Save Foods Establishes Presence in Turkey as It Looks to Expand in Europe

Rhea-AI Summary

Save Foods has engaged a local commercial post-harvest expert in Turkey, focusing on the citrus market, to expand its reach within the EU produce market. Turkey exported $2.7 billion in fruits and vegetables in 2020, with 22% going to Germany. Save Foods aims to help local packers comply with strict EU residue regulations through its eco-friendly products. The company plans to initiate trials with local packing houses in the upcoming grow season, aligning with Turkey's increasing agricultural competitiveness and sustainability efforts amidst EU initiatives.

Positive

• Engaged local expert in Turkey to boost market penetration.
• Turkey's agricultural exports to the EU enhance growth opportunities.
• Products align with strict EU residue regulations, promoting food safety.

Negative

• None.

Save Foods’ products aim to enable packers to meet strict EU regulatory requirements for residues

TEL AVIV, Israel, Sept. 17, 2021 (GLOBE NEWSWIRE) -- via InvestorWire -- Save Foods (Nasdaq: SFVD) (“Save Foods” or the “Company”), an agri-food tech company focused on developing and selling eco-friendly products specifically designed to extend the shelf life and ensure the food safety of fresh fruits and vegetables, today announces it has engaged a local commercial post-harvest expert in Turkey, who is well connected in the local produce market, particularly within the citrus sector, to introduce the Company to local post-harvest operators with ties to the EU produce market.

According to the Union of Exporters of the Mediterranean Region, Turkey exported a record $2.7 billion in fruits and vegetables in 2020, up 21% compared to 2019. According to Trading Economics, 22% of that was sent to Germany. Mandarin oranges were the country’s leading fruit export, accounting for $437 million, followed by tomatoes and lemons.

Dan Sztybel, the Chief Executive Officer of Save Foods Ltd., the Company’s Israeli Subsidiary, commented on the announcement, “The EU is an important market for Save Foods and Turkey is a natural gateway for us. Our treatments are extremely effective on mandarin oranges — Turkey’s leading export — as evidenced by our trusted relationship with Cuties™, one of the best-selling produce brands in the United States.”

The EU maintains maximum residue levels (MRLs) for pesticides in or on food to protect consumers against unnecessarily high residue levels and the associated health risks. Likewise, certain leading food retailers in Europe developed and implemented their own MRLs, which are often stricter than those imposed by the EU. Additionally, the EU recently released the “Farm To Fork Green Deal Initiative” which establishes concrete targets to reduce food waste and the use of pesticides in the EU by 50% and convert a quarter of the total farmlands of the EU to organic cultivations — all to be achieved by 2030 at the latest.

Although not a member of the EU, it is estimated that more than 42% of all Turkish exports go to EU member countries, and Turkey’s Ministry of Trade reports that EU exports exceeded €120 billion in 2020.

This past July, the Turkish government announced its Green Reconciliation Action Plan in response to the above-mentioned EU initiatives, which signals Turkey’s increasing commitment to its agricultural industry and efforts to remain competitive in the EU.

Dror Eigerman, a post-harvest expert and member of the Company’s advisory board, concluded, “Save Foods’ products offer a perfect solution for Turkish produce packers. Not only do they represent a green sustainable investment, they also provide a safe, effective green treatment alternative that will allow the packers to comply with the EU’s new regulations. Our local expert is well positioned to introduce us to suitable customers throughout the country. Preliminary discussions have been very well received and we are on track to initiate trials with several local packing houses for the upcoming grow season.”

About Save Foods
Save Foods is an innovative, dynamic company addressing two of the most significant challenges in the agri-foodtech industry: food waste and loss, and food safety. Save Foods is dedicated to delivering integrated solutions for improved safety, freshness and quality, every step of the way from field to fork. Collaborating closely with its customers, Save Foods develops new solutions that benefit the entire supply chain and improve the safety and quality of life of workers and consumers alike. Save Foods’ initial applications are in post-harvest treatments in fruit and vegetable packing houses processing citrus, avocados, pears, bell peppers and mangos. By controlling and preventing pathogen contamination and significantly reducing the use of hazardous chemicals and their residue, Save Foods’ products not only prolong fresh produce shelf life and reduce food loss and waste, but they also ensure a safe, green and healthy product.

For more information, visit our website at https://savefoods.co.

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 our ability to effectively penetrate the Turkish and EU markets, our ability to identify and retain customers throughout Turkey, that our products may effectively enable packers to meet EU regulatory requirements for residues and other regulations discussed in this press release, that our proprietary blend of organic food acids may reduce the need for conventional post-harvest fungicide by at least 50% and in some cases entirely and may reduce food waste due to spoilage by up to 50% and when we discuss the continuing demand for a safe, high quality, sustainable food supply. 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 29, 2021, 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:
Dariela Farcas
IR@savefoods.co

Corporate Communications:
InvestorBrandNetwork (IBN)
Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
Editor@InvestorBrandNetwork.com

FAQ

What recent engagement did Save Foods announce on September 17, 2021?

Save Foods announced the engagement of a local post-harvest expert in Turkey to enhance introductions to the EU produce market.

How much did Turkey export in fruits and vegetables in 2020?

Turkey exported a record $2.7 billion in fruits and vegetables in 2020, a 21% increase from 2019.

What role does Save Foods play in the Turkish citrus market?

Save Foods aims to assist Turkish produce packers in meeting EU residue regulations through its eco-friendly products.

What market opportunities does Save Foods see in the EU?

Save Foods views the EU as a significant market due to its strict food safety regulations and Turkey's export potential.

How does Save Foods plan to initiate trials with Turkish packing houses?

Save Foods is set to conduct trials with several local packing houses during the upcoming growing season.