N2OFF Announces Letter of Intent with Ethiopian Federal Agency to Mandate Large-Scale Farmers to Utilize Save Foods’ Eco-Friendly Solutions
N2OFF (NASDAQ: NITO) announced that its subsidiary Save Foods has entered into a strategic non-binding letter of intent (LOI) with GENSIS PM TDC, an Ethiopian Federal Agency, to implement Save Foods' eco-friendly solutions across Ethiopia's large-scale farming sector. The partnership aims to advance sustainable agricultural practices, enhance crop yields, and ensure food safety in Ethiopia.
If finalized into a binding agreement, the Ethiopian government will mandate large-scale farmers and exporters to adopt Save Foods' advanced post-harvest treatments. These treatments are designed to control pathogen contamination, extend fresh produce shelf life, and reduce harmful chemical usage. The company expects the definitive agreement to be executed within a month, potentially yielding dozens of millions of dollars in revenue.
The collaboration also includes plans to establish a local production facility in Ethiopia, ensuring nationwide accessibility of Save Foods' technologies and supporting the transition to sustainable farming practices.
N2OFF (NASDAQ: NITO) ha annunciato che la sua controllata Save Foods ha stipulato una lettera di intenti (LOI) strategica non vincolante con GENSIS PM TDC, un Agenzia Federale Etiope, per implementare le soluzioni ecologiche di Save Foods nel settore agricolo su larga scala in Etiopia. L'obiettivo della partnership è promuovere pratiche agricole sostenibili, migliorare i raccolti e garantire la sicurezza alimentare in Etiopia.
Se finalizzato in un accordo vincolante, il governo etiope obbligherà gli agricoltori e gli esportatori su larga scala ad adottare i piani di trattamento post-raccolto avanzati di Save Foods. Questi trattamenti sono progettati per controllare la contaminazione da patogeni, estendere la durata di conservazione dei prodotti freschi e ridurre l'uso di sostanze chimiche dannose. L'azienda si aspetta che l'accordo definitivo venga eseguito entro un mese, potenzialmente generando decine di milioni di dollari in entrate.
La collaborazione include anche piani per stabilire un stabilimento di produzione locale in Etiopia, garantendo l'accessibilità nazionale delle tecnologie di Save Foods e supportando la transizione verso pratiche agricole sostenibili.
N2OFF (NASDAQ: NITO) anunció que su subsidiaria Save Foods ha firmado una carta de intención (LOI) estratégica no vinculante con GENSIS PM TDC, una Agencia Federal Etíope, para implementar las soluciones ecológicas de Save Foods en el sector agrícola a gran escala de Etiopía. La asociación tiene como objetivo avanzar en prácticas agrícolas sostenibles, mejorar los rendimientos de los cultivos y garantizar la seguridad alimentaria en Etiopía.
Si se formaliza en un acuerdo vinculante, el gobierno etíope obligará a los agricultores y exportadores a gran escala a adoptar los tratamientos poscosecha avanzados de Save Foods. Estos tratamientos están diseñados para controlar la contaminación por patógenos, extender la vida útil de los productos frescos y reducir el uso de productos químicos dañinos. La empresa espera que el acuerdo definitivo se ejecute en el transcurso de un mes, potencialmente generando decenas de millones de dólares en ingresos.
La colaboración también incluye planes para establecer una instalación de producción local en Etiopía, asegurando el acceso nacional a las tecnologías de Save Foods y apoyando la transición a prácticas agrícolas sostenibles.
N2OFF (NASDAQ: NITO)는 자회사 Save Foods가 에티오피아의 연방 기관인 GENSIS PM TDC와 에티오피아 대규모 농업 부문에 Save Foods의 친환경 솔루션을 구현하기 위한 전략적 비구속 의향서(LOI)를 체결했다고 발표했습니다. 이번 파트너십은 지속 가능한 농업 관행을 발전시키고, 농작물 수확량을 향상시키며 에티오피아의 식품 안전을 보장하는 것을 목표로 하고 있습니다.
법적 구속력이 있는 협약으로 체결되면 에티오피아 정부는 대규모 농부와 수출업자에게 Save Foods의 고급 수확 후 처리를 도입하도록 의무화할 것입니다. 이러한 처리는 병원균 오염을 통제하고 신선 제품의 유통 기한을 연장하며 유해 화학 물질의 사용을 줄이도록 설계되었습니다. 회사는 definitive agreement가 한 달 내에 체결될 것으로 기대하며, 이로 인해 수천만 달러의 수익이 발생할 수 있습니다.
