Save Foods, Inc. Increases Investment in Plantify Foods, Inc., Becoming Plantify Foods’ Largest Shareholder

Rhea-AI Summary

Save Foods, Inc. increases its interest in Plantify Foods, Inc. to 23.13% of its issued and outstanding share capital, becoming Plantify's largest shareholder.

Positive

• Save Foods believes in Plantify's potential and its dedication to sustainable food production. The decision to strengthen its position reflects Save Foods' commitment to creating value for stockholders and fostering partnerships in the sustainable food sector.

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• None.

Neve Yarak, Israel, Oct. 02, 2023 (GLOBE NEWSWIRE) -- Save Foods, Inc. (NASDAQ: SVFD) (FSE:80W) (“Save Foods” or the “Company”), an agri-food tech company that focuses on sustainable operations by significantly reducing the use of pesticides, tackling N2O emissions, and producing clean-label, plant-based food, announced today it purchased an additional 55,004,349 common shares of Plantify Foods, Inc. (TSXV:PTFY) (“Plantify”), increasing its interest in Plantify to 85,008,698 shares, or 23.13% of its issued and outstanding share capital.

David Palach, CEO of Save Foods, Inc., expressed his enthusiasm for this decision, stating, “We believe that Plantify is a promising player in the food industry, known for its dedication to high-quality, sustainable food production and its diligent management team. By reducing the use of pesticides and food waste, Save Foods contributes in a significant way, providing more sustainable and healthier produce, aligning perfectly with Plantify’s mission and core values. Save Foods continues to recognize the potential synergies between the two companies and as such has strengthened its position to become Plantify’s largest shareholder.

I was personally very impressed by the quality of Plantify's food and the dedicated management team. I recently met with Suzette Ramcharan, Plantify’s new CEO, during her visit to Israel and was greatly impressed by her diverse experience, including capital markets. Additionally, Israel Berenshtein, a director of our company and our representative on Plantify’s board of directors, reported on the rapid global growth in interest and sales of Plantify’s products. The decision to strengthen our position in Plantify was based on our belief in Plantify’s management’s abilities to achieve their goals and continue to innovate clean label foods. Save Foods remains committed to its vision of promoting eco-friendly agricultural practices and advancing the future of food preservation and quality. We believe that this increased commitment to Plantify reflects Save Foods' dedication to creating value for its stockholders and fostering partnerships that contribute to a more sustainable food sector".

Ms. Ramcharan commented: “We are very pleased with the continued support and encouragement from Save Foods, a company that aligns with our mission of feeding our families better food. Israel fosters innovation and forward-thinking, especially in the food sector, as evidenced by companies like Save Foods, who are not afraid to have large visions for creating a healthier and more sustainable planet. We are very grateful to have Save Foods as a strategic partner, we truly appreciate Mr. Palach’s visit to our operations, and our discussions, and look forward to providing updates on our growth initiatives as we continue to grow in new markets, and push forward with our own R&D and innovation.”

About Save Foods:

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., Save Foods’ 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. Nitrousink, Save Foods’ majority-owned Israeli subsidiary, contributes to tackling greenhouse gas emissions, offering a pioneering solution to mitigate N2O (nitrous oxide) emissions, a potent greenhouse gas with 265 times the global warming impact of carbon dioxide. Nitrousink aims to promote agricultural practices that are both environmentally friendly and economically viable. Plantify Foods, Save Foods’ minority-owned Canadian subsidiary listed on the TSXV, 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 Nitrousink Ltd. visit our website: SAVE FOODS – SAVE FOODS

About Plantify Foods, Inc.

Plantify Foods is committed to providing consumers with nutritious, clean-label food options while pioneering innovation in the food and beverage industry. The Company has a simple mission: to ensure that everyone has access to high quality food alternatives that are clean and healthy, are nutritious and tasty, use whole natural ingredients, and are easy to prepare.

Plantify Foods, through its wholly owned Israeli subsidiary, currently sells its diverse range of products in Israel, and is actively expanding its footprint across Europe and North America. With its new manufacturing facility, the Company can increase production and create new clean-label food products to meet the growing demand of health-conscious consumers from all walks of life.

If you have any questions or need more information, feel free to reach out at ir@plantifyfoods.com.

For more information, visit Plantify’s website: www.plantifyfoods.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. For example, the Company is using forward-looking statements when it discusses the potential synergies between Save Foods and Plantify, the rapid global growth in interest and sales of Plantify’s products, and the potential benefits Plantify can present to Save Foods. Additional examples of forward-looking statements relate to the possibility of securing additional business opportunities and pursuing new pilot programs and commercial sales opportunities with members of the LATAM delegation. 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 27, 2023, 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 & Investors Contact:
Yana Delman
yana@savefoods.co