Save Foods (NASDAQ: SVFD), an agri-food tech company specializing in eco crop protection that helps to reduce food waste and ensure food safety, has sent a letter to stockholders from CEO David Palach. In the letter, Palach notes that SVFD is partnering with Plantify Foods Inc. (TSX.V: PTFY) in “a significant milestone for us [that] underscores our commitment to providing innovative and sustainable food solutions to customers around the world.” The letter outlines the partnership transaction, which included Save Foods issuing 1,164,374 shares of its common stock in exchange for the receipt of 30,004,349 shares of Plantify. In addition, the two companies executed an 18-month convertible debenture, with Save Foods extending a C$1,500,000 loan to Plantify, with an interest rate of 8% annually. Palach has talked previously about looking for collaborative opportunities. “I believe that Plantify is the perfect match for us,” said Save Foods CEO David Palach in the shareholder letter. “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.”
To view the full press release, visit https://ibn.fm/LFoAN
About Save Foods Inc.
Save Foods is an innovative, dynamic company addressing two of the most significant challenges in the agrifood tech industry: food waste and loss and food safety. The company is dedicated to delivering integrated solutions for improved safety, freshness and quality, every step of the way from field to fork. Collaborating closely with its customers, Save Foods develops new solutions that benefit the entire supply chain and improve the safety and quality of life of both workers and consumers alike. SVFD’s initial applications are in post-harvest treatments in fruit and vegetable packing houses that process produce such as 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 treatments 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 about the company, visit www.SaveFoods.co.
NOTE TO INVESTORS: The latest news and updates relating to SVFD are available in the company’s newsroom at https://ibn.fm/SVFD
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