Farmmi Ships High-Volume Repeat Order to Chile; Company Sees Golden Age for Mushrooms

Rhea-AI Summary

Farmmi, Inc. (FAMI) announced a high-volume order from a valued customer to Chile for dried Shiitake and black Mu Er mushrooms. The company's Chairwoman and CEO, Ms. Yefang Zhang, highlighted the positive catalysts contributing to the industry's growth and Farmmi's strong position to benefit from them.

LISHUI, China, Nov. 27, 2023 /PRNewswire/ -- Farmmi, Inc. ("Farmmi" or the "Company") (NASDAQ: FAMI), an agriculture products supplier in China, today announced one of its valued customers shipped a follow-up high-volume order to Chile. The latest order is for the Company's popular dried Shiitake mushrooms and black Mu Er mushrooms.

Ms. Yefang Zhang, Farmmi's Chairwoman and CEO, commented: "We are in a bit of a Golden Age for mushrooms, where several positive catalysts are aligning at the same time to create added growth momentum for both the broader industry and Farmmi. 2023 has seen a return to more normal dining and dietary habits, with the post-pandemic market reopening leading to an uptick for restaurants and group gatherings. At the same time, logistic challenges and higher shipping costs have returned to more normal levels. Lastly, bottlenecks from labor shortages that were impacting points in the cultivation process have also normalized. Those positive catalysts are providing added momentum on top of the growth the broader industry was already benefiting from as increased awareness of the importance healthy diets have on our immune systems was already helping to drive broader market growth. Farmmi is well positioned to benefit from these positive growth drivers given our track record for providing high-quality agriculture products, our strong brand name, established distribution network and existing strong customer relationships."

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 did Farmmi announce in the press release?

Farmmi, Inc. announced a high-volume order from a valued customer to Chile for dried Shiitake and black Mu Er mushrooms.

Who is the Chairwoman and CEO of Farmmi, Inc.?

Ms. Yefang Zhang is the Chairwoman and CEO of Farmmi, Inc.

Which products were included in the latest order to Chile?

The latest order to Chile included Farmmi's popular dried Shiitake mushrooms and black Mu Er mushrooms.

What positive catalysts did Ms. Yefang Zhang highlight for the industry's growth?

Ms. Yefang Zhang highlighted the return to normal dining and dietary habits, post-pandemic market reopening, logistic challenges and higher shipping costs returning to normal levels, and the normalization of labor shortages impacting the cultivation process.

Why is Farmmi well positioned to benefit from these positive growth drivers?

Farmmi is well positioned due to its track record for providing high-quality agriculture products, strong brand name, established distribution network, and existing strong customer relationships.