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CULT Food Science Adds Russell Starr as Strategic Advisor

TORONTO,  CULT Food Science Corp. ("CULT" or the "Company") (CSE: CULT) (OTC: CULTF) (FRA: LN0)a disruptive food technology platform pioneering the commercialization of lab grown meat and cellular agriculture to reshape the global food industry, is pleased to announce Russell Starr has joined the team as a strategic advisor.

Mr. Starr is an executive, leader and entrepreneur with deep capital markets expertise and a track record of orchestrating transformative deals in disruptive industries. He has held numerous executive positions, including Head of Capital Markets at DeFi Technologies (CBOE: DEFI). Mr. Starr is also a seed investor in Echelon Wealth Partners and has built a robust network in the capital markets that will be a major asset for CULT as the company advances and scales its strategy of pioneering the commercialization of cultivated foods.

Key Takeaways

  • Mr. Starr's extensive history as an executive, highlighted by his time with DeFi Technologies where under his guidance the company's subsidiary reached more than $900 million1 in assets under management, brings invaluable experience to the CULT team.
  • Through his robust capital markets network, Mr. Starr has landed institutional research coverage for several companies he has been involved in which has resulted in a significant increase to their respective shareholder bases and increased access to growth capital and financing options.
  • As a strategic advisor to CULT Food Science, Mr. Starr will be focused on introducing the Company's unique asset stack to institutions, funds, and capital allocators globally.

Russell Starr commented on his new role, stating, "Joining CULT Food Science at this pivotal moment is incredibly exciting. The company is at the forefront of a revolutionary shift in the global food industry, leveraging innovative lab-grown meat and cellular agriculture technologies to create sustainable, ethical, and scalable food solutions. Institutional capital is showing a keen interest in this growth sector, and I am thrilled to contribute my experience to enhance CULT's visibility and help the company reach its full potential."

The Company has engaged Mr. Starr for a twelve month term (the "Term") and has granted 1,000,000 Restricted Share Units ("RSUs") and 500,000 stock options (each, an "Option") in accordance with the Company's restricted share unit and stock option plans. Each RSU is exercisable for a period of two years at no additional cost and the RSUs will vest in three equal tranches four months, eight months, and twelve months after the date of the grant. Each Option is exercisable for a period of two years to acquire one common share in the capital of the Company (each a "Share") at a price of $0.155 per Share, being the closing price of the Shares on the Canadian Securities Exchange on May 21, 2024. All Options vested completely on issuance and are subject to a four month hold period.

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