Farmmi Continues Sales Push with Canadian Win

Rhea-AI Summary

Farmmi, Inc. (NASDAQ: FAMI), a Chinese agricultural products supplier, announced a new sales order for dried Shiitake mushrooms destined for Canada, enhancing its ongoing sales efforts. CEO Yefang Zhang emphasized the company's strategy to grow sales through infrastructure investments and increased marketing efforts. Despite challenges from COVID-19, Zhang indicated that Farmmi has emerged in a stronger financial position, committed to maximizing shareholder value. The company focuses on customer engagements to expand its market presence.

Positive

• New sales order for dried Shiitake mushrooms to Canada boosts revenue prospects.
• Strategic investments in infrastructure and marketing aimed at increasing sales.
• Company asserts a stronger financial position post-COVID-19 challenges.

Negative

• Ongoing risks related to the lingering effects of COVID-19 on business operations.
• Potential fluctuations in earnings and foreign exchange rates may impact financial stability.

LISHUI, China, June 8, 2022 /PRNewswire/ -- Farmmi, Inc. ("Farmmi" or the "Company") (NASDAQ: FAMI), an agricultural products supplier in China, announced today that its latest sales order for dried Shiitake mushrooms will export to Canada, continuing the Company's sales push.

Ms. Yefang Zhang, Farmmi's Chairwoman and CEO, commented, "Our focus is firmly on accelerating our sales growth. We are capitalizing on our many active, long-term customer engagements to help convert new customers in our target geographic markets worldwide. A big part of our success and strategy centers on our investments in our infrastructure, supply chain partnerships and warehousing systems. Our goal is to ensure the fresh-picked quality customers rely on Farmmi for, which differentiates us in the market. We are also increasing our marketing efforts as we more aggressively target new customers."

Ms. Yefang Zhang, continued, "The past few years have been challenging with COVID-19 and the global lockdowns. But we believe Farmmi has emerged an even stronger company, in a stronger financial position, with a far greater capacity for long-term growth. We appreciate the support of our investors and remain fully committed to unlocking the Company's true potential, as we focus on building value for all of our shareholders."

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 recent sales order did Farmmi announce and where is it going?

Farmmi announced a new sales order for dried Shiitake mushrooms to be exported to Canada.

How is Farmmi planning to accelerate sales growth?

Farmmi plans to accelerate sales growth through investments in infrastructure, supply chain partnerships, and increased marketing efforts.

What challenges has Farmmi faced due to COVID-19?

Farmmi has faced challenges from COVID-19, but the company believes it has emerged stronger with greater capacity for long-term growth.

What is Farmmi's stock symbol?

Farmmi's stock symbol is FAMI.