Farmmi Continues International Expansion with Latest Win

Rhea-AI Summary

Farmmi, Inc. (NASDAQ: FAMI), a Chinese agricultural products supplier, has announced an expansion of its international market presence. Its subsidiary, Zhejiang Forest Food Co., Ltd., secured a multi-product export order to Israel, including dried Shiitake mushrooms and black fungus. CEO Yefang Zhang emphasized the company's growth strategy, capitalizing on the booming plant-based food sector, and cited advantages from its scale and logistics. Farmmi aims to leverage market fragmentation to enhance shareholder value as it continues to achieve new sales milestones globally.

Positive

• Acquisition of a significant international order for multi-products, enhancing revenue potential.
• Expansion into the growing Israeli market, signaling potential growth opportunities.
• Strategic position in the rising plant-based food sector, which could drive further demand.

Negative

• None.

LISHUI, China, June 15, 2021 /PRNewswire/ -- Farmmi, Inc. ("Farmmi" or the "Company") (NASDAQ: FAMI), an agriculture products supplier in China, today announced a further expansion of its international footprint. The Company's Zhejiang Forest Food Co., Ltd. subsidiary won another follow-up, multi-product order for export to Israel. This latest sales win is for dried whole and sliced Shiitake mushrooms, and dried black fungus.

Ms. Yefang Zhang, Farmmi's Chairwoman and CEO, commented, "We are on path for sustained growth as we deliver a steady cadence of new sales wins worldwide. We are benefitting from the rapid growth of the plant-based food market by leveraging our scale, market leadership and best-in-class field to table logistics. Farmmi is seizing on the highly fragmented market and supplier friction. We are winning because our network effect gives us a powerful advantage, which we believe will help us create meaningful shareholder value."

About Farmmi, Inc.

Headquartered in Lishui, Zhejiang, Farmmi, Inc. (NASDAQ: FAMI), 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 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 international expansion has Farmmi (FAMI) announced?

Farmmi announced a multi-product export order to Israel, including dried Shiitake mushrooms and black fungus.

What products is Farmmi exporting to Israel?

Farmmi is exporting dried whole and sliced Shiitake mushrooms and dried black fungus to Israel.

How is Farmmi positioning itself in the plant-based food market?

Farmmi is leveraging its scale, market leadership, and logistics to capitalize on the growth of the plant-based food sector.

What does CEO Yefang Zhang say about Farmmi's growth plans?

Yefang Zhang stated that Farmmi is on a path for sustained growth and aims to create meaningful shareholder value.

What is the significance of Farmmi's order to Israel for its shareholders?

The order signifies potential revenue growth and market expansion, which could enhance shareholder value.