CULT Food Science Announces MOU For Supply of Cultivated Red Snapper For Pet Food Brands
CULT Food Science Corp. (CSE: CULT) (OTC: CULTF) has formed a partnership with Umami Meats to supply cultivated red snapper for its Marina Cat brand, which aims to provide cell-cultivated fish treats for pets. This partnership is a significant step toward offering sustainable and healthy pet food alternatives without the environmental impact of traditional fishing. The Marina Cat treats will incorporate cell-cultivated fish ingredients, promising health benefits for pets and contributing to ocean welfare. Additionally, CULT's board approved a debt settlement plan, issuing 333,333 common shares at $0.09 each to settle $30,000 in debt. This move underscores CULT's commitment to innovation in cellular agriculture.
- Partnership with Umami Meats to create cell-cultivated fish treats for pets.
- Introduction of Marina Cat brand promotes sustainability and health benefits for pets.
- Potential market leadership in cell-cultivated fish pet products.
- Issuance of 333,333 common shares for debt settlement may lead to shareholder dilution.
New Partnership With Umami Meats Enables CULT Food Science To Rapidly Accelerate Towards Being One Of The First Companies To Bring Cultured Meat To Pets
TORONTO, April 6, 2023 /PRNewswire/ - CULT Food Science Corp. ("CULT" or the "Company") (CSE: CULT) (OTC: CULTF) (FRA: LN0), a pioneer in the investment, development, and commercialization of cellular agriculture technologies and products, is pleased to announce a partnership with Umami Meats to supply cultivated red snapper for their newly launched pet food brands.
In collaboration with Umami Meats, the Company is including cell-cultivated fish in its cat treat brand, Marina Cat. Cell-cultivated fish ingredients are produced by taking a sample from a fish and then growing and scaling the cells in large bioreactors. This innovative process allows for the creation of fish-based products such as sushi, sashimi, fish balls, fillets, and now, cat treats, without the need for high-impact ocean harvesting. This will be one of the world's first cell-cultivated fish pet products brought to market.
Marina Cat is focused on the health benefits of ocean-derived ingredients that promote longevity and immunity. It's a modern treat for cats, exclusively using cell-based fish and marine ingredients, avoiding ocean-devastating commercial fishing practices.
The availability of Marina Cat treats will be announced in the near future.
Umami Meats, founded by CEO Mihir Pershad, is composed of a team who is developing savory, affordable, and sustainably cultivated seafood that is better for our health and our planet's oceans.
Umami Meats is pioneering "not caught" seafood.
Umami Meats are using modern innovation to develop healthier seafood, void of environmental contaminants, while building on the natural processes of ecosystems. Umami Meats' practices provide a sustainable alternative to the harmful impact of traditional fishing practices and aquaculture, while staying conscious of animal welfare. Umami Meats values nature as their biggest teacher, and are dedicated to preserving its delicate balance by thinking differently, honoring tradition, and protecting the taste of the sea.
Umami Meats is a venture backed company based in Singapore with investors including CULT Food science, Plug and Play, Better Bite Ventures, and Katapult Ocean.
"We must take steps to preserve ocean food sources and ecosystems for the long term. Fish is heavily used in pet foods and feeds for both land and aquatic animals alike. Being able to replace ocean harvested fish with cell-based sources is a strong solution to relieving the destructive pressures on our aquatic ecosystem. At the same time, it also will let us provide healthier alternatives for our pets." said Lejjy Gafour, CEO of CULT.
"As a company focused on advancing cellular agriculture, we are thrilled to partner with Umami Meats to create a new line of pet treats that promotes sustainability and ocean welfare. With Marina Cat, we can offer pet owners a unique and healthy option for their feline companions, while simultaneously reducing the negative impact of traditional pet food on our oceans and marine life. We are excited to collaborate with Umami Meats and bring this innovative product to market." said Joshua Errett, VP Product Development at CULT.
The Company also announces that its board of directors has approved the settlement of an aggregate principal amount of
Pursuant to the Debt Settlement agreement dated April 5, 2023, the Company proposes to issue an aggregate of 333,333 common shares of the Company (the "Shares") at a deemed price of
All securities issued will be subject to a statutory hold period which will expire on the date that is four months and one day from the date of issuance.
CULT Food Science Corp. is the first publicly-traded company of its kind in North America, pioneering the investment, development, and commercialization of cellular agriculture technologies and products. Through its global portfolio of companies and its venture studio, CULT Food Science provides 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.
Additional information can be found by viewing the Company's website at cultfoodscience.com or its regulatory filings on sedar.com.
On behalf of the Board of Directors of the Company,
CULT FOOD SCIENCE CORP.
"Lejjy Gafour"
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 sedar.com.
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SOURCE CULT Food Science Corp.
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