Save Foods Received Regulatory Approval in California for its Pre-Harvest Product Supporting its Expansion in California
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The approval of Save Foods Ltd.'s FieldProtect by the CDPR is a pivotal development for the company's growth trajectory, particularly within the lucrative Californian agricultural sector. California's status as an agricultural leader, contributing over $59 billion to the market value, coupled with a 7% increase in agricultural exports and a significant 16.4% rise in organic product sales, underscores the potential market opportunity for Save Foods. The adoption of FieldProtect could catalyze the company's revenue streams, as it aligns with the state's push towards sustainable farming practices.
For investors, the entry into this market may signal an uptick in future earnings and a strengthening of the company's competitive edge in the sustainable agriculture space. Additionally, the emphasis on eco-friendly solutions could enhance the company's brand reputation, potentially leading to partnerships with environmentally conscious stakeholders.
From a financial perspective, the registration of FieldProtect in California can be seen as a lever for operational scale and increased market share for Save Foods Ltd. The company's stock could experience positive sentiment as a result of this regulatory milestone, which may translate into increased investor confidence. The financial impact, however, will depend on the product's commercial uptake and its ability to effectively penetrate the market amidst competitors.
Long-term benefits may include sustained revenue growth and improved profit margins if FieldProtect can deliver on its promises of safety and sustainability. Cost savings from reduced waste and enhanced food safety could also translate into financial gains for both Save Foods and its customers, potentially creating a favorable feedback loop that reinforces the company's market position.
The significance of FieldProtect's approval extends beyond immediate financial implications, touching upon the broader theme of sustainable agriculture. California's commitment to organic and sustainable farming practices creates a fertile environment for Save Foods' product. The ability to meet the CDPR's stringent environmental and safety standards is a testament to the company's dedication to sustainability, which is increasingly becoming a determinant of success in the industry.
FieldProtect's potential to reduce waste and ensure food safety from field to fork aligns with global trends towards reducing the carbon footprint of agriculture and enhancing the longevity of produce. This could lead to increased demand for Save Foods' products as consumers and businesses alike seek out more sustainable options, further solidifying the company's relevance in a market that is rapidly evolving to prioritize environmental considerations.
The approval was granted by the California Department of Pesticide Regulation (CDPR)
Neve Yarak, Israel, March 13, 2024 (GLOBE NEWSWIRE) -- Save Foods, Inc. (NASDAQ: SVFD) (FSE:80W) (“Save Foods” or the “Company”), a pioneer Agri-Food Tech company offering sustainable solutions for agriculture and plant-based food, announced today that the California Department of Pesticide Regulation (CDPR) has approved and registered the use of Save Foods Ltd.’s pre-harvest treatment, FieldProtect, based on compliance with provisions of California laws and regulations pertaining to pesticide registration.
This approval marks a significant step forward for the Company in providing food safety and reducing waste from field to fork, paving the way for its potential commercial expansion in the State of California.
The Company believes entry into the California agricultural sector which generates substantial revenue and leads in organic production in the United States, places Save Foods Ltd. in a favorable position within the sustainable agriculture market. FieldProtect is designed to meet the stringent environmental and safety standards set by the CDPR, demonstrating the Company's commitment to providing eco-friendly solutions that benefit growers, consumers, and the environment.
According to the California Department of Food and Agriculture, California is a leading agricultural powerhouse which in 2022, generated over
According to the California Department of Food and Agriculture, in 2021, agricultural exports surged to
Dan Sztybel, CEO of Save Foods Ltd., expressed enthusiasm about the approval, stating, "This approval by the CDPR is a testament to the safety of FieldProtect. We are eager to introduce our technology to California's agriculture, and start addressing ‘near harvest’ treatment very relevant to market like berries”.
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. NTWO OFF Ltd., 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. NTWO OFF Ltd., aims to promote agricultural practices that are both environmentally friendly and economically viable. Plantify Foods, Inc., 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 NTWO OFF Ltd. visit our website: https://savefoods.co/.
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, 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' registration statement on Form S-1 filed with the SEC on October 26, 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.
Investor Relations Contacts:
Michal Efraty
+972-(0)52-3044404
michal@efraty.com
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