Farmmi Continues International Expansion with Canadian Order

Rhea-AI Summary

Farmmi, Inc. (NASDAQ: FAMI), a supplier of agricultural products, announced a significant new sales order through its subsidiary Zhejiang Forest Food Co., Ltd. The order consists of dried Shiitake mushrooms and is from a Canadian trading company specializing in Asian food products. This marks a step in Farmmi's international expansion strategy. CEO Yefang Zhang highlighted the company's efforts to enhance growth by collaborating with leading distributors, aiming to increase market reach and minimize investment.

Positive

• New customer order from a Canadian trading company, expanding international presence.
• Focus on collaboration with distributors for increased market penetration.

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• None.

LISHUI, China, Oct. 29, 2020 /PRNewswire/ -- Farmmi, Inc. ("Farmmi" or the "Company") (NASDAQ: FAMI), an agriculture products supplier in China, today announced the latest new customer sales order through its subsidiary Zhejiang Forest Food Co., Ltd., reflecting its continued international expansion. The latest order is for dried Shiitake mushrooms, dried and sliced Shiitake mushrooms and dried flower mushrooms. The customer, a Canadian international trading company, specializes in importing and distributing Asian food products in the greater Vancouver area, Calgary and Winnipeg.

Ms. Yefang Zhang, Farmmi's Chairwoman and CEO, commented, "We continue to fuel our growth by working closely with leading distribution partners globally. Our commitment to superior agricultural products and focused investments is allowing us to meaningfully increase volumes and support growing international and domestic demand. Importantly, partnering with key distributors leverages our existing relationships, expands our reach and market penetration, and minimizes the required investment to develop new sales channels."

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 many other sought-after agricultural products. The Company's Farmmi Liangpin Market serves as a trading platform for Chinese geographical indication agricultural products and is a large platform for consumers to access locally sourced 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.

View original content:http://www.prnewswire.com/news-releases/farmmi-continues-international-expansion-with-canadian-order-301162406.html

SOURCE Farmmi, Inc.

FAQ

What is the significance of the new sales order announced by Farmmi (FAMI)?

The new sales order represents Farmmi's continued international expansion, securing a customer in Canada for its dried Shiitake mushrooms.

Who is the customer mentioned in Farmmi's press release?

The customer is a Canadian international trading company that imports and distributes Asian food products.

What products are included in the order from Farmmi (FAMI)?

The order includes dried Shiitake mushrooms, dried and sliced Shiitake mushrooms, and dried flower mushrooms.

How is Farmmi (FAMI) expanding its market reach?

Farmmi is expanding its market reach by partnering with key distributors, which helps leverage existing relationships and minimizes new sales channel investment.