Home Cellular science CULT Food Science Signs Letter of Intent to Acquire Food Revolution Media

CULT Food Science Signs Letter of Intent to Acquire Food Revolution Media


Toronto, OntarioCULT Food Science Corp. (“CULT” or the “Company”) (CSE: CULT) (OTC: CULTF) (FRA: LN0), an innovative investment platform focused exclusively on cellular agriculture that advances the development of new technologies to provide a sustainable environment, an environmental and ethical solution to the global factory farming and aquaculture crises, is pleased to announce that it has signed a Letter of Intent (the “LOI”) pursuant to which the Company and Food Revolution Media Inc. (“FRM”) intend to enter into a share-based transaction (the “Proposed Transaction”) which would see CULT acquire 100% of the issued and outstanding shares of FRM. FRM’s core business is the publication of news, interviews and editorials on its 100% owned and operated online domain and social media accounts, with a particular focus on early stage companies. early growth in the plant-based and cell-based food sectors.

FRM’s main assets include, but are not limited to, the “Plant Finance” brand, the website domain and corresponding social media profiles on Twitter, Instagram, Facebook, as well as the “Cell-Based Finance” brand. and the “CellBased_Fin” profile on Twitter. Created in 2020, the ‘Plant Finance’ website located at https://www.plantfinance.news/ has become a trusted source of information on the plant and cell-based food industry. The brand currently has over 84,000 average monthly impressions and over the past 12 months has generated over 1 million total impressions from a current audience of approximately 3,000. Launched most recently in early 2022, FRM’s “CellBased_Fin” profile already has over 307,000 average monthly impressions and an audience of over 2,000 people. Subject to the closing of the proposed transaction, CULT expects to retain all of FRM’s current employees and contractors who have key skills, knowledge and relationships in FRM’s assets as well as food-related markets. .

The increasing growth rate and level of interest in cellular agriculture and cellular investment is evident in FRM data. Accordingly, the proposed transaction is viewed by CULT’s management as accretive to amplifying the narrative surrounding its investment portfolio as well as its development of intellectual property in the form of patents and other similar assets. As the global food supply chain continues to be challenged due to the COVID-19 pandemic and the invasion of Ukraine, which have led to a significant increase in the costs of fertilizers and energy, among other inputs, the Company considers this to be a critical time to raise awareness of cellular agriculture. Cell-based foods are growing rapidly and should be a viable option to improve the sustainability of the global food system in the short and long term.

The proposed transaction is expected to be completed in accordance with prospectus exemptions available under applicable securities laws. CULT and FRM have agreed to negotiate in good faith the terms of a definitive written agreement regarding the proposed transaction within 60 days of the letter of intent. The proposed transaction is subject to the receipt of all necessary regulatory approvals, including, as applicable, the approval of the Canadian Securities Exchange (the “CSE”), the performance of reasonable due diligence or customary in a transaction of a similar nature, and the conclusion of a definitive agreement, among other conditions. The Proposed Transaction would be an arm’s length transaction for CULT and would not constitute a fundamental change or result in a change of control of the Company, within the meaning of the policies of the CSE.

Management commentary

‘Entering this letter of intent with the intent to acquire FRM marks a strategic move for CULT Food Science as we aim to further harness the power of social media to advance important messages around cellular agriculture in these times of inflationary food prices. The prospect of adding a significant number of people to our audience, who are interested in both food and capital markets, is exciting and we look forward to entering into a definitive agreement for the transaction in the near future.” , said Lejjy Gafour, president of CULT. “Now that CULT is connected to a broad portfolio of companies in the cellular agriculture industry, it’s time to amplify our unique model and provide people with more information to help them understand that various potential solutions global food crises and supply chain issues are on the horizon,” added Mr Gafour.

About CULT Food Science

CULT Food Science Corp. is an innovative investment platform focused exclusively on cellular agriculture that advances the development of new 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 unparalleled exposure to the most innovative, private or early-stage cultured meat, cell-based dairy, and other cultured food companies around the world .


Tel: +1 (833) HEY-CULT (+1 (833) 439-2858)

Email: [email protected]

Web: www.CULTFoodScience.com

Forward-looking information:

The information contained in this press release may involve forward-looking statements. Forward-looking statements are statements that relate to future and 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”, “might”, “should” or “will” be undertaken or will occur, or other similar expressions. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, or other future events, to differ materially from the results, performance or future achievements expressed or implied by such forward-looking statements. These factors include, but are not limited to, the following risks: those associated with the marketing and sale of securities; the need for additional funding; reliance on key personnel; the potential for conflicts of interest between certain officers or directors with certain other projects; and the volatility of the price and volume of the Common Shares. Forward-looking statements are made based on the beliefs, estimates and opinions of management as of the date the statements are made and, except as required by law, the Company undertakes no obligation to update any forward-looking statements. whether these beliefs, estimates and opinions or other circumstances should prevail. Investors are cautioned against attributing undue certainty to forward-looking statements. For additional information on risk, investors should consult the Company’s MD&A and other disclosure documents filed with regulatory authorities which can be found at www.sedar.com.