Additional funding will be used to finalize the protocol for growing saffron in indoor vertical farms.
- An estimated 650 investors joined the Saffron Tech investor community.
- Saffron Tech’s market cap increases to $11 million.
- Sativus Tech Corp. (OTC: SATT) owns 70% of the shares of Saffron Tech Ltd.
Tel Aviv, Israel, Jan. 17, 2023 (GLOBE NEWSWIRE) -- Sativus Tech Corp’s (OTC: SATT) subsidiary, Saffron Tech Ltd (a private Israeli company), today announced it has raised $1.3 million in additional funding from its recent crowdfunding campaign. The AgTech company that is growing saffron utilizing its unique proprietary technology, will use the funding to continue its R&D program and execute its go-to-market strategy. Approximately 650 new investors participated in the crowdfunding, expanding Saffron Tech’s shareholder community. Saffron Tech increased its valuation to $11 million after crowdfunding. Sativus Tech’s interest in Saffron Tech now totals 70% post-raise.
“This latest equity raise reflects the confidence investors have in Saffron Tech’s abilities and its business plan,” says Tal Wilk-Glazer, CEO, Sativus Tech. “We are now well-positioned to accelerate our R&D program and execute our market entry.”
Saffron Tech continues to achieve new milestones as it advances its mission to cultivate crocus sativus and create commercial quantities of the saffron spice. The company recently appointed Estee Rosen, former CEO of Novartis Israel, as Partnership Lead in the health-beauty-wellness industries. The company also recently reported promising results in its latest harvest of saffron grown in its proprietary indoor vertical farms.
Saffron is known for its anti-anxiety, antidepressant, and antioxidant properties. Saffron Tech aims to produce a consistent, pure, high-grade, and large-scale supply of saffron for the health, wellness, and beauty industries.
About Sativus Tech Corp:
Sativus Tech Corp (OTC: SATT) is an AgTech company that uses its advanced vertical farming technology to increase the production of low yield food products in the global marketplace. The company focuses on the research, development, and commercialization of agriculture products that are high in demand but scarce in supply. A reliable production of these highly coveted food products can be used in various applications including pharmaceutical, nutraceutical, culinary, beauty, health, and wellness industries. Sativus Tech Corp’s technology offers a responsible and sustainable way to grow crops in a world confronted with environmental challenges and dwindling earth reserves, diminishing water sources and unstable weather conditions.
About Saffron Tech:
Sativus Tech Corp subsidiary, Saffron Tech, is revolutionizing the AgTech world by creating the protocols to grow saffron in indoor vertical farms. It is also increasing the production of the spice by multiplying the number of annual harvests. The pharmaceutical industry is now turning more of its scientific attention to saffron’s medicinal properties, which are now being used in pharmaceutical and nutraceutical applications for ADHD, anxiety and more.
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 "expects," "anticipates," "intends," "estimates," "plans," "potential," "possible," "probable," "believes," "seeks," "may," "will," "should," "could" 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. These factors include uncertainties as to the Company's international manufacturing and supply chain, market acceptance of the Company's smart luggage, successfully implementing the Company's growth strategy, dependence on key Company personnel, changes in economic conditions, competition and other risks including, but not limited to, those described from in the Company's Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on November 14th, 2022, and other filings and submissions with the SEC. 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. The Company intends that all forward-looking statements be subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995.
Investor Relations:
Tal Wilk Glazer
CEO
(800) 608-6432
Press Inquiries:
