SATIVUS TECH SUBSIDIARY AWARDED $1 MILLION GRANT FROM ISRAELI INNOVATION AUTHORITY
Sativus Tech's subsidiary, Saffron Tech, has secured a $1 million grant from the Israeli Innovation Authority. This funding will facilitate the development of a pilot facility utilizing vertical farming technology for saffron cultivation. This marks the second grant from the authority, coming after a recent investment agreement with Dreamtech Company offering an initial $1 million. Saffron Tech aims to transform the saffron market, providing a reliable supply for various industries including beauty and health. CEO Tal Wilk-Glazer expressed excitement over the grant, emphasizing its potential to enhance growth in the saffron sector. The Israel Innovation Authority's recognition highlights the innovative capabilities of Saffron Tech.
- Secured $1 million grant from Israeli Innovation Authority.
- Funding will support development of vertical farming pilot facility for saffron.
- Second grant received, indicating ongoing institutional support.
- Recent investment agreement with Dreamtech Company for $2 million.
- Focus on revolutionizing the saffron market, offering premium supply.
- None.
Sativus Tech subsidiary, Saffron Tech will use the funds to support its R&D efforts in growing saffron using vertical farming technology.
Tel Aviv, Israel, April 12, 2023 (GLOBE NEWSWIRE) -- Sativus Tech (OTC: SATT) subsidiary, Saffron Tech Ltd, today announced it has been awarded a
“We are thrilled that a discerning institution like the Israeli Innovation Authority awarded Saffron Tech the highly coveted grant,” said Tal Wilk-Glazer, CEO, Sativus Tech. “The grant will help us with our mission to usher in a new era of growth in the saffron market. We look forward to becoming the go-to source for premium saffron and welcoming collaboration opportunities with companies from all sectors that are looking for new ways to leverage the saffron in their product line.”
The Israel Innovation Authority is an independent publicly funded agency created to provide funding platforms aimed at effectively addressing innovation ecosystems. This grant demonstrates the Israel Innovation Authority recognition of the innovation and potential of Saffron Tech’s technology and solutions.
Saffron Tech recently entered into an investment agreement with Korean-based company, Dreamtech Co, a leading provider and manufacturer of tech components for ground-breaking devices. The new agreement gives Saffron Tech an initial investment of
About Sativus Tech Corp:
Sativus Tech Corp (OTC: SATT) is an AgTech company that uses its advanced vertical farming technology to increase the production of low yield food products in the global marketplace. The company focuses on the research, development, and commercialization of agriculture products that are high in demand but scarce in supply. A reliable production of these highly coveted crops can be used in various applications including pharmaceutical, nutraceutical, culinary, beauty, health, and wellness industries. Sativus Tech Corp’s technology offers a responsible and sustainable way to grow crops in a world confronted with environmental challenges and dwindling earth reserves, diminishing water sources and unstable weather conditions.
About Saffron Tech:
Sativus Tech Corp subsidiary, Saffron Tech, is revolutionizing the AgTech world by creating the protocols to grow saffron in indoor vertical farms. It is also increasing the production of the spice by multiplying the number of annual harvests. The pharmaceutical industry is now turning more of its scientific attention to saffron’s medicinal properties, which are now being used in pharmaceutical and nutraceutical applications for depression, ADHD, anxiety and more.
Forward-Looking Statements:
All statements other than statements of historical facts contained in this press release are "forward-looking statements," which may often, but not always, be identified by the use of such words as "expects," "anticipates," "intends," "estimates," "plans," "potential," "possible," "probable," "believes," "seeks," "may," "will," "should," "could" or the negative of such terms or other similar expressions. These statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance, or achievements to differ materially from those expressed or implied by such statements. These factors include uncertainties as to the Company's international manufacturing and supply chain, market acceptance of the Company's smart luggage, successfully implementing the Company's growth strategy, dependence on key Company personnel, changes in economic conditions, competition and other risks including, but not limited to, those described from in the Company's Quarterly Report on Form 10-K, filed with the Securities and Exchange Commission on March 31st, 2023, and other filings and submissions with the SEC. These forward-looking statements speak only as of the date hereof and the Company disclaims any obligations to update these statements except as may be required by law. The Company intends that all forward-looking statements be subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995.
Investor Relations:
Tal Wilk Glazer
CEO
(800) 608-6432
FAQ
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