Long-Term Farmmi Customer Now Shipping to Chile

Rhea-AI Summary

Farmmi, Inc. (NASDAQ: FAMI), an agricultural products supplier, announced a high-volume order for dried Shiitake mushrooms being shipped to Chile, marking a significant opportunity in a growing market. Chairwoman and CEO Yefang Zhang emphasized this order's role in supporting customer growth and leveraging local sales networks. The company remains focused on maintaining reasonable operating expenses while expanding its market presence. Established in 1998, Farmmi continues to be a key player in the edible mushroom market.

Positive

• High-volume order for dried Shiitake mushrooms shipped to Chile, indicating strong demand in a growth market.
• The company's strategy of leveraging local sales networks supports customer growth and brand leadership.
• Maintained reasonable operating expenses while pursuing market expansion.

Negative

• None.

LISHUI, China, Jan. 10, 2023 /PRNewswire/ -- Farmmi, Inc. ("Farmmi" or the "Company") (NASDAQ: FAMI), an agricultural products supplier in China, today announced one of its long-term customers will be shipping a high-volume order to Chile, a growth market for both the customer and Farmmi. The latest order is for the Company's popular dried Shiitake mushrooms.

Ms. Yefang Zhang, Farmmi's Chairwoman and CEO, commented: "The latest order is a great example of how we grow by supporting our customers, with our respective developments in new markets. We continue to maximize our brand and product leadership by leveraging our customers' strengths on the ground local sales and distribution networks. Our successful execution on this business strategy has allowed us to keep our operating expenses at reasonable levels, while benefitting from access to both established and new growth markets worldwide, and as we focus on building increased shareholder value in the new year."

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 recent order did Farmmi announce?

Farmmi announced a high-volume order for dried Shiitake mushrooms being shipped to Chile.

How does the latest order impact Farmmi's business strategy?

The order supports Farmmi's strategy of leveraging local sales networks and expanding into growth markets.

What is the significance of the Chilean market for Farmmi?

The Chilean market represents growth potential for both Farmmi and its long-term customer.

Who is the CEO of Farmmi?

Yefang Zhang is the Chairwoman and CEO of Farmmi.

When was Farmmi established?

Farmmi was established in 1998.