Save Foods forms Nitrousink subsidiary

Save Foods announced the formation of its majority-owned Israeli subsidiary, Nitrousink. As previously reported by the Company in its current reports on Form 8-K, filed with the Securities and Exchange Commission 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, 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, 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, a potent greenhouse gas with significant global warming ramifications as N2O emissions are 265 times greater than carbon dioxide. 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.