Farmmi Receives Additional Customer Orders for Export to the U.S. and Canada

Rhea-AI Summary

Farmmi, Inc. (NASDAQ: FAMI) has announced that its subsidiary Zhejiang Forest Food Co., Ltd. has secured additional orders for dried mushrooms from a trading company that will export these products to the U.S. and Canada. CEO Yefang Zhang emphasized the company's commitment to food quality and safety, contributing to strong demand for its agricultural products amid a global trend towards healthier food options. Farmmi aims to leverage its extensive supply chain and customer relationships to drive growth.

Positive

• Secured additional orders for dried mushrooms from an existing customer.
• Products will be exported to the U.S. and Canada, indicating expanding market reach.
• Strong demand for agricultural products driven by trends towards healthier food options.

Negative

• None.

LISHUI, China, Aug. 24, 2020 /PRNewswire/ -- Farmmi, Inc. ("Farmmi" or the "Company") (NASDAQ: FAMI), an agriculture products supplier in China, today announced its subsidiary Zhejiang Forest Food Co., Ltd., has received additional orders from an existing customer for its dried whole mushrooms and dried mushroom slices. The customer, a trading company, will export the mushrooms to the U.S. and Canada.

Ms. Yefang Zhang, Farmmi's Chairwoman and CEO, commented, "Our commitment to ensuring premium food quality and safety across our supply chain continues to resonate with customers and help us win new and repeat orders. Demand for our mushrooms and broader agricultural product offerings is also benefiting from an increased global push for healthier food options. We believe we are well positioned to drive accelerated growth as we leverage our global trading platform, extensive supply chain relationships and many long-term customer relationships."

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.

FAQ

What recent orders did Farmmi, Inc. secure for its products?

Farmmi announced additional orders for dried mushrooms from a trading company for export to the U.S. and Canada.

Which subsidiary of Farmmi received new customer orders?

Zhejiang Forest Food Co., Ltd., a subsidiary of Farmmi, received the new customer orders.

What does Farmmi, Inc. focus on in its business operations?

Farmmi focuses on providing premium agricultural products, including dried mushrooms and other edible fungi.

What is the significance of the new orders for Farmmi's stock (FAMI)?

The additional orders indicate growing demand and potential revenue growth, positively impacting Farmmi's stock performance.

Who is the CEO of Farmmi, Inc. and what did she say about recent orders?

CEO Yefang Zhang stated that the company's commitment to food quality is helping win new and repeat orders.