The Save Foods Inc (NASDAQ: SVFD) stock price surged 51.92% despite the lack of news from the agri-food tech company specializing in eco-crop protection that helps to reduce food waste and ensure food safety.
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The company’s last significant announcement was the publishing of a letter to shareholders by its CEO, David Palach. The letter sent on April 18, 2023, highlighted the recent partnership between Save Foods and Plantify as part of its commitment to providing globally innovative and sustainable food solutions.
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Plantify is a Canadian food tech company focused on developing and producing “clean-label” plant-based products that contain no preservatives, are minimally processed and are vegan, making them a perfect alternative to animal products.
The company’s products have great taste and texture. In addition, their unique technology allows food items to have the same or even longer shelf life than most foods that contain preservatives within the same category, which gives them a technological advantage in the markets.
The lack of news releases from Save Foods indicates that today’s rally was primarily driven by positive retail investor sentiment. Over 5.11 million SVFD shares had changed hands at the time of writing as retail investors bought the stock.
Before signing the deal with Plantify, Save Foods was looking for collaborative opportunities, and Plantify emerged as a perfect fit for its strategy. Plantify already has direct relationships and sales channels with retailers globally, including KAYCO, a leading distributor of Kosher foods in North America.
KAYCO’s Heaven & Earth brand represents a tremendous opportunity for Save Foods. The partnership will allow Save Foods to offer premium treatments designed specifically for fresh cuts and berries, among other Platfiy products, to reach a wider audience and increase sales.
The two companies aim to combine their marketing efforts to save costs by sharing resources and streamlining their strategies to make them more effective.
Dr Roy Borochov, Plantify’s CEO, said: “This partnership is truly unique and holds immense potential. We expect that Plantify will be able to market two additional products: fresh cuts and berries, each of which will benefit from using Save Foods’ innovative treatments to extend the shelf life, which will set us apart from competitors in the market, and Save Foods stands to benefit from Plantify’s established retail connections.”
*This is not investment advice.
Save Foods’ (SVFD) stock price.
The Save Foods (SVFD) stock price surged 51.92% to trade at $1.19, from Thursday’s closing price of $0.78.
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