Eat Just’s Good Meat Division to Sell New Types of Cultivated Chicken Products Including Chicken Breast in Singapore – the World’s Only Approved Marketplace for Cell-Based Meats
VANCOUVER, BC, Dec. 20, 2021 /CNW/ – CULT Food Science Corp. (“CULT” or the “Company”), an innovative investment platform with an exclusive focus on clean, lab-grown food 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 announce that its San Francisco, California-based portfolio company, Eat Just, Inc. (“Eat Just” or the “Portfolio Company“) has recently received approval from the Singapore Food Agency (the “SFA Approval“) to sell new types of cultivated chicken products, including chicken breast, beginning next year.
The SFA Approval is aligned with Singapore’s target to produce 30% of its nutritional needs in-country by 2030, via the combination of cell-based agriculture and other innovative technologies. Cell-based proteins are being represented as potentially more sustainable, environmentally friendly, and scalable than traditional meat products, as large volumes of cell-cultured foods can be produced using less land and labour. As previously announced, Eat Just’s GOOD Meat division (“GOOD Meat“) completed a US$97 million financing, as part of a total US$267 million round, thereby setting a record for the cultured meat industry.
Eat Just was founded in 2011 and surpassed a US$1 billion valuation in 2016. Eat Just formed the GOOD Meat division in 2017 when CULT’s Portfolio Company announced that it was developing a lab-grown meat product to make chicken nuggets. GOOD Meat produces meat products in a controlled, sterile environment from a single cell, thereby removing slaughter from the process and significantly lowering the risk of food-borne illness. The cell-based meat is more safely produced by being grown in a bioreactor in a fluid primarily containing the simple components of amino acids, sugar, and salt.
Further, Eat Just recently announced plans for private tasting sessions of its newly approved chicken products being hosted at the JW Marriott Hotel Singapore South Beach during the week of December 20, 2021. CULTs Portfolio Company also provided guidance that its novel cell-based chicken breast expects to be integrated at various hawker centre stalls in Singapore, including the renowned Loo’s Hainanese Curry Rice in Tiong Bahru.
“CULT applauds Eat Just’s receipt of additional approvals from the Singapore Food Agency as continued evidence of its industry leading production, compliance and innovation capabilities. A core holding of CULT’s investment portfolio, GOOD Meat’s progress further crystalizes CULT as the most accessible and democratized pure-play platform for cell-based foods and associated IP and research opportunities,” said Dorian Banks, CEO of CULT.
About CULT Food Science
CULT Food Science Corp. is an innovative investment platform with an exclusive focus on clean, lab-grown food that is advancing the development of novel 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 unprecedented exposure to the most innovative start-up, private or early-stage cultivated meat and cultured dairy companies around the world.
On behalf of the Board of Directors of the Company,
CULT FOOD SCIENCE CORP.
Dorian Banks, CEO
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SOURCE CULT Food Science Corp.