협력에는 에티오피아 내에 지역 생산 시설을 설립할 계획도 포함되어 있으며, Save Foods의 기술에 대한 국가적 접근성을 보장하고 지속 가능한 농업 관행으로의 전환을 지원합니다.
N2OFF (NASDAQ: NITO) a annoncé que sa filiale Save Foods a conclu une lettre d'intention (LOI) stratégique non contraignante avec GENSIS PM TDC, une agence fédérale éthiopienne, afin de mettre en œuvre les solutions écologiques de Save Foods dans le secteur agricole à grande échelle en Éthiopie. Le partenariat vise à promouvoir des pratiques agricoles durables, à améliorer les rendements des cultures et à garantir la sécurité alimentaire en Éthiopie.
Si cet accord se concrétise en un contrat contraignant, le gouvernement éthiopien mandatera les agriculteurs et exportateurs à grande échelle à adopter les traitements avancés après récolte de Save Foods. Ces traitements sont conçus pour contrôler la contamination par les agents pathogènes, prolonger la durée de conservation des produits frais et réduire l'utilisation de produits chimiques nocifs. L'entreprise s'attend à ce que l'accord définitif soit signé dans un mois, ce qui pourrait générer des dizaines de millions de dollars de revenus.
La collaboration comprend également des plans pour établir une installation de production locale en Éthiopie, assurant l'accessibilité nationale des technologies de Save Foods et soutenant la transition vers des pratiques agricoles durables.
N2OFF (NASDAQ: NITO) gab bekannt, dass seine Tochtergesellschaft Save Foods einen strategischen, unverbindlichen Letter of Intent (LOI) mit GENSIS PM TDC, einer äthiopischen Bundesbehörde, unterzeichnet hat, um die umweltfreundlichen Lösungen von Save Foods im großflächigen Agrarsektor Äthiopiens umzusetzen. Ziel der Partnerschaft ist es, nachhaltige landwirtschaftliche Praktiken voranzutreiben, die Erträge zu steigern und die Lebensmittelsicherheit in Äthiopien zu gewährleisten.
Wenn es zu einem verbindlichen Vertrag kommt, wird die äthiopische Regierung große Landwirte und Exporteure verpflichten, die fortschrittlichen Nacherntebehandlungen von Save Foods anzuwenden. Diese Behandlungen sind darauf ausgelegt, die Kontamination durch Krankheitserreger zu kontrollieren, die Haltbarkeit frischer Produkte zu verlängern und den Einsatz schädlicher Chemikalien zu reduzieren. Das Unternehmen erwartet, dass der endgültige Vertrag innerhalb eines Monats abgeschlossen wird, was potenziell Dutzende Millionen Dollar an Einnahmen generieren könnte.
Die Zusammenarbeit umfasst auch Pläne zur Errichtung einer lokalen Produktionsstätte in Äthiopien, um die landesweite Zugänglichkeit der Technologien von Save Foods zu gewährleisten und den Übergang zu nachhaltigen landwirtschaftlichen Praktiken zu unterstützen.
- Potential for significant revenue increase, estimated at dozens of millions of dollars
- Strategic partnership with Ethiopian Federal Agency to implement eco-friendly solutions nationwide
- Mandatory adoption of Save Foods' treatments by large-scale farmers and exporters in Ethiopia
- Plans to establish a local production facility in Ethiopia, expanding market presence
- Current agreement is a non-binding letter of intent, not yet a definitive contract
- Implementation timeline and specific financial terms not disclosed
Insights
This LOI between Save Foods and GENSIS represents a potentially significant development for N2OFF and the Ethiopian agricultural sector. The proposed mandate for large-scale farmers to use Save Foods' eco-friendly solutions could drive substantial adoption and revenue growth. Key points to consider:
- Potential for
dozens of millions of dollars in revenue, which is substantial given N2OFF's current market cap of$2.4 million . - Establishment of a local production facility in Ethiopia, indicating long-term commitment and potential for scalability.
- Alignment with global trends towards sustainable agriculture and food safety.
However, investors should note that this is a non-binding LOI and the final impact depends on the execution of a definitive agreement and successful implementation. The timeline of "within a month" for the definitive agreement suggests rapid progress, but also carries execution risk.
This development could significantly impact N2OFF's market position and growth trajectory. Key considerations for investors:
- Market Expansion: Entry into the Ethiopian market represents a major geographical expansion for Save Foods, potentially opening doors to other African markets.
- Government Backing: The Ethiopian government's support through mandated use could accelerate adoption rates far beyond typical market penetration timelines.
- Revenue Potential: The projected revenue of "dozens of millions of dollars" would be transformative for a company with a
$2.4 million market cap, potentially leading to significant stock price movement.
