New York, Jan. 09, 2019 (GLOBE NEWSWIRE) -- Prof. Benad Goldwasser the Active Chairman and Interim CEO of Save Foods Inc. (OTCPK:SAFO) issued the following update to shareholders.
Dear Shareholders,
I would like to first wish you and your family a Happy New Year and all the best for 2019.
I was appointed on May 15, 2018 and have spent the time since then studying the company and its potential, recruiting a team of professionals, together with whom we have formulated the short - and medium - term business strategy for the company.
When I was appointed, the company had Nimrod Ben Yehuda as its sole executive. Since then we have recruited several people in key positions:
- Dan Sztybel - VP Business Development. Dan led the life science advisory at EY and has been involved in funding and strategy definition/implementation in different startups and large companies.
- Jonathan Henen - VP Product and Sales. Jonathan, is an agronomist with more than 20 years' experience in different managerial positions at ADAMA/Makhteshim Agan (both in product development and sales) and recently startups as well.
- Dr. Tali Ehrlich - VP Regulatory Affairs. For the last 15 years Dr. Ehrlich served as the head of ADAMA/Makhteshim Agan Global Regulatory Affairs.
- Ronen Feiglin (joining January 2019) - VP Operations, Ronen has over 15 years of experience in global supply chain & logistics management in large companies like Kodak, Stratasys and Emerson.
- Nimrod Ben Yehuda - CTO
Together we studied the applicable and potential commercial markets for our products and were amazed by their size and our ability to serve many segments of the agricultural and food tech industries with a variety of products. We also found out that in order to increase our sales and activities in the USA and Europe we must continue the process we initiated and obtain the proper regulatory approvals for our products. In order to be able to sell our products under the title of anti-microbial/sanitizer of fruits and vegetables, one must obtain the regulatory approvals for these specific claims on top of our current approval as a “soap”.
Once regulatory approval is obtained, this may translate into an immediate surge in sales to packing houses, an industry which processes tens of billions of dollars a year of fresh produce in the USA alone.
Under the Leadership of Dr. Ehrlich, we expect to be EPA approved within 5 quarters. Regulatory approval in Europe which is more lengthy, complicated and expensive will be pursued at a later stage.
Based upon current commercial clients’ experience as well as studies carried out in local laboratories, our products have the following inherent advantages:
- Highly efficient sanitizing activity of bacteria (including E. Coli, Salmonella and Listeria) and of fungal pathogens
- Environmentally and worker friendly
- Leave no residues on the treated fruit and vegetables
This translates into the superior ability of our products to:
- Extend storability and shelf life of fruit and vegetables across the entire supply chain;
- Reduce the chances of infected food reaching the consumer
We have learnt with the help of industrial consultants, that our products may serve not only packing houses, but also might play a significant role in additional applications in the food industry, for example:
- Greenhouse production (e.g. cannabis and tomatoes, etc.) to both extend shelf life and sanitize the produce.
- Food processing companies (e.g. Strauss Group, Pepsico, Kraft-Heinz) to help sanitize fresh cut vegetables and fruit, salads and dips, working surfaces.
- Retail clients (e.g. supermarkets) to allow the consumers to get fresh produce with extended shelf life and reduce food waste at consumer level.
All of this leads us to the conclusion that over the next few months we need to adopt a three-pronged approach:
- Work towards obtaining the regulatory approvals as antimicrobial/sanitizers for our latest generation of products.
- Perform trials with Israeli representatives of the various industries to validate the relevance of our products in additional applications.
- Work to earn the trust and cooperation of the five companies that presently provide cleaning and sanitizing services to all packing houses in the USA, as this may be the best way to achieve quick market access and increase sales.
Regulatory Activity
Since Dr. Tali Ehrlich has joined the company, we have defined a regulatory strategy and have started the preparation of the regulatory dossier for 2 of our new products to claim anti-microbial and sanitizing activity on fresh produce. The regulatory approvals that are expected (estimates) for Q1 2020 will allow us to move "aggressively" into the US post-harvest market and take advantage of the new FSMA regulation of zero-tolerance to human pathogen contamination.
Pilots with Industry
- Packing house - The company conducted several tests and pilots with one of Israel’s leading exporters of avocado fruit. The results were beyond our and their expectations. The benefits of our products as highly efficient sanitizers with the ability to extend storability and shelf life were clear. Our products eradicated the Listeria on the avocado which is one of the main concerns of this exporter as they currently have no efficient solution on hand. The increase in shelf life of the avocado over their current methods was also demonstrated (see the photo accompanying this announcement at http://www.globenewswire.com/NewsRoom/AttachmentNg/81a26f7a-2a1a-4450-9aa7-2f184b5278ee)
We expect to close a commercial agreement with this avocado exporter in the coming weeks.
- Greenhouse - We believe we could play a significant role in the cannabis industry that suffers from heavy losses of its flowers from bacteria and fungi in the pre-harvest as well as the post-harvest phases. We have begun exploring that direction with industry and academia.
- Food Processing Companies - We are in discussions with one of Israel’s largest food producers on trying our products for various applications including freshly cut fruit and vegetables, salads and dips as well as sanitizing working surfaces and space.
Funding
We are actively and successfully conducting fund raising activity via private placements. Each round indicates an increase in our value as specified in our financial reports filed with the OTCMARKETS. https://www.otcmarkets.com/stock/SAFO/overview
Ongoing commercial activities
We continue to serve our existing customers from years past, including Sun Pacific in California and Mehadrin in Israel as well as gaining additional customers in Israel.
We continue to improve our financial reports with the hope to once again become a full SEC reporting company under the act during 2019.
Last but not least, we have strengthened our Board of Directors with outstanding and very experienced business people including Mr. Yacov Perry (former member of the Israeli government and former member of the Knesset), Mr. Doron Shorrer, CPA and Mrs. Vered Raz-Avayo, CPA.
Best Regards,
Prof. Benad Goldwasser, MD MBA
Chairman of Save Foods Inc.
Forward-Looking Statements
All statements other than statements of historical facts contained in this press release are “forward-looking statements,” which may often, but not always, be identified by the use of such words as “may,” “might,” “will,” “will likely result,” “should,” “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “continue,” “target” or the negative of such terms or other similar expressions. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including, but not limited to, those described in the Company’s 2018 Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on April 17, 2018, and the other risks and factors set forth in the Company’s filings and submissions with the SEC. In addition, the Company operates in a relatively new industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond its control. These forward-looking statements speak only as of the date hereof and the Company disclaims any obligations to update these statements, except as may be required by law.
Contact
Dan Sztybel - VP Business Development
Dan@pimiagro.com
Attachment