO Yefang Zhang highlighted the strategic advantages of this membership, including increased access to U.S. foodservice buyers and a commitment to improving agricultural practices among Chinese farmers. The company aims to meet U.S. FDA standards while exploring potential production expansions in the U.S. and Canada, signaling significant growth opportunities for Farmmi moving forward.

Positive

• Membership in the National Restaurant Association enhances Farmmi's market credibility.
• Increased access to U.S. foodservice buyers and potential for a larger customer base.
• Commitment to improving agricultural practices can enhance product quality.
• Exploration of U.S. production expansion presents new growth opportunities.

Negative

• None.

LISHUI, China, May 26, 2022 /PRNewswire/ -- Farmmi, Inc. ("Farmmi" or the "Company") (NASDAQ: FAMI), an agricultural products supplier in China, announced today it has become a member of the influential National Restaurant Association (the "Association"). 

Founded in 1919 and headquartered in Washington, D.C., the National Restaurant Association is the leading business association for the restaurant industry, which comprises nearly 1 million restaurant and foodservice outlets and a workforce of 14.5 million employees. Together with 52 State Associations, the National Restaurant Association is a network of professional organizations dedicated to serving every restaurant through advocacy, education, and food safety. The Association sponsors the industry's largest trade show the National Restaurant Association Show, leads the food safety training and certification program ServSafe and the unique career-building high school program the NRAEF's ProStart.

Ms. Yefang Zhang, Farmmi's Chairwoman and CEO, commented, "We are very excited to become a member of the powerful National Restaurant Association. We are one of the few members with major operations in China and this adds another tool to our toolbox, and gives us even higher market credibility. The synergies with our business are incredibly compelling, with restaurants and foodservice outlets in the U.S. seeking high quality agriculture products. As a new member, Farmmi's products will now be even more accessible and we will have much wider market opportunities. We expect to dramatically multiply the number of qualified potential customers we have access to, including active buyers of organic food stuffs and ingredients by export to the U.S. Our team is already engaged and just spent 3 days at the  2022 National Restaurant Association trade show, which is known for bringing together more restaurant and hospitality buyers and equipment manufacturers than any other industry event."

"In addition, as part of our long-term strategy, we are committed to helping thousands of famers in China to improve their practices, including the reduction of pesticides, in order to improve consumer health and the planet. We will do this by working alongside famers to implement protocols and to produce according to the U.S. FDA's most stringent food quality standards so that U.S.-based restaurants will accept their food supplies. We are also considering building out production in the U.S. where there are competitive advantages in agriculture production and in marketing to other National Restaurant Association members. There are a lot of opportunities in front of us and we are already talking with potential supply partners in the U.S. and Canada."

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 at http://www.farmmi88.com. For further information about the Company, please visit: http://ir.farmmi.com.cn/.

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 does Farmmi's membership in the National Restaurant Association mean for FAMI shareholders?

Farmmi's membership may enhance its market credibility and increase access to U.S. foodservice buyers, potentially leading to higher sales.

What are the strategic benefits of Farmmi joining the National Restaurant Association?

Joining the Association allows Farmmi to connect with U.S. restaurants, improving product accessibility and market opportunities.

How will Farmmi improve its agricultural practices in China?

Farmmi aims to work with farmers to reduce pesticide use and align with U.S. FDA food safety standards.

Is Farmmi planning to expand production to the U.S.?

Yes, Farmmi is considering production expansions in the U.S. to leverage competitive advantages in agriculture.