N2OFF: Save Foods is Expanding in Latin America with New Purchase Order from a Peruvian Customer
N2OFF, a leading agri-food tech company, announced that its subsidiary Save Foods received its first purchase order from a Peruvian customer, a major avocado grower, packer, and distributor.
This marks Save Foods' entry into the rapidly growing Peruvian agricultural export market, which expanded from $645 million in 2000 to an estimated $10.5 billion in 2023.
Save Foods’ eco-friendly solutions help control pathogen contamination and extend the shelf life of fresh produce while minimizing hazardous chemicals.
The purchase order follows the successful implementation of Save Foods’ products in January 2024, highlighting the significant potential for their solutions in the Latin American market.
- First purchase order from a leading Peruvian agricultural exporter, marking entry into a significant market.
- Peruvian agricultural exports have grown significantly, from $645 million in 2000 to $10.5 billion in 2023.
- Save Foods' solutions address key issues like pathogen contamination and shelf life extension while reducing hazardous chemicals.
- Successful implementation of Save Foods' products in January 2024 indicates strong product performance.
- No specific financial details of the purchase order were disclosed, leaving uncertainty about its immediate financial impact.
Insights
The new purchase order from Peru for Save Foods Ltd., a subsidiary of N2OFF, opens a significant market avenue in Latin America, a region experiencing robust growth in agricultural exports. The agricultural sector in Latin America has seen exponential growth, with Peru being a notable player. The estimated growth from
Analyzing the financial implications of the new purchase order, this could be a positive indicator for N2OFF's future earnings. The successful commercial implementation of Save Foods' solution demonstrates not only the product's viability but also its market acceptance. This purchase order could lead to a cascade effect, encouraging other regional growers and distributors to adopt similar eco-friendly solutions. This adoption can translate into increased revenue streams and improved financial stability. Moreover, entering a high-growth market like Latin America might boost investor confidence, potentially resulting in upward pressure on stock prices, reflecting the bullish sentiment.
The technological innovations provided by Save Foods, specifically the eco-friendly solutions for pathogen control and shelf-life extension, hold particular relevance in today’s climate-conscious market. Their sustainable approach aligns with global shifts towards reducing hazardous chemical use in agriculture. For retail investors, investing in technology that addresses both sustainability and efficiency can be promising. The ability to prolong the shelf life of produce meets a critical need, reducing waste and increasing profitability for distributors. The broader application, both post- and near-harvest, suggests versatile application potential, which is a strong selling point in the competitive agri-tech sector.
Neve Yarak, Israel, June 17, 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, announced that its subsidiary Save Foods Ltd. received its first purchase order from a customer in Peru, a leading grower, packer and distributor of avocado.
Save Foods’ first order from Peru is particularly exhilarating, given the remarkable growth of Peruvian agricultural exports on the global stage, from a modest
Save Foods’ eco- friendly solutions can be applied as a near and post-harvest solution for fresh produce to control pathogen contamination and prolong the shelf life of fresh produce while reducing the use of hazardous chemicals.
The purchase order from the Peruvian customer, announced previously last month, was received after the success of Save Food’s first commercial implementation of its solution during January 2024.
David Palach, Chief Executive Officer of N2OFF Inc. commented: “The Latin American market represents a tremendous opportunity for Save Foods. With many countries in the region at the forefront of the global fresh produce market, we believe our products hold immense potential, whether utilized post-or near harvest”.
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 has a 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 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 the Company’s Annual Report on Form 10-K filed with the SEC on February 7, 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
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