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TEL AVIV, Israel, April 12, 2023 (GLOBE NEWSWIRE) — Saffron Tech Ltd., a subsidiary of Sativus Tech (OTC: SATT), announced today that it has been awarded $1 million in funding from the Israel Innovation Authority. The new grant will enable the agtech company to build a pilot plant to grow saffron using permanent farming technology. This is the second grant awarded to Saffron Tech by the Israel Innovation Authority and brought to the company in the process Recent investment agreement with Dreamtech company. The funding will help the company transform the multi-billion dollar saffron market by developing a broad, consistent and premium supply of the so-called “red gold” for multiple industries including beauty, health and wellness.
“We are delighted that such an esteemed institution as the Israel Innovation Authority has awarded Saffron Tech with this much-sought-after grant,” said Tal Wilk Glaser CEO Sativs Tech. “The grant will help us in our mission to usher in a new era of growth in the saffron market. We look forward to becoming your go-to source for premium saffron and accepting collaboration opportunities with companies in all sectors looking for new ways to use saffron in their product lines.
The Israel Innovation Authority is an independent publicly funded agency created to provide funding platforms aimed at effectively addressing the innovation ecosystem. This award shows the Israel Innovation Authority’s recognition of the innovation and potential of Saffron Tech’s technology and solutions.
Saffron Tech recently signed an investment agreement with DreamTech Co., a Korean company. The new deal includes an initial investment of $1 million for Saffron Tech and an additional $1 million for the successful development of saffron production in Korea.
About Sativus Tech Corp
Sativus Tech Corp (OTC: SATT ) is an agtech company that uses advanced agricultural technology to grow low-yield food products in the global marketplace. The company focuses on research, development and marketing of agricultural products that are in high demand but in short supply. The reliable production of these highly desirable crops can be used in various applications in the pharmaceutical, nutraceutical, culinary, beauty, health and wellness industries. Sativas Tech Corporation’s technology offers a responsible and sustainable way to grow crops in the face of environmental challenges and diminishing land reserves, water resources and unstable weather conditions.
About Saffron Tech:
Saffron Tech, a subsidiary of Sativas Tech Corp., is revolutionizing the agtech world by creating protocols for growing saffron in indoor permanent farms. He is also increasing the production of spices by multiplying the harvest every year. The pharmaceutical industry is now turning more of its scientific attention to the medicinal properties of saffron, and it is currently being used medicinally and nutritionally for depression, ADHD, anxiety, and more.
Forward-looking statements:
All statements other than statements of historical fact included in this press release are “forward-looking statements” that are often, but not always, identified by words such as “anticipates,” “expects,” “expects.” “estimates,” “plans,” “potential,” “could,” “would,” “believe,” “will,” “could,” “will,” “should,” “could” or negative or similar expressions of these words. . These statements involve known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements to differ from those expressed or implied by these statements. These factors include the uncertainty of the company’s global manufacturing and supply chain, the company’s adoption of the smart luggage market, the successful implementation of the company’s growth strategy, the dependence on key company personnel, changes in economic conditions, competition and other risks. K, filed with the Securities and Exchange Commission on March 31St, 2023, and other filings and filings with the SEC. These forward-looking statements speak only as of the date hereof and the Company disclaims any obligation to update these statements except as required by law. The Company intends to make all forward-looking statements subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Investor Relations:
Talk Wilk Glazer
General manager
(800) 608-6432
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