N2OFF considers pursuing potential spin-off of cleantech operations

N2OFF announced key strategic initiatives approved by its board of directors that are intended to increase shareholder value. Key Highlights of the Board’s Initiatives Spin-off of cleantech activities: N2OFF is considering pursuing a potential spin-off of its cleantech operations – NTWO OFF Ltd. and Save Foods Ltd. – into a separate publicly traded company with the intention of listing that spin-off company on a national exchange. In connection with the potential spin-off, N2OFF intends to maintain a controlling stake of at least 75% ownership in Save Foods Ltd. immediately following such spin-off and will appoint all members of the new entity’s board of directors. The timing and terms of any future dividends or distributions related to the new entity will be determined by the board of directors of that entity at its discretion. Acquisition of a Computationally advanced Drug Discovery Company: N2OFF has entered into a non-binding letter of intent to acquire a drug discovery company with advanced computational structural biology capabilities. The acquisition contemplates a valuation of at least $5 million, with a potential increase in valuation by $2 million . The LOI contemplates that the acquisition would be effected through combination of cash and equity. N2OFF believes this acquisition, if consummated, would enable it to tap into a new and lucrative market and allow the computation drug discovery company to expand into advanced pharmaceutical research. Securing a EUR 6 Million Credit Line: N2OFF has successfully negotiated a non-recourse credit facility in the aggregate amount of EUR 6 million accruing interest at a rate of 7% per annum. The Company intends to repay the principal loan amount from profits derived from projects that are pre-approved by the lenders or by 33% of proceeds received from certain financing transactions.