Meat-Tech Signs Letter of Intent to Purchase A Leading Cultured Fat Developer
NESS ZIONA, Israel, Sept. 11, 2020 /PRNewswire/ -- Meat-Tech 3D Ltd. (TASE:MEAT), a developer of industrial-scale cultivated meat production technologies based on advanced 3D bioprinting, today announced it signed a letter of intent to acquire 100% of a leading developer of cultured fat products. The target company developed a unique, proprietary stem-cell-based technology to produce animal fats, such as those from cattle, chickens or geese, produced in a bioreactor without harming any animals. Meat-Tech expects this acquisition will allow the company to expand its clean meat offerings, accelerate capability development, and shorten times to market.
Subject to the completion of a due diligence process and execution of a final agreement, Meat-Tech will purchase all of the target company's shares for a total of approximately $17.5 million, in a combination of cash and equity, part of which will be milestone-based.
"We expect the cultured fat technology to offer significant R&D synergies and help us realize our vision of development and production of a variety of cell-based foods using more sustainable production technologies. We hope to collaborate with new team members very soon," said Sharon Fima, CEO and CTO of Meat-Tech. "Cultured fats are a promising candidate to be amongst the first cell-based products to be launched at scale," added Steve H. Lavin, Chairman of the Board of Directors of Meat-Tech.
The company expects the acquisition will open additional market opportunities by leveraging the ability to combine cultured fats with plant proteins, giving plant-based foods a more 'real' meat flavor and texture. There is a growing expectation for such "hybrid" products, incorporating both plant components and animal cell-based ingredients, to develop into a significant market akin to the current plant-based alternative meat products.
This acquisition is part of Meat-Tech's growth strategy of optimizing its processes and diversifying its product range to introduce cultured meat technologies to the market as quickly as possible. Through a combination of internal development and acquisitions, Meat-Tech is developing multiple cutting-edge technologies intended to be leased to major food producers globally. Meat-Tech intends for its technologies to be utilized by value-added food producers to make advanced cultivated meat and related products. This in tandem to minimizing the use of natural resources, improving animal welfare and meeting the growing demand for meat sustainably. The acquisition is subject to due diligence and the execution of a definitive agreement.
About Meat-Tech 3D
Meat-Tech 3D (TASE: MEAT) is a research and development company aiming to develop commercial and sustainable technologies to manufacture alternative proteins with no need for animal butchery. Meat-Tech is developing a unique, proprietary bioprinter to deposit layers of cells (including stem cells and differentiated stem cells), scaffolding, and cell nutrients in a three-dimensional form of structured cultured meat, often called "clean meat". For more information, please visit www.meatech3d.com
Forward-Looking Statements
This press release contains "forward-looking statements" that are subject to risks and uncertainties. Words such as "believes," "intends," "expects," "projects," "anticipates" and "future" or similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions, many of which are beyond the control of Meat-Tech, including, without limitation, the risk factors and other matters set forth in its filings with the Israeli Securities Authority, including its Annual Report for the year ended December 31, 2019. Meat-Tech undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
COMPANY / INVESTOR CONTACT:
Meron Aronovitch
Communications Specialist, PressTarget
[email protected]
SOURCE Meat-Tech 3D Ltd.
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