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CULT Food Science Provides Outlook for the Second Half of 2022 and Recaps Recent Accomplishments

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, is pleased to provide a summary of its most significant developments since becoming a public issuer early in 2022. To support the Company's mission to develop a complete cellular agriculture ecosystem, CULT management is also pleased to provide a brief project-based outlook for the remainder of 2022.

CULT's most notable highlights include:

  • Started trading on the Canadian Securities Exchange on January 17, 2022, under the stock ticker symbol "CULT";
  • Appointed Lejjy Gafour as President of the Company on January 24, 2022;
  • Provided strategic funding to the first animal-free collagen and gelatin ingredient company, Jellatech;
  • Invested in a leading cell-based chocolate innovator, California Cultured, which uses cell culture technology with the goal of creating sustainable and ethical chocolate for consumption around the world;
  • Received DTC Eligibility to make the Company's shares more accessible to investors in the United States;
  • Completed a seed investment in De Novo Dairy, a precision fermentation dairy company that aims to create cell-based ice cream, yogurt, and cheese;
  • Entered into a letter of intent with Cella Food Systems to help the Company accelerate its proprietary, cell-based, product development capabilities;
  • Became included in the VegTechÔ Plant-Based Innovation and Climate Exchange-Traded Fund that is listed on the New York Stock Exchange under the ticker symbol "EATV";
  • Selected Sydsel Africa to join the CULT PRIZE Initiative in order to bolster its research and intellectual property ("IP") incubation platform;
  • Invested in a cell-based milk company, Opalia Co., which is the first Canadian company to produce cow milk from mammary cells;
  • Filed a provisional patent application regarding nutritional enhanced cultured meat;
  • Filed a provisional patent application regarding the addition of Omega 3 properties into cultured meat;
  • Formed a special committee led by Lejjy Gafour, President of CULT, to investigate IP development and investments in technologies that convert carbon dioxide into protein and starch;
  • Successfully up-listed its common shares to the OTCQB Venture Market on April 8 under the symbol "CULTF";
  • Invested in a cell-based oyster company, Pearlita Foods, which is the world's first cell-based mollusk company;
  • Invested in a leading cultivated meat company, MeaTech 3D, that is focused on developing and licensing its proprietary three-dimensional printing and customizable biotechnology manufacturing processes to food processing and retail companies seeking to manufacture proteins in a more ethical manner;
  • Appointed Lejjy Gafour as CEO of the Company;
  • Invested in Unicorn Biotechnologies Limited, a cell manufacturing company, at the end of April;
  • Executed share exchange agreement with Cella Food Systems;
  • Announced that Lejjy Gafour, CEO, was asked to serve on Canada's Food Supply Council;
  • Celebrated the listing of the shares of BSF Enterprise PLC, including its wholly owned subsidiary 3D Bio-Tissues Limited, on the London Stock Exchange on May 17;
  • Secured space for the development of an incubation studio in Ontario;
  • Invested in Change Foods, is a food-tech start-up company that focuses on animal-free dairy production;
  • Invested in Vevolution Media Production and Investment platform;
  • Joined the Newlab Cellular Agriculture Venture Studio as a partner and advisor;
  • Filed its third patent application to address global food insecurity;
  • Joined New Harvest in launching "Open Cell Ag", a cellular agriculture network of excellence;
  • Announced an investment in Compound Foods on June 3, which is a cell-based coffee alternative production company;
  • Signed an LOI to acquire Food Revolution Media in mid-July; and
  • Announced that the Company's CEO was appointed to the Board of Directors of New Harvest Canada.
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