LISHUI, China, March 12, 2020 /PRNewswire/ -- Farmmi, Inc.
("Farmmi" or the "Company") (NASDAQ: FAMI), an agriculture products
supplier in China, today announced
Zhejiang Forest Food Co., Ltd. ("Forest Food"), a subsidiary, is in
the final phase of a technical transformation project designed to
increase manufacturing efficiencies, overall capacity and the
ability to meet growing demand for Shiitake mushrooms, Mu Er
mushrooms, other edible fungi, and sought-after agricultural
products. Upon completion, the technical transformation
project is expected to increase production capacity by 20%.
Forest Food commenced the comprehensive technology
transformation project in July 2019
in an effort to expand capacity and manufacturing
efficiencies. The initial phase involved a thorough
evaluation of the Company's existing footprint, expansion strategy,
R&D pipeline and requirements to meet growing demand
levels. Following the review, the Company implemented a
strategy to upgrade and transform its working environment,
including the warehousing of raw materials, processing and handling
of semi-finished goods, finished product inspection, drying,
packaging and warehousing, and hardware facilities. The
Company has already completed the environmental transformation,
equipment selection and procurement, installation and commissioning
of equipment and facilities.
As part of the final phase of the technology transformation
project, the Company is submitting certification applications for
Hazard Analysis Critical Control Point ("HACCP") and BRC Global
Standard for Food Safety., standards for food safety. After the
certifications are granted, the Company will be able to fully
utilize its expanded production capacity.
Ms. Yefang Zhang, Farmmi's
Chairwoman and CEO, commented, "The impressive technology
transformation project has been a major effort for our subsidiary,
Zhejiang Forest Food Co., Ltd., as we seek to enhance the customer
experience and execute on our growth strategy. By increasing
production capacity by a targeted 20% and expanding our overall
efficiencies from raw material intake to quality control and final
shipment, we will be able to better meet increasing demand in a
cost effective way, while maintaining strict oversight on our
capital expenditures. At the same time, we have greatly
improved the working environment for our employees."
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 many other sought-after agricultural products. The
Company's Farmmi Liangpin Market serves as a global trading
platform for Chinese geographical indication agricultural products
and is one of the largest platforms for consumers to access locally
sourced agricultural products. For further information about the
Company, please visit: http://ir.farmmi.com.cn/.
Forward-Looking Statements
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 the Coronavirus 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.