However, investors should be cautious about execution risks and potential delays in implementing such a large-scale initiative. The stock may see increased volatility as the market digests this news and awaits the definitive agreement.
Save Foods Ltd. and GENSIS PM TDC, an Ethiopian Federal Agency, Executed an LOI with Lucrative Potential of Dozens of Million USD in revues
Neve Yarak, Israel, Oct. 08, 2024 (GLOBE NEWSWIRE) -- N2OFF, Inc.\ (NASDAQ: NITO) (FSE:80W) (“N2OFF” and the “Company”), a clean tech company engaged in sustainable solutions for energy and agri-tech innovation, announced that its subsidiary Save Foods Ltd. (“Save Foods”) has entered into a strategic non-binding letter of intent (“LOI”) with GENSIS PM TDC the Ethiopian Federal Entity for Pollution Reduction and Telnet Development (“GENSIS”) to utilize Save Foods’ innovative eco-friendly solutions across Ethiopia’s large-scale farming sector. If consummated into a binding definitive agreement, this relationship will mark a significant milestone for Save Foods as it supports Ethiopia’s efforts to advance sustainable agricultural practices, enhance crop yields, and ensure food safety.
David Palach, the Company’s CEO, commented “Under the LOI that was executed with GENSIS, and subject to entering into a definitive agreement, the Ethiopian government will require large-scale farmers and exporters across Ethiopia adopt Save Foods’ advanced post-harvest treatments. aiming to benefit the people and the economy of Ethiopia. These treatments aim to benefit the people and economy by controlling pathogen contamination, extending fresh produces’ shelf life, and reducing the use of harmful chemicals. I believe that the definitive agreement that is expected to be executed within a month can yield dozens of millions of dollars to the Company in additional to its potential contribution to the Ethiopian economy and public health.”
David Palach added: “As part of the agreement, Save Foods and the Ethiopian government will collaborate on establishing a local production facility in Ethiopia. This move ensures that Save Foods' technologies will be accessible throughout the country, thus further supporting the transition to sustainable farming practices. The aim is for the partnership to reach a nationwide rollout, eventually requiring all farmers in Ethiopia to utilize these solutions.”
About the Ethiopian Agriculture industry:
Based on a Mordor Intelligence report, the market size of agriculture in Ethiopia is estimated at USD 5.09 billion in 2024, and is expected to reach USD 6.65 billion by 2029, growing at a CAGR of
About Save Foods Ltd.:
Save Foods Ltd. is an innovative, dynamic company addressing two significant challenges in the agri-food tech industry: food waste and loss and food safety. Save Foods 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 aim to benefit the entire supply chain and improve the safety and quality of life of both the workers and the consumers alike. Its current applications are in post-harvest treatments for fruit and vegetable packing houses processing produce including citrus, avocado, pears, apples and mangos.
By controlling and preventing pathogen contamination, as well as 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 Save Foods’ website: SAVE FOODS – SAVE FOODS
About N2OFF Inc.:
N2OFF, Inc. (formerly known as Save Foods, Inc.) is a clean tech company engaged in sustainable solutions for energy and innovation in the agri- tech industry. Through its operational activities it delivers integrated solutions for sustainable energy, greenhouse gas emissions reduction and safety, quality solutions for the agri- tech market. NTWO OFF Ltd., N2OFF's majority-owned Israeli subsidiary, aims to contribute by tackling greenhouse gas emissions, offering a pioneering solution to mitigate nitrous oxide (N2O) emissions, a potent greenhouse gas with 310 times the global warming impact of carbon dioxide. NTWO OFF Ltd., aims to promote agricultural practices that are both environmentally friendly and economically viable. N2OFF recently entered the solar PV market and will provide funding to Solterra Renewable Energy Ltd. for its current project with total capacity of 111 MWp, as well as potential future projects. Save Foods Ltd., N2OFF's majority-owned Israeli subsidiary, focuses on post-harvest treatments in fruit and vegetables to control and prevent pathogen contamination. N2OFF also has a minority ownership in Plantify Foods, Inc., a Canadian company listed on the TSXV that offers a wide range of clean-label healthy food options. For more information on Save Foods Ltd. and NTWO OFF Ltd., visit our website: www.n2off.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 including the successful collaboration with GENESIS, our ability to successfully enter into definitive agreements, and our ability to successfully incorporate Save Foods treatments in the Ethiopian agriculture sector. 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 as well as those discussed under the heading “Risk Factors” in N2OFF’s Annual Report on Form 10-K filed with the SEC on April 1, 2024, 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.
Investor Relations Contacts:
Michal Efraty
michal@efraty.com
FAQ
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