Farmmi Wins Repeat Customer Order for Shiitake Mushrooms

Rhea-AI Summary

Farmmi, Inc. (NASDAQ: FAMI) announced a repeat order from a long-term customer for dried Shiitake mushrooms, which will be exported to Jordan. This highlights the company's strong supplier relationships and focus on agricultural products.

The Chairwoman and CEO, Yefang Zhang, noted significant progress in their Health and Wellness Business, including a landmark investment of approximately RMB 509 million (US$79.8 million), making them the second-largest shareholder of Shanghai Jiaoda Onlly Co., Ltd. This move marks Farmmi's entry into China's health industry, showcasing confidence in future revenue and profit growth.

Positive

• Repeat order for dried Shiitake mushrooms indicates strong customer relations.
• Significant investment of RMB 509 million (US$79.8 million) expands Farmmi's presence in China's health industry.

Negative

• None.

LISHUI, China, Dec. 7, 2021 /PRNewswire/ -- Farmmi, Inc. ("Farmmi" or the "Company") (NASDAQ: FAMI), an agriculture products supplier in China, today announced the Company's subsidiary Zhejiang Farmmi Biotechnology Co., Ltd., won another repeat order from one of its long-term customers. The latest order is for dried Shiitake mushrooms. The customer will export Farmmi's products to Jordan.

Ms. Yefang Zhang, Farmmi's Chairwoman and CEO, commented, "Our continued progress on the agricultural portion of our business is one of the most visible externally. We are benefitting from excellent supplier relationships that give us valuable access to high quality Shiitake and fungi products. The logistics and distribution investments we made are paying off for us as we gain momentum with new wins and reliably fulfill orders around the world. Less visible is the progress we are making in the other areas of our business, as we take bold steps to create greater value for the Company and all shareholders. Of note, the expansion of our Health and Wellness Business is firmly on track, including our recently announced investment of approximately RMB 509 million (approximately US$79.8 million) through a subsidiary, making us the second largest shareholder of Shanghai Jiaoda Onlly Co., Ltd.. This is a landmark deal for our company and marked our entrance into China's medical and health industry, where we see extensive opportunities for growth and success. We are making significant progress, underscoring our confidence in the outlook and the extensive prospects for revenue and profit growth we see in 2022."

About Farmmi, Inc.

Farmmi Inc. (NASDAQ: FAMI) was Established in 1998, formerly known as Zhejiang Forasen Food Co., Ltd., which is an agricultural e-commerce technology enterprise. Headquartered in Lishui, Zhejiang, is an agricultural products supplier, processor and retailer of Shiitake mushrooms, Mu Er mushrooms, other edible fungi and other agricultural products. For further information about the Company, please visit: http://ir.farmmi.com.cn/.

Forward-Looking Statements

This press release contains forwarding-looking statement within information about Farmmi Inc.'s views on its future expectations, plans and prospects. We remind you not to rely too much on these forward-looking statements. Due to various of factors, actual results may differ materially from the anticipated results, including but not limited to its ability to raise additional funds, maintain and develop business, variability of business performance, ability to maintain and enhance its brand, development and launch of new products and services, successful integration of acquired companies, technologies and assets into its product and service portfolio, marketing and other business development initiatives, industry competition, general government regulation, economic conditions, the impact of the novel coronavirus pneumonia, dependence on key personnel, attracting, hiring and retaining personnel with the skills and experience required to meet customer requirements, and the ability to protect their intellectual property rights. Farmmi Inc. encourages you to review other factors that may affect its future results in its registration statement and other documents submitted to the U.S. Securities and Exchange Commission. The forward-looking statements in this press release are based on current expectations, our company does not undertake the obligation to update these forward-looking statements.

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SOURCE Farmmi, Inc.

FAQ

What recent order did Farmmi (FAMI) receive?

Farmmi received a repeat order for dried Shiitake mushrooms from a long-term customer for export to Jordan.

What investment did Farmmi (FAMI) announce?

Farmmi announced an investment of approximately RMB 509 million (US$79.8 million) in Shanghai Jiaoda Onlly Co., Ltd., becoming its second-largest shareholder.

How does the repeat order impact Farmmi's (FAMI) business?

The repeat order underscores Farmmi's strong customer relationships and operational stability in the agricultural sector.

What is Farmmi's (FAMI) strategy in the health industry?

Farmmi aims to create value through its Health and Wellness Business, leveraging its recent investment to expand in China's medical sector.

What does Farmmi (FAMI) anticipate for future growth?

Farmmi is confident in revenue and profit growth prospects for 2022, especially through its agricultural and health business expansions.