Naveh Pharma currently has annual revenues of $1.3 million and a net profit of $300,000 and is growing at 30% annually
The joint venture creates a gateway for Saffron Tech to continue its R&D efforts with the new revenue stream.
Saffron Tech serving pharmaceutical companies looking to leverage the natural medicinal properties of saffron in pharmaceutical and nutraceutical applications.
Tel Aviv, Israel, March 01, 2022 (GLOBE NEWSWIRE) — Sativus Tech Corp (OTC: SATT), an AgTech company that develops saffron cultivation protocols using vertical farming technology, today announced that its subsidiary, Saffron Tech, has signed a letter of intent not binding with Naveh Pharma, a company specializing in the creation of pharmaceutical and healthcare products. products with unique active ingredients including saffron. The strategic joint venture is expected to accelerate growth for both companies as the fast-growing nutraceutical industry continues to expand with consumers seeking natural solutions for conditions such as depression and inflammation. The partnership creates undeniable value for both companies and their shareholders by creating a synergy where Saffron Tech would supply Naveh Pharma’s saffron-based supplements.
“This partnership aligns the unique strengths of both companies,” said Tal Wilk Glazer, CEO of Saffron Tech. “The use of our premium, lab-grown saffron in nutraceutical and pharmaceutical applications is a testament to the quality of the saffron we produce. We see significant value in saffron supplements, and look forward to working with Naveh Pharma to unlock the potential of our combined businesses.
Under the terms of the transaction, Saffron Tech will invest $1.5 million and own 70% equity in the joint venture. In addition, as part of the agreement, Naveh Pharma will commit to purchase from Saffron Tech, at least 100 kg of saffron extract at over $2,000 per kg, which translates to $23,000 per kg. pure saffron.
“I realized a long time ago that saffron is not just a spice,” says Nitzan Primor, CEO of Naveh Pharma. “Saffron contains ingredients with amazing medicinal properties that could benefit so many people if they had access to it. Naveh Pharma and Saffron Tech can leverage their respective research and development data to develop unique and innovative products for the market. The ability to create reliable, pharmaceutical-grade saffron for the global market is an important milestone for both of our companies.
The joint venture plans to develop and distribute a line of saffron-based dietary supplements globally in 2022 and to launch a line of saffron-based cosmetics in the second half of 2022. Shared revenues from this joint venture will include existing products already marketed by Naveh. Pharma, including a series of seven saffron products used for antidepressants, mood support, ADHD and more.
This collaboration could be the first step for a significant increase in the market for saffron-based dietary supplements and cosmetic supplements.
Completion of the transaction is subject to the signing of a definitive agreement for which the Company’s expenses will occur by the end of March 2022.
About Sativus Tech Corp:
Sativus Tech Corp (OTC: SATT) is an AgTech company that uses advanced vertical agricultural technology to increase the production of low-yielding food products in the global market. The company focuses on the research, development and marketing of agricultural products that are in high demand but scarce in the market. A reliable supply of these highly coveted food products can be used in a variety of applications including the pharmaceutical, nutraceutical, culinary and beauty industries. Sativus Tech Corp subsidiary Saffron Tech is revolutionizing the AgTech world by creating the protocols for growing saffron on indoor vertical farms. It also increases the production of the spice by multiplying the number of annual harvests. Sativus Tech Corp’s technology offers a responsible and sustainable way to grow crops in a world facing environmental challenges and dwindling soil supplies, dwindling water sources and unstable weather conditions.
Caution Regarding Forward-Looking Statements
This letter contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management’s current beliefs and expectations and are subject to substantial known and unknown risks and uncertainties that could affect our future results. , performance or achievements differ materially from those expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include the risks discussed in our quarterly reports on Form 10-Q and our annual report on Form 10-K, including in the sections captioned “Risk Factors” and “Statements prospective”. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update or revise any forward-looking statements or other information contained herein, whether as a result of new information, future events or otherwise. You are cautioned not to place undue reliance on these forward-looking statements.
Investor Relations:
Gadi Levin
CEO
(800) 608-6432
Press inquiries:
info@saffron.ag
