The Investee's GOOD Meat Division Recently Completed a Record-
Setting US$267 Million Financing for the Cultured Meat Industry
VANCOUVER, BC, Sept. 28, 2021 /CNW/ - CULT Food Science Corp. ("CULT" or the "Company"), an innovative investment platform with an exclusive focus on clean, lab-grown food that is advancing the development of novel technologies to provide a sustainable, environmental, and ethical solution to the global factory farming crisis, is pleased to announce that it has purchased an equity stake on the secondary market (the "Investment") in San Francisco, California-based private company Eat Just, Inc. ("Eat Just" or the "Investee"). CULT's Investment reflects its high level of interest in Eat Just's GOOD Meat division ("GOOD Meat"), which recently completed a US$97 million financing, as part of a total US$267 million round, thereby setting a new record for the cultured meat industry.
The Investee is the fifth constituent of CULT's portfolio of lab-grown food companies. In December of 2020, GOOD Meat's lab-grown chicken became the first such meat to receive regulatory approval in Singapore. Shortly thereafter, its cultured meat was sold to diners at a Singaporean restaurant named 1880, thereby making it the world's first commercial sale of cell-cultured meat.
The Investee recently announced plans to build a commercial facility for GOOD Meat in Qatar. The Qatar Free Zones Authority and the Ministry of Public Health have indicated their intention to grant regulatory approval for GOOD Meat's cultivated chicken in the near future and have formally granted an export license for the product. Therefore, Qatar is on track to become the second country in the world to allow the sale of GOOD Meat's products.
Eat Just was founded in 2011, surpassed a US$1 billion valuation in 2016, and then created the GOOD Meat division in 2017 when the Investee announced that it was developing a lab-grown meat product to make chicken nuggets. GOOD Meat makes meat products in a sterile, controlled environment from a single cell, thereby removing slaughter from the process and significantly lowering the risk of food-borne illness. The meat is grown in a bioreactor in a fluid of amino acids, sugar, and salt.
"CULT's purchase of an equity stake in Eat Just represents our fifth investment into the clean food space and we are very excited about the future of this Investee as consumers are becoming more aware of the negative impacts being made by the traditional meat industry on animals and the environment," said Dorian Banks, CEO of CULT. "By making meat from cells, GOOD Meat emits 92 percent fewer carbon emissions and uses 95 percent less land. Supporting the growth of the cultured meat industry is more ethical than perpetuating the demand for conventional alternatives and it also makes good business sense," added Mr. Banks.
About CULT Food Science
CULT Food Science Corp. is an innovative investment platform with an exclusive focus on clean, lab-grown food 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 and cultured dairy companies around the world.
On behalf of the Board of Directors of the Company,
CULT FOOD SCIENCE CORP.
Dorian Banks, CEO
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.
SOURCE CULT Food Science Corp.
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