The Company is Collaborating with Newlab to Launch the First-of-its-Kind Facility with Office Space and a Community Lab Based in New York City
VANCOUVER, BC, June 13, 2022 /CNW/ - CULT Food Science Corp. ("CULT" or the "Company") (CSE: CULT) (OTC: 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 is joining the Newlab Cellular Agriculture Venture Studio (the "Venture Studio") in New York City as a partner and advisor. The first-of-its-kind Venture Studio is focused on defining, launching and growing new business-to-businesses ventures in the cellular agriculture space. The Venture Studio will gather and manage a coalition of experts – venture capitalists, civic organizations, not-for-profits and corporations – that can guide and advise on the creation and growth of the new ventures.
Together, CULT and Newlab will work to identify key opportunity areas for new businesses to address significant industry challenges, including but not limited to supply, networks and services. In the event that opportunities for open-source products and platforms may arise, they will be passed onto the "Open CellAg Group", which is expected to act as a Cellular Agriculture Network of Excellence.
The Venture Studio is seeking people who fit a broader vision of who a venture founder can be: a scientist, inventor or operator interested in building in a highly collaborative environment. Up to three people will have the opportunity to work directly together with the Newlab team over three-to-five months to identify, validate and prioritize businesses.
Entrepreneurs-in-Residence who are selected to join the Venture Studio will be provided with a stipend, strategy and design programming, office space and community lab for a three-to-five month term. The top business(es) will receive funding and support from CULT and Newlab to launch and grow to the next stage of funding. They will be a part of the Newlab community, will have full access to Newlab's product realization resources, as well as CULT and Newlab experts and mentors.
Management Commentary
"CULT is truly a forward-thinking company and we're thrilled to partner with them to build businesses that will further scale the important work of cellular agriculture. The scale of their network, resources and initiatives in the space are strong assets that will guide the Venture Studio's entity creation toward truly impactful and highly successful opportunities," said Clair Purcell, Newlab's Chief Venture Builder.
"The field of cellular agriculture remains open for new innovation but, at the same time, we are facing compounding challenges with global food production and climate change that are all but assured to escalate over the next decade. We choose to act now instead of waiting so that we may address the challenges of the future head-on," said Lejjy Gafour, Chief Executive Officer of CULT Food Science.
"The Venture Studio with Newlab provides a unique model that fits well with the overall strategy of CULT Food Science – it provides an avenue for new ideas and intellectual property to be developed from the ground up, with skilled experts and an eye for really pushing the boundaries of what has been done to date globally. Between CULT and Newlab, we will be working hard to become a driving force for new innovations in the industry over the coming years," added Mr. Gafour.
About Newlab Venture Studio
Newlab Venture Studio creates businesses that have a positive impact on the material world. The Venture Studio uses the deep technical and business building experience within the Newlab ecosystem to define market opportunity in niche and highly technical spaces, build impactful businesses and power them to scale and succeed.
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, Chief Executive Officer
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.
SOURCE CULT Food Science Corp.
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