LISHUI, China, April 23, 2019 /PRNewswire/ -- Farmmi, Inc. ("Farmmi" or the "Company") (FAMI), an agriculture products supplier in China, today announced that through its wholly owned subsidiary Zhejiang Farmmi Food Co., Ltd. ("Farmmi Food"), the Company entered an agreement with the Lishui Ecological Agriculture Association (the "Association"), which authorized Farmmi Food to use the Lishui Shangeng collective trademark ("Lishui Shangeng") on the packages of its dried Shiitake mushroom and black Mu Er products and marketing materials. Farmmi Food concurrently became a member of the Association and entered an agreement with Lishui Agricultural Investment Development Company, which authorized Farmmi Food to use its Lishui agricultural product quality safety traceability platform (the "Traceability Platform"). Both Agreements are renewable before the April 16, 2022 expiration under mutual agreement.
Lishui Shangeng is a comprehensive, regional brand covering all categories and industries of agricultural products in Lishui, Zhejiang and is owned by the Association. The cumulative sales of products from September 2014 to December 2018 under Lishui Shangeng was RMB 12.32 billion (approximately US$1.84 billion), with products sold in more than 20 provinces and cities, including Beijing, Shanghai and Shenzhen. At the end of 2018, Lishui Shangeng covered 863 member enterprises, 1,122 cooperative bases, more than 1,000 brand endorsement agricultural products, and more than 600 designs of agricultural products packaging.
The Traceability Platform was commissioned by the Lishui' municipal committee and government to empower consumers to monitor the quality and safety of agricultural products from farm to table. It has four management systems: production, supervision, detection and information services. Consumers can scan a two-dimensional code on the package for detailed product information. The supervising governmental agency can enter the same code in the relevant management system to get the management information.
Yefang Zhang, Farmmi's Chairwoman and CEO, stated, "We are pleased to have the full confidence of the Lishui Ecological Agriculture Association. We share in our commitment to providing consumers with the highest quality from farm to table and will seek to maintain a close, mutually beneficial relationship with the Association. As a member, we will be leveraging the Association's brand and the Traceability Platform in both food packaging and publicity activities, while availing ourselves the Association's trade fairs, technical training and other sponsored activities. We are currently engaged with more than 120 brands spanning seven core categories. By developing additional sales and promotional opportunities around appropriate geographical indications products, like using Lishui Shangeng brand, we can continue to grow with our customers."
About Farmmi, Inc.
Headquartered in Lishui, Zhejiang, Farmmi, Inc. (FAMI), is an agricultural products supplier, processor and retailer of Shiitake mushrooms, Mu Er mushrooms, other edible fungi, and many other 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/.
About Lishui Ecological Agriculture Association
The Association was founded in 2015, with the main purpose of helping its members achieve success by addressing business issues, including scale, backward standardization, and increasing the premium of Lishui agricultural products. The Association represents nine leading industries: edible mushroom, tea, fruit, vegetable, medicine, animal husbandry, tea-oil trees, bamboo shoots and fisheries.
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.