SATIVUS TECH CORP. TEL AVIV, Israel, Feb. 16, 2021 (GLOBE NEWSWIRE) -- Saffron Tech Ltd (“Saffron Tech”), an Israeli wholly owned subsidiary of Seedo Corp. (OTCQB: SEDO), is pleased to announce that it has successfully completed its crowdfunding round having raised over $1.6 million from more than 700 investors, substantially surpassing the initial target. The investors provided a definite vote of confidence in the company's technology, potential and business plan.
Saffron Tech, is an Israeli start-up with a new technology aimed at shaking up the way saffron, the "red gold", is grown and produced worldwide.
Saffron Tech’s solution involves the establishment of an automatic vertical farm enabling the bulbs the ideal conditions at each stage of the growth process and providing a turnkey solution for growing high-quality, high-yield saffron all year round. Saffron Tech’s technology is environmental-friendly, using economic levels of water, space, fertilizer, and energy. The sealed environment eliminates the need for harmful pesticides and herbicides, producing a clean and safe product. The solution is easily scalable and pre-designed to quickly grow operations.
Saffron Tech’s technology is both necessary and long awaited, as saffron is known as the most expensive spice in the world due to its labor-intensive growing process and sensitivity to specific environmental conditions in order to grow and produce yield. In addition to its uses in the traditional food and textile industries, it also has promising new markets in the fields of cosmetics and healthcare, as there are studies demonstrating it can help treat skin problems and even symptoms of anxiety and depression as well as other serious health problems.
Saffron Tech is moving forward rapidly and now with the additional funding at its disposal it is in final phases of completing its unique development protocol for growing saffron in a controlled and automated manner, which will enable recurrent blossoming of higher quality and larger quantities estimated as up to four times of the natural yield of saffron every year.
"We're pleased and thankful for this clear vote of confidence in our technology and we welcome all of our crowdfunding investors as new shareholders," said Mr. David Freidenberg, Saffron Tech’s CEO, "The funding round went well surpassing our initial target and this shows us that people are excited by the opportunity to be a part of our company and that our hard work is paying off with the future definitely looking bright."
About Seedo
Seedo Corp. (OTC: SEDO), an agritech company, is focusing on its research, development, and commercialization of agriculture technology products in the fields of saffron, exotic plants and mushrooms. Seedo’s know-how and technology are aimed at transforming the way agriculture is done by offering a responsible and sustainable way to grow crops in a world confronted by environmental challenges of dwindling earth reserves, diminishing water resources and unstable weather conditions.
Contact: David Freidenberg
info@saffron.ag
(800) 608-6432
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are based on management’s current beliefs and expectations and are subject to substantial risks and uncertainties, both known and unknown, that could cause our future results, performance or achievements to differ significantly from that expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include risks relating to our ability to successfully execute a smooth transition of CFO functions as well as our ability to retain and recruit qualified executives; uncertainties related to, and failure to achieve, the potential benefits and success of our senior management team and organizational structure; our ability to successfully compete in the marketplace; our substantial indebtedness, which may limit our ability to incur additional indebtedness, engage in additional transactions or make new investments; compliance, regulatory and litigation matters; other financial and economic risks; and other factors discussed in our Form 10 , including in the sections captioned "Risk Factors” and “Forward Looking Statements.” Forward-looking statements speak only as of the date on which they are made, and we assume 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.
