Vevolution has Proven that Its Platform can Give Companies like Impact Foods a Place to Connect with Investors, which Led to the Closing of a Recent Round of Financing
TORONTO, Sept. 20, 2022 /CNW/ - CULT Food Science Corp. ("CULT" or the "Company") (CSE: CULT) (OTC: CULTF) (FRA: LN0), an innovative investment platform with an exclusive focus on cellular agriculture that is advancing the development of novel technologies to provide a sustainable, environmental, and ethical solution to the global factory farming and aquaculture crises, is pleased to announce that its affiliate, Vevolution, recently played a critical role in Impact Food's ("Impact Food") closing of its $500,000 strategic round of financing (the "Round"). A portion of the Round was made possible through the use of Vevolution's Investment Marketplace, which is explained in Impact Food's news release issued on August 3, 2022.
Impact Food's round was listed on Vevolution in March 2022 and it only took a few months to close the Round, which included an investment from Ahimsa Foundation for $150,000.1 Other investors include Future Food Fund, Serpentine Ventures, George Sorbek, and Pierre Jouve.1 Vevolution is meant to be used as an ally for vegan businesses and connect investors and start-up companies that are aligned in their views and goals, in order to fund promising companies that are looking to disrupt animal agriculture and create a more sustainable future. Impact Food is now another addition to Vevolution's fundraising success stories.
Vevolution, at its core, is a media production company and investment platform. The importance of Vevolution's role in the connection of Impact Food with its investors is at the crux of why CULT invested in the portfolio company, to begin with. The cellular agriculture sector strives to create sustainable solutions for the world's food system but connecting the businesses, individuals, investors, and leaders with a common initiative to improve and substantiate cell-based agriculture is equally as important. The announcement of Impact Food and its recent closed round is confirmation that Vevolution's role in cellular agriculture is vital. More information about Vevolution can be found on its website: https://www.vevolution.com.
"We are very pleased that Vevolution is able to work with both cellular agriculture start-ups and other alternative protein companies like Impact Food and provide them with a platform to connect with investors," said Lejjy Gafour, CEO of the Company. "CULT believes whole-heartedly in what Vevolution is doing and that is why we invested in it earlier this year. Impact Food's experience is just confirmation that Vevolution is succeeding in its goal, and we are glad we are able to support other alterative protein endeavours," added Mr. Gafour.
About CULT Food Science
CULT Food Science Corp. is an innovative investment platform with an exclusive focus on cellular agriculture that is advancing the development of novel technologies to provide a sustainable, environmental, and ethical solution to the global factory farming crisis. The first-of-its-kind in North America, CULT Food Science aims to provide individual investors with unprecedented exposure to the most innovative start-up, private or early-stage cultivated meat, cell-based dairy and other cultured food companies around the world.
On behalf of the Board of Directors of the Company,
CULT FOOD SCIENCE CORP.
Lejjy Gafour, Chief Executive Officer
Information set forth in this news release may involve forward-looking statements. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address a company's expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include but are not limited to the following risks: those associated with marketing and sale of securities; the need for additional financing; reliance on key personnel; the potential for conflicts of interest among certain officers or directors with certain other projects; and the volatility of common share price and volume. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and except as required by law, the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements. For further information on risk, investors are advised to see the Company's MD&A and other disclosure filings with the regulators which are found at www.sedar.com.
"Impact Food Secures $150K on Vevolution to Build Out Plant-Based Seafood Platform", Impact Food, August 3, 2022, https://docs.google.com/document/d/1m7-Ddpv1mJvHJ8t49HSQHcaTUzi3KUdOd-wqCXzUZ9o/edit#heading=h.b09ktjtug2jg.
SOURCE CULT Food Science Corp.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/September2022/20/c0383.html