Save Foods Accelerates Global Expansion with New Partnership in Morocco

Rhea-AI Summary

Save Foods, Inc. (NASDAQ: SVFD) has announced a partnership with Korair and Accentis group to introduce its eco-friendly crop protection treatments in Morocco, a significant exporter of fruits and vegetables to the EU. Morocco exports an estimated €1.9 billion annually to the EU, making compliance with stringent pesticide regulations essential. With post-harvest losses between 20 to 40%, Save Foods' non-toxic solutions aim to extend shelf life and enhance food safety, providing Moroccan exporters with a competitive edge in the EU market.

Positive

• Partnership with Korair and Accentis group to expand market presence in Morocco.
• Offers non-toxic crop protection treatments that reduce pesticide use, addressing EU regulations.
• Potential to reduce post-harvest losses in Morocco, estimated between 20-40%, enhancing profitability for exporters.
• Morocco's significant fruit and vegetable exports to the EU valued at €1.9 billion annually highlight market opportunity.

Negative

• None.

Morocco exports an estimated €1.9 billion of fruits and vegetables to the EU annually

Neve Yarak Israel, July 18, 2022 (GLOBE NEWSWIRE) -- Save Foods, Inc. (NASDAQ: SVFD) (FSE:80W) (“Save Foods” or the “Company”), an agri-food tech company specializing in eco crop protection that helps to dramatically reduce the use of pesticides, reduce food waste and ensure food safety, today announced a new partnership with Korair, that together with Accentis group, will introduce Save Foods’ treatments in Morocco. Morocco is a major exporter of fruits and vegetables worldwide, with an estimated 60% of its agricultural exports delivered to the European Union (EU).

Dror Eigerman, the Company’s advisory board member, commented: “Pesticide residues is one of the main challenges of global agricultural trade. From my experience as the CEO of Galilee Export, I can state that the European market is enforcing some of the world’s tightest regulations regarding the use of pesticides. Furthermore, many leading European retailers are demanding an even lower threshold than the official regulations. Moroccan fruits and vegetables sales to the EU set new records in 2020. That year Morocco exported to the EU 793 million kilograms of vegetables worth €972 million and 651 million kilograms of fruits worth €961 million. Using Save Foods’ treatments that reduce the use of pesticides will add Moroccan exporters another layer of confidence to enter the European gates”, concluded Mr. Eigerman.

Dan Sztybel, CEO of Save Foods Ltd., the Company’s Israeli subsidiary commented: “Tightening global regulations, mainly in the European Union, related to food safety and quality assurance, are driving increased interest in Save Foods’ treatments globally. Major exporting countries, such as Morocco, seek new solutions to address changing market dynamics and better meet the regulation criteria and customers’ needs. Meeting regulation criteria is a “must have” factor for produce exporters.” Mr. Sztybel went on saying: “Post-harvest losses in Morocco are estimated between 20 to 40%, and we believe we can be part of the solution to this growing problem. Moreover, the extended shelf life provided by Save Foods’ eco crop protection treatment offers growers, retailers and consumers a wider window to transport, sell, store and consume produce. Save Foods’ treatments are non-toxic and easy to apply, and they not only extend shelf life, but provide a high level of food safety that benefits consumers.

About Save Foods:

Save Foods is an innovative, dynamic company addressing two of the most significant challenges in the agri-food tech industry: food waste and loss and food safety. We are dedicated to delivering integrated solutions for improved safety, freshness and quality, every step of the way from field to fork. Collaborating closely with our customers, we develop new solutions that benefit the entire supply chain and improve the safety and quality of life of both the workers and the consumers alike. Our initial applications are in post-harvest treatments in fruit and vegetable packing houses processing produce including citrus, avocado, pears, apples and mangos.

By controlling and preventing pathogen contamination and 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 our website: SAVE FOODS – SAVE FOODS

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. For example, we are using forward-looking statements in this press release when we discuss, among other things, our ability to penetrate the Moroccan market; the expectation that our treatments can be implemented on a wide-spread basis throughout Morocco and managed and applied correctly and effectively; our ability to maximize the market potential of Save Foods’ products in Morocco. 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 and the satisfaction of all conditions to, and the closing of, the offering, as well as those discussed under the heading “Risk Factors” in Save Foods’ annual report on Form 10-K filed with the SEC on March 31, 2022, 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.

Media Contact:

IR@savefoods.co

US Investor Relations: 
Dave Gentry 
RedChip Companies Inc. 
1-800-RED-CHIP (733-2447) 
Or 407-491-4498 
SVFD@redchip.com

German Investor Relations:
Dr Eva Reuter
e.reuter@dr-reuter.eu

FAQ

What is the significance of Save Foods' partnership in Morocco for SVFD investors?

The partnership with Korair and Accentis group is expected to enhance market penetration and compliance with EU regulations, creating new revenue opportunities for SVFD.

How much does Morocco export in fruits and vegetables to the EU annually?

Morocco exports an estimated €1.9 billion worth of fruits and vegetables to the EU each year.

What are the expected benefits of Save Foods' treatments in Morocco?

Save Foods' treatments are designed to reduce pesticide residues, enhance food safety, and decrease post-harvest losses by extending produce shelf life.

How can Save Foods' solutions impact the agricultural trade in Morocco?

By implementing eco-friendly treatments, Moroccan exporters can meet stringent EU regulations, increasing their competitiveness in the global market.