Farmmi Builds on International Growth with Repeat Customer Order

Rhea-AI Summary

Farmmi, Inc. (NASDAQ: FAMI) announced a follow-on product order for dried Shiitake mushrooms from its subsidiary Zhejiang Farmmi Biotechnology, aimed at export to Vancouver, Canada. According to Chairwoman and CEO Yefang Zhang, customer activity has increased, reflecting strong demand tailwinds from the previous year. The company emphasizes effective supply chain management to meet higher demand and larger orders. Farmmi is optimistic about its growth prospects for 2022, having improved its balance sheet in 2021 to support accelerated expansion.

Positive

• Secured a follow-on order for dried Shiitake mushrooms from a long-term customer.
• Increased customer activity indicating strong demand from the previous year.
• Effective supply chain management to meet larger repeat orders.
• Strengthened balance sheet in 2021 for accelerated growth.

Negative

• None.

LISHUI, China, Jan. 18, 2022 /PRNewswire/ -- Farmmi, Inc. ("Farmmi" or the "Company") (NASDAQ: FAMI), an agriculture products supplier in China, today announced the Company's subsidiary Zhejiang Farmmi Biotechnology Co., Ltd., won another follow-on product order. The latest order for dried Shiitake is from one of the Company's long-term customers, which will export Farmmi's products to Vancouver, Canada.

Ms. Yefang Zhang, Farmmi's Chairwoman and CEO, commented, "We are seeing a higher level of customer activity than is typical for this time of year as positive demand tailwinds from last year continue into 2022. We continue to do a good job managing our supply chain to meet the increased demand, as we ensure high quality agriculture products, and meet larger size, repeat orders. We are excited about the Company's business prospects for 2022, having strengthened our balance sheet in 2021 in order to fund the next phase of Farrmi's accelerated growth. We thank shareholders for their continued support and look forward to unlocking more of the Company's true potential."

About Farmmi, Inc.

Farmmi Inc. (NASDAQ: FAMI) was Established in 1998, formerly known as Zhejiang Forasen Food Co., Ltd., which is an agricultural e-commerce technology enterprise. Headquartered in Lishui, Zhejiang, is an 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 press release contains forwarding-looking statement within information about Farmmi Inc.'s views on its future expectations, plans and prospects. We remind you not to rely too much on these forward-looking statements. Due to various of factors, actual results may differ materially from the anticipated results, including but not limited to its ability to raise additional funds, maintain and develop business, variability of business performance, ability to maintain and enhance its brand, development and launch of new products and services, successful integration of acquired companies, technologies and assets into its product and service portfolio, marketing and other business development initiatives, industry competition, general government regulation, economic conditions, the impact of the novel coronavirus pneumonia, dependence on key personnel, attracting, hiring and retaining personnel with the skills and experience required to meet customer requirements, and the ability to protect their intellectual property rights. Farmmi Inc. encourages you to review other factors that may affect its future results in its registration statement and other documents submitted to the U.S. Securities and Exchange Commission. The forward-looking statements in this press release are based on current expectations, our company does not undertake the obligation to update these forward-looking statements.

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SOURCE Farmmi, Inc.

FAQ

What recent order did Farmmi, Inc. secure for its products?

Farmmi, Inc. secured a follow-on product order for dried Shiitake mushrooms from a long-term customer, intended for export to Vancouver, Canada.

What does the CEO of Farmmi say about customer activity?

CEO Yefang Zhang noted that customer activity is higher than typical for this time of year, driven by positive demand tailwinds from the previous year.

How has Farmmi managed supply chain challenges?

Farmmi has effectively managed its supply chain to meet increased demand, ensuring high-quality agricultural products and handling larger repeat orders.

What are Farmmi's growth prospects for 2022?

Farmmi is optimistic about its growth prospects for 2022, having strengthened its balance sheet in 2021 to fund its accelerated growth.

When was the press release about Farmmi published?

The press release about Farmmi was published on January 18, 2022.