N2OFF: Save Foods’ Innovative Technology Secures Patent Approval in South Africa, Strengthening Global Food Safety Efforts

Rhea-AI Summary

N2OFF (NASDAQ: NITO), a leader in agri-food tech, has secured a patent approval in South Africa for its innovative sterilization compositions and methods. This patent aims to control pathogen loads on edible plant matter, reinforcing the company's dedication to global food safety and sustainability. South Africa, the world's second-largest citrus exporter, exported $1.85 billion in citrus in 2022, highlighting the significance of this achievement. CEO David Palach emphasizes that this patent is a important step in reducing food waste and ensuring food safety worldwide, expanding N2OFF's global influence.

Positive

• Secured patent approval in South Africa for sterilization compositions and methods.
• South Africa is the second-largest citrus exporter, with $1.85 billion in citrus exports in 2022.
• Patent supports N2OFF's mission to reduce food waste and enhance food safety.
• Strengthens the company's global impact and geographical distribution.

Negative

• No immediate financial gains or revenue projections mentioned in the PR.
• Potential delay in realizing commercial benefits from the newly secured patent.

Insights

Intellectual Property (IP) Analyst

The approval of Save Foods’ patent for “Sterilization Compositions and Methods for Use Thereof” in South Africa is a significant development in intellectual property terms. This patent provides legal protection and exclusive rights to their unique technology in a market that is a major player in citrus exports globally. By ensuring their technology is protected, N2OFF can capitalize on their innovative methods to control pathogen loads, potentially leading to reduced spoilage and increased export quality. This patent approval not only solidifies their intellectual property portfolio but also enhances the company’s competitive advantage in the agri-food tech sector. The strategic location of this patent approval means that N2OFF can now leverage their technology in a region that has substantial economic activities in citrus exports, thus positioning well for market penetration.

Rating: 1

Market Research Analyst

N2OFF’s patented technology, now recognized in South Africa, aligns with the country’s robust export activities in the citrus sector. Given that citrus is the second most exported product with a valuation of $1.85 billion in 2022, the company’s timing and focus on this market are strategic. This patent can potentially open doors for collaborations with local citrus producers and exporters, further integrating N2OFF’s technology into the supply chain. For retail investors, this means that N2OFF is not only expanding its geographical footprint but also enhancing its relevance in key agricultural markets. If successfully adopted, this could lead to a significant increase in revenue streams and market share. The move also illustrates the company’s commitment to sustainability and food safety, which are increasingly important to consumers and regulators alike.

Rating: 1

Financial Analyst

From a financial perspective, the patent approval in South Africa could be a positive indicator for N2OFF’s future earnings. The ability to protect and monetize their technology in a major citrus exporting country suggests potential for increased revenue. Furthermore, securing intellectual property rights in a significant market can often lead to increased investor confidence, potentially boosting stock prices in the short term. In the long term, if N2OFF successfully leverages this patent to secure partnerships or increase sales, this could translate into more stable and growing revenue streams. However, investors should also consider the costs associated with enforcing and maintaining intellectual property rights in international markets, which can be substantial.

Rating: 1

In 2022, South Africa exported $1.85 billion in citrus, making it the second largest exporter of citrus in the world

Neve Yarak, Israel, May 28, 2024 (GLOBE NEWSWIRE) -- N2OFF, Inc. (NASDAQ: NITO) (FSE:80W) (“N2OFF” or the “Company”), a pioneer agri-food tech company offering sustainable solutions for agriculture and plant-based food, as previously announced on March 28, 2024, one of Save Foods Ltd.’s patents has been granted in South Africa. This achievement emphasizes the Company’s ongoing commitment to global food safety and sustainability while expanding its geographical distribution.

The newly granted patent, “Sterilization Compositions and Methods for Use Thereof”, refers to kits and methods for controlling pathogen load within or on the surface of edible plant matter.

According to The Observatory of Economic Complexity, in 2022 South Africa exported $1.85 billion in citrus, making it the second largest exporter of citrus in the world. Concurrently, in 2022, citrus represented the 14th most exported product in South Africa.

David Palach, N2OFF’s CEO, said "This patent in South Africa marks another milestone in our mission to reduce food waste and ensure food safety worldwide. Our proprietary technology, now recognized in South Africa, strengthens the Company’s global impact and the universal need for sustainable food protection solutions."

About N2OFF Inc.:

N2OFF Inc. (formerly known as Save Foods, Inc.) is an innovative agri-food tech company that through its three operational arms delivers integrated solutions for improved safety, quality, and sustainability every step of the way from field to fork. Save Foods Ltd., N2OFF's majority-owned Israeli subsidiary, focuses on post-harvest treatments in fruit and vegetables to control and prevent pathogen contamination, significantly reduce the use of hazardous chemicals, and prolong fresh produce’s shelf life. NTWO OFF Ltd., N2OFF's majority-owned Israeli subsidiary, contributes to tackling greenhouse gas emissions, offering a pioneering solution to mitigate nitrous oxide (N₂O) emissions, a potent greenhouse gas with 265 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 also owns minority position in Plantify Foods, Inc., a Canadian company listed on the TSXV that offers a wide range of clean-label healthy food options that are nutritious, gluten free, non-allergenic, use whole natural ingredients, and are easy to prepare. 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. 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-Kfiled 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

What is the significance of N2OFF's patent approval in South Africa?

The patent approval strengthens N2OFF's commitment to global food safety and expands its impact in a key market, as South Africa is the second-largest citrus exporter.

How much citrus did South Africa export in 2022?

In 2022, South Africa exported $1.85 billion in citrus, making it the second-largest citrus exporter globally.

What does N2OFF's patent in South Africa cover?

The patent covers sterilization compositions and methods for controlling pathogen load on edible plant matter.

Why is N2OFF's patent approval important for the company?

The patent approval is important as it expands N2OFF's geographical distribution and reinforces its mission to enhance global food safety and sustainability.