Save Foods Announces the Formation of Nitrousink Ltd., its Newly-Formed Majority-Owned Subsidiary, Intent on Tackling Greenhouse Gas Emissions of Nitrous Oxide (N2O).
Save Foods Inc
Through Nitrousink, Save Foods together with Ya’aran Investments Ltd. and the Agricultural Research Organization - Volcani Institute, are joining forces to combat climate change and foster sustainable agriculture.
Neve Yarak, Israel, Sept. 07, 2023 (GLOBE NEWSWIRE) -- Save Foods, Inc. (NASDAQ: SVFD) (FSE:80W) (“Save Foods” or the “Company”), a sustainable agri-food tech company specializing in food waste and pesticide reduction, while tackling greenhouse gas emissions, announced today the formation of its majority-owned Israeli subsidiary, Nitrousink Ltd. (“Nitrousink”). As previously reported by the Company in its current reports on Form 8-K, filed with the Securities and Exchange Commission (the “SEC”) on July 12, 2023, July 28, 2023 and August 16, 2023, Save Foods executed a stock exchange agreement with Yaaran Investments Ltd., an Israeli company and Nitrousink, a newly formed Israeli company (the “Agreement”), which pursuant to the Agreement became a majority-owned subsidiary of the Company on August 29, 2023.
In accordance with the terms of the Agreement, the Company agreed to fund Nitrousink’s research and development and commercialization efforts up to $1.2 million over three years to allow for the expansion and widespread implementation of an innovative technology developed at the Agricultural Research Organization - Volcani Institute (the “Volcani Institute”), under the leadership of Dr. Dror Minz, PhD in Environmental Microbiology, and the Director of the Institute of Soil, Water and Environmental Sciences at the Volcani Institute.
At the forefront of this joint effort is Nitrousink’s critical focus on nitrous oxide (N2O), a potent greenhouse gas with significant global warming ramifications as N2O emissions are 265 times greater than carbon dioxide (CO2). N2O emissions are paradoxically derived from human activities and have skyrocketed by 30% over the past four decades. Recognizing the significance of this challenge and the natural synergy with its current missions through its operations and existing partnerships in the agri-tech space, Save Foods saw the need to actively engage and assist in curbing the impact of human activities on climate change through its share ownership and board representation in Nitrousink as well as financial and other assistance Save Foods currently intends to provide to Nitrousink moving forward.
Recently, the Volcani Institute achieved groundbreaking results after successfully identifying and isolating two bacteria species from wheat roots. In a novel discovery, Dr. Minz found these bacteria are naturally capable of reducing N2O emissions under various environmental conditions. One of the bacteria is active under oxygen conditions and reduces emissions by 44%, while the other reduces emissions by 39% under oxygen-depleted conditions. The two bacteria species were grown in a lab and later successfully introduced to greenhouse wheat samples. The implications of these findings appear to be profound and offer a potential way to cut N2O emissions given that approximately 73% of man-made N2O emissions entering the atmosphere are a result of agricultural soil management. According to the Food and Agriculture Organization of the United Nations, 770 million tonnes of wheat were grown on 220 million hectares in 2021, what makes the discovery accessible and important.
David Palach, CEO of Save Foods, Inc., commented: “By embracing this natural, "green" solution, Nitrousink aims to play a pivotal role in revolutionizing the agricultural sector and transforming it into a powerful force for positive change. We firmly believe that supporting increased food production to nourish the growing world population can go hand in hand with minimizing the environmental impact.”
Mr. Palach continued, “We believe that Nitrousink will participate in chartering a new course for sustainable agriculture and environmental stewardship. We believe that our collaborative efforts present a unique and unprecedented opportunity to address climate change while bolstering food production to feed an ever-increasing global population."
Central to this environmental issue is the understanding that agriculture is indispensable for sustaining humanity's needs, and emissions, as of today, are a natural by-product of agricultural activities. By offering a pioneering solution to mitigate N2O emissions, Save Foods, including through subsidiaries like Nitrousink, aims to promote agricultural practices that are both environmentally friendly and economically viable.
"We are proud to present a solution that harmonizes agriculture with environmental sustainability," stated Dr. Dror Minz. "We believe that this is a cutting-edge approach and, to my knowledge, there is currently no equivalent. I believe the collaboration with Nitrousink will represent a meaningful step forward in the global fight against climate change. We are dedicated to championing environmentally friendly solutions and advancing sustainable agricultural practices for a brighter and greener future.”
About Save Foods:
Save Foods is an innovative, dynamic company addressing two of the most significant challenges in the agri-food tech industry: food waste and loss and food safety. We are dedicated to delivering integrated solutions for improved safety, freshness and quality, every step of the way from field to fork. Collaborating closely with our customers, we develop new solutions that benefit the entire supply chain and improve the safety and quality of life of both the workers and the consumers alike. Our initial applications are in post-harvest treatments in fruit and vegetable packing houses processing produce including citrus, avocado, pears, apples and mangos.
By controlling and preventing pathogen contamination and significantly reducing the use of hazardous chemicals and their residues, Save Foods treatment not only prolongs fresh produce shelf life and reduces food loss and waste, but also ensures a safe, natural, and healthy product.
For more information, visit our website: https://savefoods.co/.
Safe Harbor Statement:
This press release may contain certain "forward-looking statements" relating to the business of Save Foods, Inc. and its subsidiary companies. All statements, other than statements of historical fact included herein, are "forward-looking statements" in nature within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
The Company’s 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 Save Foods’ annual report on Form 10-K filed with the SEC on March 27, 2023, and in any subsequent filings with the SEC, which are available on Save Foods’ website (http://www.sec.gov.). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. 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.
Media & Investors Contact:
Yana Delman
yana@savefoods.co
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