Aiming to raise NIS 5 Million (US$ 1.5 Million) at NIS 4.51 (US$1.38) per share
TEL AVIV, Aug. 30, 2022 (GLOBE NEWSWIRE) — Sativus Tech Corp. (OTC: SATT) (“Sativus” or the “Company”) is pleased to provide the following business announced today Saffron Tech Ltd (“Saffron Tech”), the Company’s subsidiary, has announced its intention to raise up to 5 million New Israeli Shekels (“NIS”) (approximately $1.5 million) at a pre-money valuation of NIS 32.5 million (approximately $10 million) through the Israeli crowd funding platform – Pipelbiz. Assuming the maximum amount is raised, the Company will own approximately 61% of the Saffron Tech. This crowd funding financing follows on a similar financing completed by Saffron Tech in early 2021. In the past two months, Saffron Tech also raised NIS 800 thousand (approximately $242 thousand) through the issuance of SAFE’s. The SAFE’s are convertible at a 20% discount to the current crowd funding round.
Management will disclose relevant information as we progress in our activities and bring the Company current in its filings.
About Saivus Tech Corp:
Sativus Tech Corp (OTC: SATT) is an AgriTech company that uses advanced vertical farming technology to increase the production of low yield food products in the global marketplace. The company focuses on the research, development, and commercialization of agriculture products that are high in demand but scarce in the marketplace. Sativus Tech Corp’s subsidiary, Saffron Tech, is revolutionizing the AgriTech world by creating the protocols to grow saffron in indoor vertical farms. It is also increasing 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 confronted by environmental challenges and dwindling earth reserves, diminishing water sources and unstable weather conditions.
All statements other than statements of historical facts contained in this press release are “forward-looking statements,” which may often, but not always, be identified by the use of such words as “expects,” “anticipates,” “intends,” “estimates,” “plans,” “potential,” “possible,” “probable,” “believes,” “seeks,” “may,” “will,” “should,” “could” or the negative of such terms or other similar expressions. These statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance, or achievements to differ materially from those expressed or implied by such statements. These factors include uncertainties as to the Company’s international manufacturing and supply chain, market acceptance of the Company’s smart luggage, successfully implementing the Company’s growth strategy, dependence on key Company personnel, changes in economic conditions, competition and other risks including, but not limited to, those described from in the Company’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on August 12th, 2022 (the “SEC”), and other filings and submissions with the SEC. These forward-looking statements speak only as of the date hereof and the Company disclaims any obligations to update these statements except as may be required by law. The Company intends that all forward-looking statements be subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995.
Investor Relations Contact:
Tal Wilk Glazer
Chief Executive Officer
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