Farmmi Expansion On-Track New Facility and Certification
Farmmi, Inc. (NASDAQ: FAMI) has officially moved its subsidiary, Zhejiang Farmmi Food Co., Ltd., into a new production facility located in Lishui, Zhejiang Province. This state-of-the-art facility, encompassing 1,478,000 square feet, has received the mandatory food production SC License, enabling it to start operations. The expansion aims to meet growing demand for agricultural products. Farmmi's CEO Yefang Zhang highlighted the significance of this move in enhancing production capacity and efficiency while aligning with government support for healthy food production.
- New production facility covers 1,478,000 square feet, enhancing capacity.
- Facility has received SC License, validating production standards.
- Expansion aims to meet increasing demand for agricultural products.
- Investment in automation expected to reduce product costs.
- None.
LISHUI, China, Aug. 17, 2020 /PRNewswire/ -- Farmmi, Inc. ("Farmmi" or the "Company") (NASDAQ: FAMI), an agriculture products supplier in China, today announced that its subsidiary, Zhejiang Farmmi Food Co., Ltd. ("Farmmi Food"), has moved into to a new production facility on the first floor at Farmmi's No. 888 Tianning Street location in Lishui, Zhejiang Province. The new facility has already passed the important food production license onsite audit and certification (the "SC License").
Farmmi Food made the move to the new facility to accommodate the necessary production capacity expansion needed to meet increased demand. The new facility features 1,478,000 square feet of advanced inspection, production, storage and shipping capacity, with a fully automated production line. Farmmi expanded the factory area on the first floor of its No. 888 Tianning Street location, while also continue to keep its facility at No 307 Tianning Industrial Area for storage purposes.
The SC License is required by the Chinese government for food production. It provides customers and supply chain partners important validation of Farmmi's facility environment, production standards and process flow, equipment layout and storage conditions, and personnel health management protocols. With the SC License, Farmmi Food has started production in its new facility.
Ms. Yefang Zhang, Farmmi's Chairwoman and CEO, commented, "We are very excited to receive certification of our new, state-of-the-art Lishui facility. We are very proud of how fast our team was able to design, build and secure all regulatory approvals in the current challenging environment. We are fully aligned with Government's support of healthy food produced in a safe environment and industrial transformation. Our new facility will serve as a showcase for Farmmi's vision of supporting customers and partners through technological innovation, as we work to reduce product costs and increase the supply of healthy foods. Finally, our new facility will keep our business expansion on-track by increasing our scale, capacity and efficiencies in order to meet higher customer demand levels."
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 global trading platform for Chinese geographical indication agricultural products and is one of the largest platforms 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.
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SOURCE Farmmi, Inc.
