Save Foods, Inc. (NASDAQ: SVFD) (FSE:80W) (“Save Foods” or the
“Company”), an agri-food tech company specializing in eco crop
protection that helps to reduce food waste and ensure food safety,
published a letter to its stockholders from David Palach, CEO of
Save Foods:
Dear Stockholders,
I am pleased to announce that Save Foods, Inc.
has entered into a partnership with Plantify Foods, Inc.
(TSX-V:PTFY). This partnership represents a significant milestone
for us and underscores our commitment to providing innovative and
sustainable food solutions to customers around the world. To
establish this partnership, we issued 1,164,374 shares of Save
Foods' common stock and received in exchange 30,004,349 of
Plantify's common shares, equivalent to 19.99% of Plantify's share
capital (on a pre-issuance basis). Additionally, Save Foods and
Plantify executed an 18-month convertible debenture, whereby Save
Foods extended a C$1,500,000 loan to Plantify, which will accrue
interest at a rate of 8% annually. The debenture may be converted
into common shares of Plantify at a price of C$0.05 per share until
the first anniversary of the debenture issuance date and C$0.10 per
share thereafter.
Plantify Foods, Inc. is a Canadian-based food
tech company that, after the completion of the reverse takeover of
its Israeli fully owned subsidiary, Peas of Bean Ltd., focuses on
the development and production of "clean-label" plant-based
products that are minimally processed, contain no preservatives,
and are vegan, making them an ideal alternative to animal-based
products. Not only do Plantify's products offer exceptional taste
and texture, but their unique technology also allows for the same
or longer shelf life than most preservative-containing products in
the same category, giving them a significant technological
advantage in the market.
In my previous letter I mentioned that we
were looking for collaborative opportunities and I believe that
Plantify is the perfect match for us. Plantify has already
established direct relationships and sales channels with retailers
globally, including KAYCO, a leading kosher food distributor in
North America under Heaven & Earth brand, which presents a
tremendous opportunity for Save Foods. Through this partnership, we
will be able to offer our premium treatments, designed specifically
for fresh cuts and berries, to Plantify’s products, reaching a
wider customer base and expanding our sales opportunities.
Additionally, Plantify is in the process of finalizing an agreement
with another leading distributor of kosher food, which, if
executed, may open up even more avenues for growth and distribution
for both companies. Moreover, we are combining our marketing
efforts to create a more impactful and efficient approach in the
retail industry. I believe, and my Plantify counterpart agrees,
that joint marketing forces will allow both companies to save costs
through shared resources and streamlined strategies, while also
increasing our overall joint marketing effectiveness. By working
together, we can leverage our mutual expertise to implement
targeted campaigns that raise awareness about food waste and
promote sustainable practices within the retail industry.
“This partnership is truly unique and holds
immense potential”, emphasizes Dr. Roy Borochov, Chief Executive
Officer of Plantify, “We expect that Plantify will be able to
market two additional products: fresh cuts and berries, each of
which will benefit from using Save Foods’ innovative treatments to
extend the shelf life, which will set us apart from competitors in
the market, and Save Foods stands to benefit from Plantify's
established retail connections. Plantify has invested time and
resources into marketing its products in a gradual and calculated
manner over the past 18 months, and as a result, more than 50% of
its sales are attributed to export efforts. With Plantify now
feeling confident in its product lines and market acceptance, we
plan to utilize the loan from Save Foods to accelerate Plantify’s
growth, among other things, to expedite our marketing efforts,
including branding as well as expansion of our presence in social
media and investor relations. Additionally, Plantify aims to
solidify its prospective engagement with a leading kosher foods
distributor and collaborate with Save Foods to conduct joint
marketing efforts for increased efficiency. I believe that our
collaboration with Save Foods will enable us to maximize our
respective strengths and capabilities, which in turn will lead to
greater operational productivity, cost savings and increased market
penetration.”
