LISHUI, China, May 21, 2021 /PRNewswire/ -- Farmmi, Inc.
("Farmmi" or the "Company") (NASDAQ: FAMI), an agriculture products
supplier in China, today announced
the establishment of Zhejiang Farmmi Agricultural Supply Chain
Co., Ltd. Leveraging more than two decades of experience in
China's agriculture industry,
Farmmi plans to build on its core business of high quality
agricultural products to grow into a comprehensive service provider
for the agricultural industry chain.
Ms. Yefang Zhang, Farmmi's
Chairwoman and CEO, said, "As China's economy has grown, the
country's agriculture industry has also continued to improve.
Nevertheless, the industry still faces legacy inefficiencies such
as transportation delays that lead to food waste, lagging
information about customer needs that result in poor demand
predictions and small profit margins in an industry that continues
to rely heavily on labor."
The Company plans to invest in companies with storage facilities
which could extend the Company's logistics network. At present, the
penetration rate of the digital economy in agriculture in
China is estimated to be only 8%,
compared with 36% for industries in China as a whole. The number of rural internet
users exceeded 300 million, while number of agricultural products
sold via internet or supply chain is still small. Compared with
other industries, the digitization of agriculture in China still lags behind.
Agricultural products require an extensive supply chain,
including storage and cold chain facilities, due to the freshness
and quality control required, which presents both challenges and
opportunities for the agricultural supply chain. On the other hand,
recent years have witnessed the rapid expansion of agriculture
e-commerce. Community group buying, which allows a group of
residents within the same housing area to buy together in bulk, has
gradually gained popularity. With the expansion of supermarkets,
fresh stores, agriculture e-commerce and O2O (online to offline)
platforms, the integration of online and offline retail channels
presents an irreversible trend. Therefore, the Company plans to
expand its presence in smaller local and larger regional storage
facilities, as part of its strategy to become a comprehensive
service provider for the agricultural supply chain.
About Farmmi, Inc.
Headquartered in Lishui, Zhejiang, Farmmi, Inc. (NASDAQ: FAMI), is a
leading 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/.
This announcement contains forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. All statements other than statements
of historical fact in this announcement are forward-looking
statements, including the potential impact of COVID-19 on our
business within and outside of China. These forward-looking statements
involve known and unknown risks and uncertainties and are based on
current expectations and projections about future events and
financial trends that the Company believes may affect its financial
condition, results of operations, business strategy and financial
needs. Investors can identify these forward-looking statements by
words or phrases such as "may," "will," "expect," "anticipate,"
"aim," "estimate," "intend," "plan," "believe," "potential,"
"continue," "is/are likely to" or other similar expressions. The
Company undertakes no obligation to update forward-looking
statements to reflect subsequent occurring events or circumstances,
or changes in its expectations, except as may be required by law.
Although the Company believes that the expectations expressed in
these forward-looking statements are reasonable, it cannot assure
you that such expectations will turn out to be correct, and the
Company cautions investors that actual results may differ
materially from the anticipated results.
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SOURCE Farmmi, Inc.