LISHUI, China, May 7, 2019 /PRNewswire/ -- Farmmi, Inc. ("Farmmi" or the "Company") (NASDAQ: FAMI), an agriculture products supplier in China, today announced its VIE subsidiary, Hangzhou Nongyuan Network Technology Co., Ltd., has launched Farmmi Baba, a new e-commerce pilot program, on WeChat, a Chinese multi-purpose messaging, social media and mobile payment application, to provide fresh vegetables in order to expand the Company's existing portfolio of non-perishable products.
As a mini program, Farmmi Baba can be found by searching Nong Mi Ba Ba on WeChat, with users able to directly place orders on Farmmi Baba without conducting any additional registration. The products provided by Farmmi Baba are bulk orders of vegetables, such as 25 kilograms of potatoes. Farmmi Baba only accepts and fulfills orders totaling RMB 300 or higher. Target customers are traders, caterers, cafeterias and other distributors, while end consumers are also welcome to place bulk orders.
Farmmi Baba was designed to ensure the freshness of the vegetables sold. According to the orders placed on Farmmi Baba, Farmmi directly purchases the relevant products from its base of farm partners, which deliver the items to Farmmi. Farmmi examines, packs and then delivers the vegetables to the customers through a logistics partner. The initial launch is limited to customers in the Binjiang District, Hangzhou City, Zhejiang Province.
Yefang Zhang, Farmmi's Chairwoman and CEO, stated, "This is another important development that will allow us to maintain limited inventory in order to provide customers with the high quality of fresh vegetables they expect, while allowing us to even more closely manage our supply chain and logistics. We have developed a dynamic network we are able to source fresh vegetables at attractive prices that we share with our customers. Our unified supply chain will leverage the force of the Internet to even better meet demand of customers in the underserved small- and medium-size markets, while affording us an improved cost structure."
About Farmmi, Inc.
Headquartered in Lishui, Zhejiang, Farmmi, Inc. (NASDAQ: FAMI), is an agricultural products supplier, processor and retailer of Shiitake mushrooms, Mu Er mushrooms, other edible fungi, and many other sought after agricultural products. The products sold on the Company's Farmmi Liangpin Market include geographical indication products and other 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.
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