TORONTO, - 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, announces the closing of its acquisition of Food Revolution Media Inc. ("FRM") that was previously announced on July 22, 2022.
Both parties have executed a definitive agreement and completed a share-based transaction (the "Transaction") pursuant to which CULT acquired 100% of FRM's issued and outstanding shares in exchange for the minimum amount of 15,000,000 common shares of the Company. An additional 15,000,000 common shares of the Company can be earned by the sellers of FRM through the achievement of certain quantitative milestones.
FRM is a leading content company focused on alternative proteins and cellular agriculture. With a global community of founders, scientists, thought leaders, venture capital funds, and angel investors, Food Revolution Media is a powerful platform that encompasses the future of food. Through this reach, Food Revolution Media is on the leading edge of seeing emerging trends, themes and innovation in food technology and cellular agriculture.
CULT management believes this will lead to an accumulating advantage for the company of proprietary deal flow, potential partnerships and co-investors. As CULT begins to move towards rapid commercialization and partnerships with portfolio companies to advance consumer adoption, as well as their Center of Excellence with global cellular agriculture leader New Harvest, the company believes it is of critical importance to leverage media to continue to be a first mover and maximize value as a public company.
The Transaction is being completed pursuant to available prospectus exemptions in accordance with applicable securities legislation. It remains subject to receipt of the necessary regulatory approvals. The Transaction is an arm's-length transaction and does not constitute a fundamental change or result in a change of control of the Company, within the meaning of the policies of the Canadian Securities Exchange.
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