Seedo Corp Seeks $1.7 Million Grant From Israeli Innovation Authority

Rhea-AI Summary

Seedo Corp (OTCQB: SEDO) has applied for a $1.7 million grant from the Israeli Innovation Authority to develop a year-round saffron cultivation method using vertical farming technology. This innovative approach aims to tackle traditional saffron farming issues, including high costs and limited growing seasons. The initiative is expected to enhance market supply chains and boost revenues, with saffron demand anticipated to grow at a CAGR of 5.99%. CEO David Freidenberg highlighted this funding as a vital part of their IPO strategy for Saffron Tech.

Positive

• Secured a $1.7 million grant from the Israeli Innovation Authority.
• Innovative vertical farming technology to allow year-round saffron cultivation.
• Anticipated market growth for saffron with a CAGR of 5.99%.

Negative

• None.

Upon approval Saffron Tech can take the fast track for TASE IPO as an R&D company.

Tel Aviv, Israel, May 10, 2021 (GLOBE NEWSWIRE) -- Seedo Corp. (OTCQB: SEDO) has successfully applied to the Israeli Innovation Authority for a $1.7 million grant. The funds would go towards developing a new approach to cultivating saffron that would expand the market. Factors that have hindered market growth include the high cost and labor-intensive process required by traditional agricultural farming and the specific climate conditions that limit cultivation to one time per year. Seedo Corp. is developing the protocols to grow saffron year-round using vertical farming technology. This would provide a reliable source of saffron for applications in a variety of sectors including pharmacology, culinary, beauty and wellness. The Israeli Innovation Authority looks to support disruptive innovation that can bring change to the technological landscape.

“This support will maintain the great momentum we’ve gathered this year,” says David Freidenberg, CEO of Seedo Corp. “The Israeli Innovation Authority serves as an accelerator for innovative projects. We are thrilled to be a contender for the R&D funding the agency provides to help companies realize their goals and it will be part of our IPO strategy for Saffron Tech”

According to Business Insider, “real saffron can cost you over $10,000 per kilogram.” Despite the high cost, the demand for saffron is high and increases annually with an anticipated revenue based CAGR of 5.99%. Reshaping the way saffron is produced could improve the supply chain and create business opportunities that would expand its presence in the market.

About Seedo:

Seedo Corp. (OTCQB: SEDO) is an agritech company that focuses on the research, development and commercialization of agriculture products. Seedo’s technology is aimed at transforming the way agriculture is done by offering a responsible and sustainable way to grow crops in a world confronted by environmental challenges and dwindling earth reserves, diminishing water sources and unstable weather conditions. Saffron Tech is a wholly owned subsidiary of Seedo Corp.

Cautionary Note Regarding Forward-Looking Statements

This letter contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are based on management’s current beliefs and expectations and are subject to substantial risks and uncertainties, both known and unknown, that could cause our future results, performance or achievements to differ significantly from that expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include risks relating to our ability to successfully execute a smooth transition of CFO functions as well as our ability to retain and recruit qualified executives; uncertainties related to, and failure to achieve, the potential benefits and success of our senior management team and organizational structure; our ability to successfully compete in the marketplace; our substantial indebtedness, which may limit our ability to incur additional indebtedness, engage in additional transactions or make new investments; compliance, regulatory and litigation matters; other financial and economic risks; and other factors discussed in our Quarterly Reports on Form 10-Q and in our Annual Report on Form 10-K, including in the sections captioned "Risk Factors” and “Forward Looking Statements.” Forward-looking statements speak only as of the date on which they are made, and we assume no obligation to update or revise any forward-looking statements or other information contained herein, whether as a result of new information, future events or otherwise. You are cautioned not to put undue reliance on these forward-looking statements.

Media Relations Contact:

David Freidenberg, Chief Executive Officer,
info@saffron.ag
(800) 608-6432

FAQ

What is Seedo Corp's recent grant application about?

Seedo Corp has applied for a $1.7 million grant to develop year-round saffron cultivation using vertical farming.

How does Seedo Corp plan to impact the saffron market?

By developing new farming protocols, Seedo aims to improve saffron supply chains and meet increasing demand.

What are the expected growth rates for saffron demand?

The demand for saffron is expected to grow at a CAGR of 5.99%.

Who is the CEO of Seedo Corp?

David Freidenberg is the CEO of Seedo Corp.

What is Seedo Corp's strategy for their IPO?

Securing the grant from the Israeli Innovation Authority is part of Seedo's IPO strategy for its subsidiary, Saffron Tech.