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CULT Food Science Announces Binding Letter of Intent to Acquire "Because Animals" Consumer Brands and Formulations

TORONTO, CULT Food Science Corp. ("CULT" or the "Company") (CSE: CULT) (OTC: CULTF) (FRA: LN0), a pioneer in the investment, development, and commercialization of cellular agriculture technologies and products, is pleased to announce it has signed a binding LOI to acquire Because Animals Inc.'s consumer brand assets, related patents, non-scientific intellectual property, and product formulations ("the Assets").

The acquisition will join internally developed pet food brands to form the Company's new Pet Food Division, which aims to develop and commercialize cultivated pet food products in collaboration with its portfolio companies, supporting the company's mission to make cell-based products a part of pets' everyday lives.

Commercial pet food is estimated to drive as much as a quarter of the environmental impact of the factory farming industry. Conversion to cellular agriculture technologies continues to offer pets the same quality nutrition and taste as conventional production, but significantly reduces their carbon pawprint by protecting global land and water resources, and biodiversity.

With the launch of pet foods into the multi-billion dollar pet food market to complement CULT Food Science product portfolio, this represents another step in the company's mission to bring cell-based innovation into everyday life.

Founded in 2016 and backed by prominent VC firms including Draper Associates and SOSV and Norwegian conglomerate Orkla, Because Animals Inc. is a sustainable pet food company known for its innovative use of ethical ingredients such as cultured meat. The company was awarded the Purina Pet Care Innovation Prize in 2020. Because Animals' original co-founder Joshua Errett has left the startup, and, with this acquisition, is continuing the development and commercialization of the Because Animals' consumer brand business under a different name within CULT Food Science. Because Animals Inc. will continue to innovate in the pet food industry, not associated with CULT Food Science.

Source : Newswire.ca

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