Nocera, Inc. and VIE Meixin Institutional Food Development Co. Ltd. Enter into Distribution Agreement with Farmers Vending Machine Co. Ltd.

Rhea-AI Summary

Nocera, Inc. (NASDAQ:NCRA) has entered into a distribution agreement with Farmers Vending Machine Co. Ltd. to supply seafood, fruit, and vegetables, generating an anticipated gross revenue of $1,000,000 monthly starting October 1, 2022. The partnership aims to increase Farmers' product offerings and expand into department stores. CEO Jeff Cheng projects over $12 million in gross revenue for 2023. Nocera focuses on sustainable aquaculture systems, contributing to the seafood supply chain.

Positive

• Anticipated gross monthly revenue of $1,000,000 from the distribution agreement.
• Projected gross revenue exceeding $12 million for 2023.
• Partnership with a well-established company, expanding market reach.

Negative

• None.

This distribution agreement enables Nocera to sell seafood, fruit, and vegetables with anticipated gross monthly revenue of $1,000,000.

TAIPEI, TAIWAN / ACCESSWIRE / October 4, 2022 / Nocera, Inc. (NASDAQ:NCRA) ("Nocera" or the "Company"),a fully integrated sustainable seafood company with a focus on manufacturing and operating land-based Recirculatory Aquaculture Systems (RAS), announced today that the Company and Meixin Institutional Food Development Co., Ltd., Nocera's Variable Interest Entity ("Meixin"), entered into a distribution agreement with Farmers Vending Machine Co. Ltd. ("Farmers") on September 26, 2022. Under the agreement, Farmers, an affiliate company of Cathay International Holding Limited, has agreed to purchase approximately $1,000,000 of food products from Nocera and Meixin each month beginning October 1, 2022.

Meixin is a well-established food processing and catering company focused on the production of hot and frozen meals, bento boxes, group meals and processing of vegetables and fruit for other companies in the same business.

Prior to this distribution agreement, Farmer's mainly sourced its products from small local farmers and sold items through its vending machines located in train stations. Farmers is looking to expand its vending machines into department stores and open its own outlet shops throughout Taiwan.

Jeff Cheng, Nocera's CEO, commented, "This distribution agreement not only gives Farmers a better price point but should give Nocera monthly gross revenue of $1,000,000. For 2023, we anticipate that our arrangement will generate gross revenue more than $12 million for the company. We want to provide the best seafood and products available to our current and future customers and believe that this will occur as Farmers continues to open additional outlet shops."

About Nocera, Inc.

Nocera (NASDAQ: NCRA) is a fully integrated sustainable seafood company that provides land-based recirculation aquaculture systems (RAS) for both fresh and saltwater fish and invests in fish farms by building high-tech RASs. The Company's main business operation consists of the design, development, and production of large-scale RAS fish tank systems, (aquaculture) for fish farms along with expert consulting, technology transfer, and aquaculture project management services to new and existing aquaculture facilities and operators. For more information, please visit the company's website at www.nocera.company

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements that are inherently subject to risks and uncertainties. Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as "anticipate, believe, estimate, expect, forecast, intend, may, plan, project, predict, should, will" and similar expressions as they relate to Nocera are intended to identify such forward-looking statements. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in methods of marketing, delays in manufacturing or distribution, changes in customer order patterns, changes in customer offering mix, and various other factors beyond the company's control. Actual events or results may differ materially from those described in this press release due to any of these factors. Nocera is under no obligation to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.

Investor Contacts:

Hanover Int'l
Jh@hanoverintlinc.com

TraDigital IR
Christine Petraglia
christine@tradigitalir.com

SOURCE: Nocera, Inc.

View source version on accesswire.com:
https://www.accesswire.com/717591/Nocera-Inc-and-VIE-Meixin-Institutional-Food-Development-Co-Ltd-Enter-into-Distribution-Agreement-with-Farmers-Vending-Machine-Co-Ltd

FAQ

What is the recent distribution agreement Nocera has entered into?

Nocera has entered into a distribution agreement with Farmers Vending Machine Co. Ltd. to supply seafood, fruit, and vegetables, generating expected monthly revenue of $1,000,000.

How much revenue is Nocera expected to generate in 2023?

Nocera projects to generate over $12 million in revenue for 2023 from the new distribution agreement.

When will Nocera start supplying products under the new agreement?

Nocera will begin supplying products under the new agreement starting October 1, 2022.

Who is Farmers Vending Machine Co. Ltd.?

Farmers Vending Machine Co. Ltd. is an affiliate of Cathay International Holding Limited and is focused on expanding its food product offerings.

What type of business does Nocera engage in?

Nocera is a sustainable seafood company that specializes in land-based Recirculatory Aquaculture Systems (RAS) for fish farming.