This is an English translation of the Company’s immediate report in Hebrew that was published on October 26, 2022 [Reference no.: 2022-01-129964] (the “Hebrew Version“). This English version is only for convenience purposes. This is not an official translation and has no binding effect. Whilst reasonable care and skill have been exercised in the preparation hereof, no translation can ever perfectly reflect the Hebrew Version. In the event of any discrepancy between the Hebrew Version and this translation, the Hebrew Version shall prevail.
מ”עב טירובס
SAVOREAT LTD.
(the “Company“)
26 October 2022
To
To
The Israeli Securities Authority
The Tel Aviv Stock Exchange Ltd.
www.isa.gov.il
www.tase.co.il
Dear Madam and Sir,
Re: Immediate Report
The Company is pleased to update that it has commenced commercial exposure of its unique technology
and its products under development at several sites in Israel where the Yarzin Sella Group operates.
Yarzin Sella, a global high-end foodservice provider, operates its catering services, focusing on offices
and workplaces of well-known leading high-tech companies (the “Sites” and the “Activity“,
respectively). The Activity has begun at the Headquarters of mobile and app Tech company, ironSource
Israel, in Tel Aviv, and it is expected to begin soon at other Sites as well.
This is in continuation of the cooperation with the Yarzin Sella Group regarding workplace catering at leading international companies in Israel and worldwide.1 The YSG has more than 10 years of
experience in the workplace catering market segment. To the best of the Company’s knowledge, YSG
provides catering services to the high-tech market, including international companies with operations
in Israel, including Google, Meta (Facebook), Playtika and more.2
The Activity is the Company’s foray into the corporate office market segment, which is another significant segment that the Company has marked as one of its targets for this year.3 The target audience
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in the segment of workplace catering in general, and in high-tech companies in particular, is a specific kind of audience with consumer characteristics towards which the Company directs the products it develops.
In accordance with the provisions of the Cooperation Agreement between the parties, the Yarzin -Sella Group will commercially reveal the Company’s technological solution4 and will market the Company’s products by operating the Company’s ‘robot-chef’ systems that will be installed on the Sites (the “Technology“, the “Products” and the “System“, respectively). The Site’s employees and other guests will experience the Technology and will be able to consume the Products as part of the available nutrition solutions offered on the Sites.
As part of the Activity, the Company will place and the Yarzin Sella Group will operate, several units of the System and provide the cartridges for the production of the Products on the various Sites, and the latter received a temporary license to use the Company’s Technology on the Sites for the purpose of marketing and selling them, and it will also pay the Company reasonable costs and expenses and other amounts as determined between the parties in connection with the Activity. As mentioned, the beginning of the Activity is expected to begin at several sites about the same time, with the first Site chosen being the offices of the ironSource company.
The current Activity joins the ongoing efforts and resources that the Company invested (and continues to invest) during the past year in exposing the Technology and Products to diverse audiences and in different markets in Israel and abroad,5 including (in Israel) – the BBB burger chain, the Hebrew University and during the coming quarter in other leading high-tech companies in Israel (through similar collaborations), and also (in the USA) – at the American Restaurant Association (NRA) conference in Chicago and later at Universities in Colorado.6 The Company believes that it will continue to take part in the local and international workplaces catering market, and will continue to operate in other sites of high-tech companies in Israel in particular, and that these actions will strengthen its ability to establish its global reputation, promote the commercialization of the Technology and the Products under development, and will increase the chances of the success of its Products to reach a significant part in the global workplace catering market.
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About SavorEat
SavorEat has developed a platform that utilizes a smart Robot Chef to digitally craft, prepare and cook tasteful, sustainable, and plant-based dishes – based on consumers’ exact specifications through advanced digital technology (including advanced 3D-printing technology). The platform allows consumers to order meatless items based on their preferences for size, texture, nutritional profile and doneness, and the order is prepared in minutes – without any human contact whatsoever.
Forward-lookingStatements Cautionary Clause– The information and assessments as stated above, in connection with the execution and completion of the Activities on the Sites and their success to the satisfaction of the parties and the target audiences, the continuation and expansion of the corporation between the parties, the Company’s success in penetrating the target markets and marketing its Products to specific audiences, the success of the Company’s marketing strategy in exposing its Technology and Products, continuing and/or expanding cooperation with its existing business partners and with others, continuing the development of the Technology within the framework of the Company’s existing collaborations, continuing marketing efforts and exposure of the Technology in additional markets and on different platforms, and the effect of the Activities on the chances and timelines for commercialization of its Products (if any), including schedules, dates, forecasts, deadlines, estimates, intentions and/or plans of the company in connection with such information and assessments, include “forward-looking information”, as the term is defined under the Israeli Securities Law, the realization of which is highly uncertain and may not materialize and/or will not materialize in full and/or materialize in a manner that is materially different from what was initially expected, inter alia due to external circumstances, variables and/or third parties over which the Company has no control, including dissatisfaction of business partners with the Activities results and/or the development of the products, failure to reach an agreement on the conditions for entering into continuation agreements or additional commercial agreements on other Sites, failure to receive regulatory approvals from entities and/or other third parties necessary for the purpose of carrying out and/or completing the Activities, failure to obtain the necessary resources for the purpose of continuing the development of the Technology at such time and to such extent required, failure to accept the Company’s Products among the diverse audiences and/or by the relevant markets, increased competition which effects the viability of continuing the development of the Technology and/or the production of the Products, the development of substitute technologies and/or products, and the realization of any of the Company’s risk factors, as specified in section 1.33 of the Annual Report.
Respectfully,
SavorEat Ltd.
Approved for reporting on behalf of the Company by:
Ms. Racheli Vizman, CEO and Director
Barak Orenstein, VP Marketing
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Attachments
Disclaimer
Savoreat Ltd. published this content on 26 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 October 2022 15:37:03 UTC.
