Farmmi Five-Year Agreement with Jiangsu Changdang Lake Aquatic Technology; Adds Sought-After Su Biao Crabs

LISHUI, China, Sept. 30, 2019 /PRNewswire/ -- Farmmi, Inc. (NASDAQ: FAMI), an agriculture products supplier in China, today announced it has signed a five-year cooperation agreement with Jiangsu Changdang Lake Aquatic Technology Co., Ltd. ("Changdang Lake Aquatic").  Under the agreement, Farmmi has obtained rights to use the popular Su Biao brand of crabs.

Changdang Lake Aquatic is a specialized crab breeding, production and export base backed by multiple patents, approved for export by the State Administration of Entry-Exit Inspection and Quarantine, and led by Chairman Jianguo Shen, an expert with more than thirty years in crab farming.  The company is located in the southwest of Jiangsu Province's Changdang Lake, a lake with favorable geographical and environment characteristics and superior water quality. Changdang Lake Aquatic is one of China's largest producers of crab with 2,750 acres of green farming and Consumers annual output of more than 300 tons of high-quality crabs. Its popular Su Biao brand crab has won "China's Top Ten Famous Crabs" and has passed the ISO9001 quality management system certification. It has received numerous awards, including Jiangsu Famous Brand Products, Jiangsu Famous Brand Agricultural Products and Changzhou Famous Trademarks.

Changdang Lake Aquatic Chairman Jianguo Shen, commented, "More than 80% of our production volume is exported to Japan, Singapore, Hong Kong, Macao, Taiwan and other regions given high consumer demand for our delicious Su Biao brand crab.  In addition to having the scale to meet required volume levels, we are able to ensure the highest quality as required in the markets we are serving.  In Japan, for example, 75 test criteria must be met.  We are excited to now partner with Farmmi as we work to leverage its platform and expertise to develop our brand presence and reach in the Domestic China market." 

Yefang Zhang, Farmmi Chair and CEO, stated, "We are very happy to be forming a key partnership with Mr. Shen and his team.  We share in our pursuit of bringing high quality agricultural products to consumers.  In the case of crabs, the many compelling nutritional benefits, great taste and ease of preparation make them a sought-after delicacy by consumers everywhere.  As we have successfully added on new categories and brands in the past, it was important that with crabs we secured a partner able to meet the required high production volume levels and the extensive quality provisions.  We look forward to using our established commerce and distribution platform to help Changdang Lake Aquatic expand into the domestic China market and to ultimately grow its profitable sales."

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 is serves as a global trading platform for Chinese geographical indication agricultural products and is a one of the largest platforms for consumers to access locally sourced agricultural products. For further information, 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. 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.

SOURCE Farmmi, Inc.

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