Long-Term Customer Places Multi-Product Order with Farmmi

Rhea-AI Summary

Farmmi, Inc. (NASDAQ: FAMI) announced a significant multi-product order from a long-term customer for dried Shiitake and black Mu Er mushrooms. This order is set for sale at Canada's largest Asian supermarket group. Chairwoman and CEO Yefang Zhang highlighted North America as a key growth market for the company, driven by increasing demand for mushrooms among both meat and non-meat diets. Innovations in flavor and texture are expected to further expand their market presence. Farmmi continues to focus on both offline and online sales.

Positive

• Secured a multi-product order for dried Shiitake and black Mu Er mushrooms.
• Growing demand for mushrooms in North America represents a significant growth opportunity.
• Innovations in flavor and texture may expand market appeal.

Negative

• Potential risks from lingering effects of the Covid-19 pandemic on customer businesses.
• Client concentration and industry segment concentration risks.
• Fluctuations in foreign exchange rates may affect revenue.

LISHUI, China, April 5, 2022 /PRNewswire/ -- Farmmi, Inc. ("Farmmi" or the "Company") (NASDAQ: FAMI), an agricultural products supplier in China, announced today that one of its long-term customers placed a multi-product order for dried Shiitake mushrooms and black Mu Er mushrooms. The order will ship for final sale at Canada's largest Asian supermarket group.

Ms. Yefang Zhang, Farmmi's Chairwoman and CEO, commented "North America continues to be one of the world's largest markets for fungi and represents one of Farmmi's biggest growth opportunities outside of China. We are really pleased with the positive demand growth we are seeing and expect the environment to remain robust. Importantly, mushrooms are benefitting from their mainstream appeal and are uniquely popular with both non-meat and meat diets. We are also excited about ongoing innovations in flavor, seasoning and textures, which will help to even further expand the market and broaden popularity for our high-quality products."

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. In addition to its offline sales, Farmmi sells its products direct-to-consumer at http://www.farmmi88.com. For further information about the Company, please visit: http://ir.farmmi.com.cn/.

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 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 products did Farmmi recently secure an order for?

Farmmi secured a multi-product order for dried Shiitake and black Mu Er mushrooms.

Who is the customer for Farmmi's recent order?

The order was placed by a long-term customer for sale at Canada's largest Asian supermarket group.

What market is Farmmi targeting for growth?

Farmmi is targeting North America as a key growth market for its mushroom products.

What is Farmmi's stock symbol?

Farmmi's stock symbol is FAMI, traded on NASDAQ.

What risks does Farmmi mention in its recent press release?

Farmmi mentions risks such as the impacts of Covid-19, client concentration, and fluctuations in foreign exchange rates.