News Press Releases

CULT Food Science Appoints Lejjy Gafour as CEO

C.CULT | April 21, 2022

CSE: CULT OTCQB: CULTF FRA: LN0

Lejjy Brings Deep Experience in Cellular Agriculture to CULT Food Science, Including Founding a Y Combinator-Backed Start-Up and Being a Founding Member of the CAC

VANCOUVER, BC, April 21, 2022 /CNW/ - CULT Food Science Corp. ("CULT" or the "Company") (CSE: CULT) (OTCQB: 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 it has appointed Lejjy Gafour as Chief Executive Officer ("CEO"), effective April 20, 2022. The promotion of Mr. Gafour from President to CEO is facilitated by CULT's previous CEO, Dorian Banks, transition from the role while maintaining his seat on the Company's Board of Directors. Lejjy joined the Company in January of 2022 after accumulating 15 years of experience, in both public and private enterprises, from executing strategy, technology and product development across mature and emerging industries.

Prior to becoming President of CULT, Mr. Gafour was a co-founder and former CEO of Future Fields – a Y Combinator-backed biotechnology company and one of the first operating cellular agriculture companies in Canada. He was also a founding member of Cellular Agriculture Canada ("CAC") and currently serves on its board of directors. CAC is the first nationwide interdisciplinary not-for-profit working to advance the cellular agriculture industry in Canada.1

Management Commentary

"I would like to thank Dorian for making it easy for me to join CULT as President earlier this year and for transitioning the role of CEO to me so seamlessly. I look forward to receiving his continued guidance as an independent member of the Company's Board of Directors as we work toward executing on our mission of building a complete cellular agriculture ecosystem," said Lejjy Gafour, CEO of CULT. "I am grateful to the Board of Directors for promoting me from President to CEO and I will work even harder to create value for shareholder and stakeholders alike. The Company continues to lay an impressive cell-ag foundation and I look forward to cultivating that further," added Mr. Gafour.

Options

As consideration for his appointment, the Company has granted Mr. Gafour 500,000 options to purchase up to 500,000 common shares of the Company, at a price of $0.17 per common share for a period of five years from the date of grant, pursuant to its stock option plan that was approved by shareholders on April 26, 2021. Twenty five percent of the options vest three months from the date of grant, with the remaining seventy five percent of the options vesting in tranches of equal size three, six and nine months thereafter.

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.

Additional information can be found by viewing the Company's website at www.cultfoodscience.com or its regulatory filings on www.sedar.com.

On behalf of the Board of Directors of the Company,

CULT FOOD SCIENCE CORP.

"Lejjy Gafour"
Lejjy Gafour, President

Web: www.CULTFoodScience.com
Twitter: @CULTFoodScience

Forward-Looking Information

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.

Endnotes