Tel Aviv, Israel, April 12, 2023 (GLOBE NEWSWIRE) -- Sativus Tech (OTC: SATT) subsidiary, Saffron Tech Ltd, today announced it has been awarded a $1 million grant from the Israeli Innovation Authority. The new grant will allow the AgTech company to build a pilot facility for growing saffron with vertical farming technology. This is the second grant Saffron Tech has been awarded from the Israeli Innovation Authority and comes to the company on the heels of its recent investment agreement with Dreamtech Company. The funds will help the company revolutionize the billion-dollar saffron market by purveying a large-scale, consistent, and premium supply of the spice known as “red gold” to a multitude of industries including the beauty, wellness, and health.
“We are thrilled that a discerning institution like the Israeli Innovation Authority awarded Saffron Tech the highly coveted grant,” said Tal Wilk-Glazer, CEO, Sativus Tech. “The grant will help us with our mission to usher in a new era of growth in the saffron market. We look forward to becoming the go-to source for premium saffron and welcoming collaboration opportunities with companies from all sectors that are looking for new ways to leverage the saffron in their product line.”
The Israel Innovation Authority is an independent publicly funded agency created to provide funding platforms aimed at effectively addressing innovation ecosystems. This grant demonstrates the Israel Innovation Authority recognition of the innovation and potential of Saffron Tech’s technology and solutions.
Saffron Tech recently entered into an investment agreement with Korean-based company, Dreamtech Co, a leading provider and manufacturer of tech components for ground-breaking devices. The new agreement gives Saffron Tech an initial investment of $1 million followed by an additional $1 million upon successful cultivation of saffron in Korea.
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:
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Investor Relations:
Tal Wilk Glazer
CEO
(800) 608-6432