"We recognize the need for action," says Dan
Sztybel, CEO of Save Foods’ Israeli subsidiary, "as we consider the
impact of food loss and waste on the global food supply chain,
particularly in the fresh-cut products segment where it accounts
for approximately 33% of global food production. Economic losses of
25% to 50% in total berries production further highlight the
urgency of the situation. We are committed to partnering with
Plantify, a company that has established channels with retailers,
as we believe this collaboration can help mitigate economic losses
due to food waste. Save Foods' treatment has been proven to reduce
food waste by at least 50% at the retail level. This reduction can
lead to substantial economic savings by minimizing losses
associated with perishable produce that would otherwise go to
waste. Together, we can work towards a more eco-friendly food
supply chain and position ourselves as leaders in the
industry."
We are thrilled about the possibilities that
this partnership brings. Plantify's established retail connections,
combined with Save Foods' cutting-edge technology, make this
partnership a game-changer for both companies. We believe that by
working together, we can create a more sustainable and healthier
food system and deliver value to our stockholders.
Sincerely,
David PalachCEO, Save Foods, Inc.
About Save Foods:
Save Foods is an innovative, dynamic company
addressing two of the most significant challenges in the agri-food
tech industry: food waste and loss and food safety. We are
dedicated to delivering integrated solutions for improved safety,
freshness and quality, every step of the way from field to fork.
Collaborating closely with our customers, we develop new solutions
that benefit the entire supply chain and improve the safety and
quality of life of both the workers and the consumers alike. Our
initial applications are in post-harvest treatments in fruit and
vegetable packing houses processing produce including citrus,
avocado, pears, apples and mangos.
By controlling and preventing pathogen
contamination and significantly reducing the use of hazardous
chemicals and their residues, Save Foods treatment not only prolong
fresh produce shelf life and reduce food loss and waste, but they
also ensure a safe, natural, and healthy product.
For more information, visit our
website: www.savefoods.co
About Plantify Foods, Inc.
Plantify Foods, Inc. is an Israeli food tech
company focused on the development and production of "clean-label"
plant-based products. Plantify’s unique technology allows for the
production of plant-based meat alternatives, dips, and snacks, with
natural ingredients familiar to consumers that are free of
preservatives, free of common food allergens, are GMO-free and
enjoy the same or longer shelf life than most
preservative-containing products of the same category. Plantify is
also engaged in developing functional foods with health benefits
supported by independent testing that it anticipates will enable it
to make health claims under US Food and Drug Administration and
Canadian Food Inspection Agency regulations. Plantify currently
sells its products in Israel and North America.For more
information, visit Plantify’s website: www.plantifyfoods.com
Forward-looking Statements:
This press release contains forward-looking
statements within the meaning of the “safe harbor” provisions of
the Private Securities Litigation Reform Act of 1995 and other
Federal securities laws. Words such as “expects,” “anticipates,”
“intends,” “plans,” “believes,” “seeks,” “estimates” and similar
expressions or variations of such words are intended to identify
forward-looking statements. Because such statements deal with
future events and are based on our current expectations, they are
subject to various risks and uncertainties. For example, the
Company is using forward-looking statements when it discusses the
potential synergies between Save Foods and Plantify, operational
and business opportunities available to Save Foods following the
share exchange with Plantify, and the potential benefits Plantify
can present to Save Foods, including through its relationships with
retailers and expansion of Save Foods’ market reach and growth of
its distribution channels. Actual results, performance or
achievements could differ materially from those described in or
implied by the statements in this press release. The
forward-looking statements contained or implied in this press
release are subject to other risks and uncertainties, including
market conditions and the satisfaction of all conditions to, and
the closing of, the offering, as well as those discussed under the
heading “Risk Factors” in Save Foods’ annual report on Form 10-K
filed with the SEC on March 27, 2023, and in any subsequent filings
with the SEC. Except as otherwise required by law, we undertake no
obligation to publicly release any revisions to these
forward-looking statements to reflect events or circumstances after
the date hereof or to reflect the occurrence of unanticipated
events. References and links to websites have been provided as a
convenience, and the information contained on such websites is not
incorporated by reference into this press release. We are not
responsible for the contents of third-party websites.
Media Contact:Yana
Delmanyana@savefoods.co
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