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Save Foods board approves plan for stock distribution of Plantify shares

Published Feb 12, 2024 07:54AM ET
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NEVE YARAK, Israel - Save Foods, Inc. (NASDAQ: SVFD) (FSE:80W), an agri-food tech company specializing in sustainable agricultural solutions, announced today that its board of directors has authorized the preparation of a distribution plan for the company's holdings in Plantify Foods, Inc. (PTFY.V). This strategic move is aimed at providing value to Save Foods' stockholders and is expected to be launched later in 2024.

Save Foods currently holds approximately 85 million common shares of Plantify, which accounts for a 23.1% ownership stake in the Canadian-based health food company. The proposed distribution is still pending, subject to necessary legal opinions and regulatory approvals.

The Israeli company operates through three subsidiaries. Save Foods Ltd. focuses on reducing pathogen contamination and chemical use in post-harvest fruits and vegetables, extending shelf life. Nitrousink Ltd., another subsidiary, offers solutions to reduce nitrous oxide emissions, a greenhouse gas significantly more potent than carbon dioxide.

This initiative is based on the company's press release statement.

InvestingPro Insights

As Save Foods, Inc. (SVFD) explores strategic initiatives to enhance shareholder value through its holdings in Plantify Foods, Inc., it's crucial to consider the company's current financial health and market position. According to real-time data from InvestingPro, Save Foods holds a market capitalization of approximately $4.64 million USD. Despite a challenging market environment, analysts have identified potential sales growth for Save Foods in the current year, reflecting optimism about the company's future performance.

The company's gross profit margin stands at a robust 52.79% for the last twelve months as of Q1 2023. This indicates that Save Foods has been effective in managing its production costs relative to revenue. However, it's worth noting that the company is not profitable over the last twelve months, with an operating income margin of -1799.97%, pointing to substantial expenses beyond gross profit.

InvestingPro Tips reveal that Save Foods' stock price has experienced significant volatility, trading near its 52-week low with a price performance that has declined over various time frames, including a -80.15% one-year price total return. This could suggest a potential buying opportunity for investors who believe in the company's long-term prospects and are comfortable with high-risk investments. Additionally, Save Foods holds more cash than debt on its balance sheet, which could provide some financial flexibility in executing its distribution plan for Plantify Foods.

For investors seeking more in-depth analysis and additional insights, there are over 13 InvestingPro Tips available for Save Foods at https://www.investing.com/pro/SVFD. To access these tips and detailed metrics, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, providing a comprehensive toolset for informed investment decisions.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Save Foods board approves plan for stock distribution of Plantify shares
 

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