Save Foods Ltd. and GENSIS PM TDC, an Ethiopian Federal Agency, Executed an LOI with Lucrative Potential of Dozens of Million USD in revues
Neve Yarak, Israel, Oct. 08, 2024 (GLOBE NEWSWIRE) -- N2OFF, Inc.\ (NASDAQ: NITO) (FSE:80W) (“N2OFF” and the “Company”), a clean tech company engaged in sustainable solutions for energy and agri-tech innovation, announced that its subsidiary Save Foods Ltd. (“Save Foods”) has entered into a strategic non-binding letter of intent (“LOI”) with GENSIS PM TDC the Ethiopian Federal Entity for Pollution Reduction and Telnet Development (“GENSIS”) to utilize Save Foods’ innovative eco-friendly solutions across Ethiopia’s large-scale farming sector. If consummated into a binding definitive agreement, this relationship will mark a significant milestone for Save Foods as it supports Ethiopia’s efforts to advance sustainable agricultural practices, enhance crop yields, and ensure food safety.
David Palach, the Company’s CEO, commented “Under the LOI that was executed with GENSIS, and subject to entering into a definitive agreement, the Ethiopian government will require large-scale farmers and exporters across Ethiopia adopt Save Foods’ advanced post-harvest treatments. aiming to benefit the people and the economy of Ethiopia. These treatments aim to benefit the people and economy by controlling pathogen contamination, extending fresh produces’ shelf life, and reducing the use of harmful chemicals. I believe that the definitive agreement that is expected to be executed within a month can yield dozens of millions of dollars to the Company in additional to its potential contribution to the Ethiopian economy and public health.”
David Palach added: “As part of the agreement, Save Foods and the Ethiopian government will collaborate on establishing a local production facility in Ethiopia. This move ensures that Save Foods' technologies will be accessible throughout the country, thus further supporting the transition to sustainable farming practices. The aim is for the partnership to reach a nationwide rollout, eventually requiring all farmers in Ethiopia to utilize these solutions.”
About the Ethiopian Agriculture industry:
Based on a Mordor Intelligence report, the market size of agriculture in Ethiopia is estimated at USD 5.09 billion in 2024, and is expected to reach USD 6.65 billion by 2029, growing at a CAGR of 5.5% during such forecast period. Agriculture accounts for 40% of GDP, 80% of exports and employs about 75% of the country's workforce. Ethiopia’s agriculture market includes food crops, fruits, and vegetables. Food crops account for a sizable component of agricultural production, including staple grains such as teff, maize, barley, and wheat, which serve as food staples for the people. These crops are critical for food security and livelihoods, and smallholder farmers are primarily involved in their cultivation. Fruits are another major area, with a wide range of products such as bananas, citrus fruits, mangoes, and avocados. Ethiopia’s favorable conditions and geographical diversity encourage the production of a wide range of fruits, both for home use and export. Vegetables play an important part as well in the country’s agricultural industry, providing people with critical nutrients and dietary diversity. From leafy greens such as kale and spinach to root vegetables such as potatoes and carrots, Ethiopia produces a rich assortment of vegetables to meet local demand and supply the urban markets.
About Save Foods Ltd.:
Save Foods Ltd. is an innovative, dynamic company addressing two significant challenges in the agri-food tech 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 aim to benefit the entire supply chain and improve the safety and quality of life of both the workers and the consumers alike. Its current applications are in post-harvest treatments for fruit and vegetable packing houses processing produce including citrus, avocado, pears, apples and mangos.
By controlling and preventing pathogen contamination, as well as 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.
N2OFF, Inc. (formerly known as Save Foods, Inc.) is a clean tech company engaged in sustainable solutions for energy and innovation in the agri- tech industry. Through its operational activities it delivers integrated solutions for sustainable energy, greenhouse gas emissions reduction and safety, quality solutions for the agri- tech market. NTWO OFF Ltd., N2OFF's majority-owned Israeli subsidiary, aims to contribute by tackling greenhouse gas emissions, offering a pioneering solution to mitigate nitrous oxide (N2O) emissions, a potent greenhouse gas with 310 times the global warming impact of carbon dioxide. NTWO OFF Ltd., aims to promote agricultural practices that are both environmentally friendly and economically viable. N2OFF recently entered the solar PV market and will provide funding to Solterra Renewable Energy Ltd. for its current project with total capacity of 111 MWp, as well as potential future projects. Save Foods Ltd., N2OFF's majority-owned Israeli subsidiary, focuses on post-harvest treatments in fruit and vegetables to control and prevent pathogen contamination. N2OFF also has a minority ownership in Plantify Foods, Inc., a Canadian company listed on the TSXV that offers a wide range of clean-label healthy food options. For more information on Save Foods Ltd. and NTWO OFF Ltd., visit our website: www.n2off.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 including the successful collaboration with GENESIS, our ability to successfully enter into definitive agreements, and our ability to successfully incorporate Save Foods treatments in the Ethiopian agriculture sector. 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 as well as those discussed under the heading “Risk Factors” in N2OFF’s Annual Report on Form 10-K filed with the SEC on April 1, 2024, 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.
