Save Foods, Inc. (NasdaqCM:SVFD) entered into an agreement to acquire 19.99% stake in Plantify Foods, Inc. (TSXV:PTFY) for CAD 1 million on March 31, 2023. Save Foods will acquire 30,004,349 common shares of Plantify and will issue 1,164,374 shares of common stock of Save Foods representing 19.99% of the issued and outstanding capital stock of Save Foods (and 16.66% of Save Foods' outstanding capital stock as of immediately following the Closing). The agreement also provides that, effective as of the closing date of the agreement (and subject to the required corporate approvals), each party will nominate one director of the other party. Save Foods has designated Amitai Weiss as its appointee to the board of directors of Plantify, and Plantify has designated Roy Borochov as its appointee to the board of directors of Save Foods.

The completion of the transaction is subject to certain customary closing conditions, as well as receipt of TSX Venture Exchange acceptance and the concurrent closing of Plantify's issuance to Save Foods of a convertible debenture in the principal sum of CAD 1.5 million, which is also subject to TSXV acceptance.

Save Foods, Inc. (NasdaqCM:SVFD) completed the acquisition of a 19.99% stake in Plantify Foods, Inc. (TSXV:PTFY) on April 5, 2023.