The new investment will be used to complete Saffron Tech’s R&D initiatives and obtain the proper IP patents for the company’s growth protocol that can produce multiple cycles of saffron annually.
Tel Aviv, Israel, March 01, 2023 (GLOBE NEWSWIRE) -- Sativus Tech Corp’s (OTC: SATT) subsidiary, Saffron Tech Ltd, today announced it has entered into an investment agreement with Korean-based company, Dreamtech Co, Ltd, a leading provider and manufacturer of tech components for innovative products including advanced mobile and medical devices. Under this new agreement, Dreamtech will fund an initial investment of $1 million followed by an additional $1 million upon successful cultivation of saffron in Korea. Saffron Tech aims to be the first company to create a large-scale production of saffron using vertical farming technology to meet the growing demand of the spice for use in beauty, wellness, and pharmaceutical applications.
“This partnership with Dreamtech will allow us to unlock Saffron Tech’s full potential,” said Tal Wilk-Glazer, CEO of Saffron Tech. “This is a major step in preparing for commercializing saffron and allows us to establish the necessary manufacturing structure to drive revenues to Saffron Tech. Together we will be able to expand the world of saffron into new markets.”
Companies are increasingly recognizing the value of saffron and are finding new ways of implementing the spice into new products. Growing interest in the saffron spice comes at a time when it has been reported that cultivation has fallen significantly due in part to climate change. According to reports, production of the saffron crop in Pampore, India “has reduced by over 60% in the past 20 years.” Saffron Tech’s proprietary protocol for growing multiple cycles of saffron annually in indoor vertical farms would seem an obvious solution to the decline in production.
“We see immense potential in satisfying consumer demand for saffron in the APAC region and beyond,” said Kevin Joung, CTO of Dreamtech. “Saffron Tech has developed a world-class technology that is transformative. We are confident that together we can create a new business landscape in the saffron industry.”
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 crops 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 depression, 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
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