Nocera Inc., a fully integrated sustainable seafood company with a focus on manufacturing and operating land-based Recirculatory Aquaculture Systems (RAS), announced today that the Company and Meixin Institutional Food Development Co., Ltd., Nocera's Variable Interest Entity, entered into a distribution agreement with Farmers Vending Machine Co. Ltd. on September 26, 2022. Under the agreement, Farmers, an affiliate company of Cathay International Holding Limited, has agreed to purchase approximately $1,000,000 of food products from Nocera and Meixin each month beginning October 1, 2022.
Meixin is a well-established food processing, and catering company focused on the production of hot and frozen meals, bento boxes, group meals, and the processing of vegetables and fruit for other companies in the same business.
Prior to this distribution agreement, Farmers mainly sourced its products from small local farmers and sold items through its vending machines located in train stations. Farmers are looking to expand its vending machines into department stores and open its own outlet shops throughout Taiwan.
Jeff Cheng, Nocera's CEO, commented, "This distribution agreement not only gives Farmers a better price point but should give Nocera monthly gross revenue of $1,000,000. For 2023, we anticipate that our arrangement will generate gross revenue of more than $12 million for the company. We want to provide the best seafood and products available to our current and future customers and believe that this will occur as Farmers continues to open additional outlet shops."
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