N2OFF Announces Letter of Intent with Ethiopian Federal Agency to Mandate Large-Scale Farmers to Utilize Save Foods’ Eco-Friendly Solutions
2024年10月8日 - 10:29PM
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.
For more information visit Save Foods’
website: SAVE FOODS – SAVE FOODS
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.
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.
Investor Relations Contacts:Michal Efratymichal@efraty.com
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