Farmmi, Inc. Expands North America Operations

Rhea-AI Summary

Farmmi, Inc. (NASDAQ: FAMI), a Chinese agriculture products supplier, has announced a significant expansion of its North American operations. The company's subsidiary, FARMMI USA INC., has signed a sublease agreement for a large distribution and storage center in the Los Angeles area, California. The facility, managed by Ryder Truck Rental inc., spans 636,000 square feet, with 315,000 square feet of warehouse space and includes a dedicated rail line for sea-rail intermodal transportation.

This move marks a major step in Farmmi's global expansion strategy and is expected to enhance the company's international cooperation capabilities. CEO Yefang Zhang emphasized that this development represents a breakthrough towards Farmmi's globalization goals and is aimed at creating greater value for shareholders.

Positive

• Expansion into North American market with large distribution center
• Access to 636,000 sq ft facility with 315,000 sq ft warehouse space
• Dedicated rail line for efficient sea-rail intermodal transportation
• Strategic location in Los Angeles area for improved logistics

Negative

• None.

LISHUI, China, July 22, 2024 /PRNewswire/ -- Farmmi, Inc. ("Farmmi" or the "Company") (NASDAQ: FAMI), an agriculture products supplier in China, today announced the Company's subsidiary, FARMMI USA INC., has signed a sublease agreement and acquired the right to use a large distribution and storage center in United States to further expand its global business. This marks a significant development for Farmmi's U.S. operations.

Pursuant to the agreement, Farmmi USA Inc. has the right to use the leased premises of the storage center located in Los Angeles area, California, which is managed by Ryder Truck Rental inc., a subsidiary of Ryder System, Inc., a leading logistics and transportation company in the U.S. (NYSE: R). The facility spans a total area of 636,000 square feet, with warehouse space covering 315,000 square feet. It also includes a dedicated rail line, enabling sea-rail intermodal transportation. The facility will serve as the major distribution and storage center for the Farmmi group. 

Ms. Yefang Zhang, Farmmi's Chairwoman and CEO, stated that the company has been committed to increasing its global present in recent years. Obtaining the right to use a large storage center represents a major breakthrough towards the company's globalization goals and is a milestone achievement. Leveraging this facility, Farmmi, Inc. aims to further expand international cooperation and create greater value for its shareholders.

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. 

For more information, please contact Investor Relations:

Farmmi, Inc.
Investor Relations
Tel: +86-0578-82612876
ir@farmmi.com 

View original content:https://www.prnewswire.com/news-releases/farmmi-inc-expands-north-america-operations-302202410.html

SOURCE Farmmi, Inc.

FAQ

What is the size of Farmmi's new distribution center in the United States?

Farmmi's new distribution center in the Los Angeles area spans a total of 636,000 square feet, with 315,000 square feet dedicated to warehouse space.

Where is Farmmi's (FAMI) new North American distribution center located?

Farmmi's new North American distribution center is located in the Los Angeles area, California.

What is the significance of Farmmi's (FAMI) expansion in North America?

The expansion marks a significant step in Farmmi's global growth strategy, aiming to enhance international cooperation and create greater value for shareholders.

Does Farmmi's (FAMI) new U.S. facility have any special transportation features?

Yes, the facility includes a dedicated rail line, enabling sea-rail intermodal transportation for efficient logistics operations.