Seedo Corp. subsidiary awarded $1 million grant from the Israeli Innovation Authority to support its R&D efforts in growing saffron using vertical farming technology.
Tel Aviv, Israel, August 9, 2021 (PR NEWSWIRE) – Seedo Corp. (OTC: SEDO) subsidiary has been awarded a $1,000,000 (One Million) grant from the Israeli Innovation Authority. The new grant will allow the AgTech company to accelerate its R&D program building on its groundbreaking development of the protocols for growing saffron using vertical farming technology. The funds will be allocated to enable the company expand its facilities, allowing it to grow more saffron for commercial use. This will bring the company closer than ever to achieving its mission to revolutionize the billion-dollar saffron market by bringing a large-scale supply of the spice to the market. The Israel Innovation Authority is an independent publicly funded agency created to provide funding platforms aimed at effectively addressing innovation ecosystems. This grant demonstrates the Israel Innovation Authority recognition of the innovation and potential of the company’s technology and solutions.
“We are very proud to receive this funding from the Israeli Innovation Authority,” says David Freidenberg, CEO, Seedo Corp. “In this new era of agriculture that incorporates innovative technology to the cultivation process, it makes sense that the Israeli Innovation Authority would support Seedo’s forward-thinking endeavor. Saffron is just the start and this generous grant will help us advance further in our business plans. The Israeli Innovation Authority reviews thousands of new and innovative science companies in determining which ones not only have disruptive science, but also the stability and practicality to function in the open market environment, so this is truly a badge of honor”.
Seedo Corp. and its subsidiary recently invested in state-of-the-art equipment featuring the latest software designed to create the precise growing conditions to deliver superior quality saffron suited for a variety of applications. The company has already successfully harvested two cycles of saffron in its indoor growing lab. Traditional agriculture only produces saffron once annually. The company is now designing conditions which it believes will enable it to produce a third cycle, Tripling the amount of saffron available to the marketplace.
Seedo Corp. (OTC: SEDO) is an AgTech company that focuses on the research, development, and commercialization of agriculture products that are high in demand but are hindered by the low yields and specifications required by traditional farming. Seedo’s technology is aimed at offering 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.
Cautionary Note Regarding Forward-Looking Statements
This letter 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 Quarterly Reports on Form 10-Q and in our Annual Report on Form 10-K, 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. You are cautioned not to put undue reliance on these forward-looking statements.
Chief Executive Officer
+1 (800) 608-6432
Source: Plato Data Intelligence