Save Foods published a letter to its stockholders from David Palach, CEO of Save Foods: " I am pleased to announce that Save Foods has entered into a partnership with Plantify Foods. This partnership represents a significant milestone for us and underscores our commitment to providing innovative and sustainable food solutions to customers around the world. To establish this partnership, we issued 1,164,374 shares of Save Foods’ common stock and received in exchange 30,004,349 of Plantify’s common shares, equivalent to 19.99% of Plantify’s share capital. Additionally, Save Foods and Plantify executed an 18-month convertible debenture, whereby Save Foods extended a C$1,500,000 loan to Plantify, which will accrue interest at a rate of 8% annually. The debenture may be converted into common shares of Plantify at a price of C$0.05 per share until the first anniversary of the debenture issuance date and C$0.10 per share thereafter… In my previous letter I mentioned that we were looking for collaborative opportunities and I believe that Plantify is the perfect match for us. Plantify has already established direct relationships and sales channels with retailers globally, including KAYCO, a leading kosher food distributor in North America under Heaven & Earth brand, which presents a tremendous opportunity for Save Foods. Through this partnership, we will be able to offer our premium treatments, designed specifically for fresh cuts and berries, to Plantify’s products, reaching a wider customer base and expanding our sales opportunities."
Published first on TheFly
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