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Meat-Tech Invests €1M In Peace of Meat, A Leading Cultured Fat Developer

18 Oct 2020

NESS ZIONA, Israel, Octo­ber 18, 2020 – Meat-Tech 3D Ltd. (TASE:MEAT), a developer of indus­tri­al-scale cul­tiv­ated meat pro­duc­tion tech­no­lo­gies based on advanced 3D bioprint­ing, today announced that it has made an ini­tial €1M invest­ment in Peace of Meat, a lead­ing developer of cul­tured fat products.

With this invest­ment, Meat-Tech is expand­ing its strategy of devel­op­ing scal­able cell-based agri­cul­ture tech­no­lo­gies. Peace of Meat (POM) is an Ant­werp, Bel­gi­um based B2B sup­pli­er of cul­tured fats. POM has developed a unique, pro­pri­et­ary, stem-cell-based tech­no­logy to pro­duce anim­al fats, such as those from cattle, chick­en or geese in indus­tri­al-scale biore­act­ors without harm­ing any anim­als. In 2020 POM was awar­ded a sub­sidy of €1.2 mil­lion (US$1.33 mil­lion) from the Flem­ish gov­ern­ment as part of the €3.6 mil­lion Foi­eture pro­ject. Peace of Meat has also received 1mn USD in private invest­ments from sup­port­ers such as Joy­ance Part­ners, Big Idea Ven­tures and Food Angels.

Meat-Tech’s invest­ment is part of the planned full acquis­i­tion of the tar­get com­pany, as announced in Septem­ber 2020. The acquis­i­tion of the remainder of the com­pany remains sub­ject to the com­ple­tion of a final agree­ment, accord­ing to which Meat-Tech will pur­chase all of POM’s equity for a total of approx­im­ately $17.5 mil­lion, for a com­bin­a­tion of cash and Meat-Tech equity over the course of two years as POM achieves tech­no­lo­gic­al mile­stones.

Meat-Tech expects to lever­age POM’s cul­tured fat tech­no­lo­gies to expand its cell-based offer­ings by accel­er­at­ing cul­tured fat devel­op­ment and short­en­ing times to mar­ket. Peace of Meat has already held tast­ing events demon­strat­ing the poten­tial of cul­tured fats to enhance plant-based pro­tein products. Such products are being called hybrid products as they are made of both plant based and cul­tured anim­al cell ingredi­ents.

Exped­it­ing the devel­op­ment of a broad­er range of cul­tured fat options will accel­er­ate our go-to-mar­ket plans and sup­port our cur­rent activ­it­ies while open­ing the door to new product oppor­tun­it­ies,” said Shar­on Fima, CEO and CTO of Meat-Tech.

Meat-Tech believes that hybrid products, such as plant-based bur­gers made with cul­tured fat, may prove to be an excit­ing new product cat­egory. Such fats may offer improved aromas, fla­vors and tex­tures as com­pared to purely plant-based pro­teins. Com­plet­ing this acquis­i­tion will add tech­no­lo­gic­al cap­ab­il­it­ies to sup­port Meat-Tech’s core cen­ter-of-plate product offer­ing.” added Steve H. Lav­in, Chair­man of the Board of Dir­ect­ors of Meat-Tech.

POM shares the stra­tegic vis­ion of Meat-Tech 3D and is excited to join forces. We are con­vinced that the strong sci­entif­ic and com­mer­cial syn­er­gies between both parties paired with our approach of cre­at­ing hybrid products based on savory cul­tured fats is the per­fect set­ting to bring cul­tured meat to mar­ket in an increas­ingly com­pet­it­ive space” said Dav­id Brandes,
Man­aging Dir­ect­or of Peace of Meat.

This acquis­i­tion is part of Meat-Tech’s growth strategy of com­ple­ment­ing its pro­cesses and diver­si­fy­ing its product range along the cul­tured meat pro­duc­tion value chain in order to intro­duce cul­tured products to the glob­al 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.

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 slaughter. 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” or cul­tured meat”.
For more inform­a­tion, please vis­it www​.meat​ech3d​.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.

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