CULT Food Science Corp (CSE:CULT, OTCQB:CULTF) has announced the successful completion of its joint venture transaction with Peqish Group, Food & Hospitality Inc which was finalized under an agreement involving the exchange of $187,500 worth of shares.
Cult Food issued 1,921,500 common shares to Peqish, while Peqish issued 46,937 common shares to Cult Food. The shares issued by Cult Food will be subject to a four-month hold period expiring on September 19, 2023, followed by a contractual 12-month hold period until May 18, 2024. On the other hand, the shares issued by Peqish will be subject to an indefinite statutory hold period due to its status as a private issuer.
In addition to the share exchange, Cult Food and Peqish entered into a joint venture agreement. This strategic collaboration aims to develop and commercialize cellular agriculture food products within the medical food framework established by Peqish. The joint venture holds promise for creating innovative products that have a positive impact on health and nutrition.
In a statement, Lejjy Gafour, the CEO of Cult Food, expressed enthusiasm about the partnership, commenting: "Working together with Peqish will allow us to create foods that have a measurable positive impact. Being able to create products that have a real effect through what we eat is going to be an important aspect at the frontier of food and health."
Dr Anthony Marotta, the CEO of Peqish, also emphasized the significance of the deal, saying: "The approval of this transformative deal signifies a crucial milestone in leveraging cellular agriculture for the betterment of the environment and humanity. The products we will develop have the potential to address significant clinical imperatives, challenging conventional approaches to disease prevention and treatment."
Cult Food is a pioneering company in North America, focusing on the investment, development, and commercialization of cellular agriculture technologies and products. Through its global portfolio of companies and venture studio, Cult Food provides investors with unprecedented exposure to innovative start-ups in the cultured food industry, including cultivated meat and cell-based dairy companies.
This collaboration with Peqish represents a significant step forward for both companies, as they aim to revolutionize the future of food and health through their joint efforts.
Contact the author at jon.hopkins@proactiveinvestors.com