Miami, FL, April 18, 2023 (GLOBE NEWSWIRE) -- 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 Palach
CEO, 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 Delman
yana@savefoods.co
