LISHUI, China, July 17, 2018– Farmmi, Inc. (the “Company”) (Nasdaq: FAMI), a leading agriculture products supplier in China, today announced that the company has entered into strategic cooperation framework agreement (the “Framework Agreement”) with Bantan Internet Technology PTE. LTD. (“BIT”), a Singapore company.
Pursuant to the Framework Agreement signed on July 10, 2018, BIT is obligated to establish a world leading blockchain technology system and other application of blockchain technology as well as to provide blockchain technology services for suppliers of the Company. In addition, BIT will also be responsible for the technical support and maintenance of the blockchain system. The term of the Framework Agreement is one year. BIT agrees to receive cash from the Company as the service fee which will be decided by both parties according to the specific performance.
Ms. Yefang Zhang, Chairwoman and Chief Executive Officer of the Company, commented, “We are proud to announce our agreement with BIT. We believe our customers and shareholders will benefit from the blockchain technology system of EA Chain that BIT is developing.”
About Farmmi, Inc.
Headquartered in Lishui, Zhejiang, Farmmi, Inc. (the “Company”) (Nasdaq: FAMI), is an agricultural products supplier and primarily processes and sells Shiitake mushrooms, Mu Er mushrooms, other edible fungi, and other agricultural products. In addition, Farmmi Liangpin Market, the Company’s ecommerce platform, provides an opportunity for consumers to access locally sourced agricultural products. For further information regarding the Company, please visit: http://ir.farmmi.com.cn/.
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, including the expectation that Bantan Technology will perform its obligations under the Agreement and the cooperation with Bantan Technology will benefit the Company’s customers and shareholders. 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.