News of LOI Moving Shares of This Clean Tech Company

By: Dylan Sikes – AllPennyStocks.com News

Tuesday, October 8, 2024

This innovative, dynamic company is safely addressing food waste and loss in the agri-good tech industry through sustainable solutions. News of an LOI has shares moving in Tuesday afternoon trade.

N2OFF (NASDAQ: NITO), through its subsidiary Save Foods, has entered into a non-binding letter of intent with GENSIS PM TDC, an Ethiopian Federal Agency. The LOI was announced Tuesday morning, and the agency seeks to utilize Save Foods’ innovative eco-friendly solutions across Ethiopia’s large-scale farming sector, potentially supporting the country’s efforts to develop sustainable agricultural practices, enhance crop yields, and ensure food safety.

David Palach, N2OFF’s CEO, believes the agreement could yield millions of dollars in revenues if consummated. “As part of the agreement, Save Foods and the Ethiopian government will collaborate on establishing a local production facility in Ethiopia. This move ensures that Save Foods’ technologies will be accessible throughout the country, thus further supporting the transition to sustainable farming practices. The aim is for the partnership to reach a nationwide rollout, eventually requiring all farmers in Ethiopia to utilize these solutions.”

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