Farmmi Export Sales Expand in Europe with New High Volume Romanian Order

Rhea-AI Summary

Farmmi, Inc. has announced a new high volume order for its dried Shiitake mushrooms and dried black fungus, which will export to Romania. This represents a further sales expansion in Europe.

Positive

• Farmmi, Inc. has received a new high volume order for its dried mushrooms, indicating increased demand for their products in Europe.

Negative

• None.

LISHUI, China, June 20, 2023 /PRNewswire/ -- Farmmi, Inc. ("Farmmi" or the "Company") (NASDAQ: FAMI), an agriculture products supplier in China, today announced a new high volume order for its dried Shiitake mushrooms and dried black fungus, which will export to Romania. The latest high volume order represents a further sales expansion in Europe.

According to the World Bank, Romania's economic growth has been one of the highest in the European Union since 2010. Economic growth was robust in 2022 at 4.8 percent. Romania has made impressive strides in raising its economic performance and prosperity over the past two decades. However, the COVID-19 pandemic and Russia's invasion of Ukraine have tested the resilience of the Romanian economy and exacerbated its structural vulnerabilities, especially in terms of poverty and disparities in economic opportunity, persistently large gender gaps in labor force participation and employment, widening fiscal and current account deficits, and significant institutional constraints hindering the efficient use of resources. (source: The World Bank)

Ms. Yefang Zhang, Farmmi's Chairwoman and CEO, commented: "Mushrooms have historically been a mainstay of the Romanian diet. The mineral dense, healthy benefits are sought after and embraced, especially during the long winters. This latest order underscores the high quality we are known for among discerning customers, as our products are sought after despite the availability of locally produced and wild mushrooms."

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. Farmmi sells its products both online and offline. For further information about the Company, please visit Farmmi's website.

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 customers' businesses and our end purchasers' 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 is the new order that Farmmi, Inc. announced?

Farmmi, Inc. announced a new high volume order for its dried Shiitake mushrooms and dried black fungus, which will export to Romania.

What does this order represent for Farmmi, Inc.?

This order represents a further sales expansion for Farmmi, Inc. in Europe.

What are the benefits of Farmmi's products?

Farmmi's products are known for their high quality and are sought after by discerning customers, despite the availability of locally produced and wild mushrooms.