N2OFF: Save Foods Increasing its Potential Market Reach Following Pre-Harvest Regulatory Approval in California
Company is now poised to offer its solution in California targeting the $14 billion market of organic products
Neve Yarak, Israel, March 25, 2024 (GLOBE NEWSWIRE) — N2OFF, Inc. (NASDAQ: NITO) (FSE:80W) (“N2OFF” or the “Company”), a pioneer agri-food tech company offering sustainable solutions for agriculture and plant-based food, previously announced that the California Department of Pesticide Regulation (CDPR) registered for use Save Foods Ltd.’s pre-harvest treatment, FieldProtect, based on its compliance with California laws and regulations pertaining to pesticide registration.
The approval now extends the use of the product in California from exclusively post-harvest processes to include pre-harvest applications, which significantly broadens Save Foods’ potential market reach. We believe this marks an important step forward for Save Foods in providing food safety and reducing waste from field to fork, paving the way for its potential commercial expansion in 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 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, in 2022, California generated over $59 billion in market value from its diverse range of products and in 2021, agricultural exports increased 7% from 2020 to $22.5 billion, while organic product sales reached $14.0 billion, marking a 16.4% rise from the previous year. We believe that California’s commitment to sustainable farming on over 2.13 million acres provides an ideal backdrop for FieldProtect’s introduction.
Previous trial on strawberries, revealed promising results whereby Save Foods’ research and development team managed to dramatically extend the shelf life of strawberries. The trial has shown an 85% reduction in waste of fresh strawberries compared to the industry standard..
According to the California Department of Food and Agriculture, in 2021, the California strawberry industry highlighted its vibrant dynamism and critical economic role, reinforcing the state’s position as the premier strawberry producer in the United States, accounting for approximately 90% of the country’s production. The sector reported a total annual farm value of $1.99 billion, positioning strawberries among the top agricultural commodities in California. This flourishing market offers a remarkable opportunity for companies providing cutting-edge solutions specifically designed for berry production. Save Foods is now poised to offer its treatment to extend the shelf life of berries and other premium produce, particularly strawberries, which are a standout product in California’s agricultural portfolio.
David Palach company’s CEO said, “Our technology and services aim to boost yield, enhance quality, and promote sustainable production practices among California’s strawberry farmers. As the industry continues to expand, Save Foods remains dedicated to delivering advanced solutions that contribute to the growth and success of California’s agriculture, solidifying our sustainability role in supporting this vital sector”.
About N2OFF Inc.:
N2OFF Inc. (formerly known as 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., N2OFF’s 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., N2OFF’s 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. N2OFF also owns minority position in Plantify Foods, Inc., a Canadian company listed on the TSXV that 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 N2OFF’s and NTWO OFF Ltd. visit our website: www.n2off.com
Forward-looking Statements:
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Investor Relations Contacts:
Michal Efraty
+972-(0)52-3044404
michal@efraty.com
