In This Article:
Neve Yarak, Israel, Oct. 02, 2024 (GLOBE NEWSWIRE) -- N2OFF, Inc.\ (NASDAQ: NITO) (FSE:80W) (“N2OFF” or the “Company”), a clean tech company engaged in sustainable solutions for the energy and agri-tech industries, announced today key strategic initiatives approved by its board of directors (the “Board”) that are intended to increase shareholder value.
Key Highlights of the Board's Initiatives
-
Spin-off of cleantech activities: N2OFF is considering pursuing a potential spin-off of its cleantech operations - NTWO OFF Ltd. and Save Foods Ltd. – into a separate publicly traded company with the intention of listing that spin-off company on a national exchange. In connection with the potential spin-off, N2OFF intends to maintain a controlling stake of at least 75% ownership in Save Foods Ltd. immediately following such spin-off and will appoint all members of the new entity’s board of directors. The timing and terms of any future dividends or distributions related to the new entity will be determined by the board of directors of that entity at its discretion.
-
Acquisition of a Computationally advanced Drug Discovery Company: N2OFF has entered into a non-binding letter of intent (the “LOI”) to acquire a drug discovery company with advanced computational structural biology capabilities. The acquisition contemplates a valuation of at least $5 million, with a potential increase in valuation by $2 million . The LOI contemplates that the acquisition would be effected through combination of cash and equity. N2OFF believes this acquisition, if consummated, would enable it to tap into a new and lucrative market and allow the computation drug discovery company to expand into advanced pharmaceutical research.
-
Securing a €6 Million Credit Line: N2OFF has successfully negotiated a non-recourse credit facility in the aggregate amount of €6 million (approximately $6.6 million as of the date hereof) accruing interest at a rate of 7% per annum. The Company intends to repay the principal loan amount from profits derived from projects that are pre-approved by the lenders or by 33% of proceeds received from certain financing transactions.
David Palach, N2OFF’s CEO, said: “I am proud to lead a company driven by an exceptional team and a forward-thinking Board. I believe these strategic decisions should not only enhance our position in the cleantech and pharmaceutical sectors but will also deliver long-term value to our stockholders.”
About N2OFF, Inc.:
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.