CULT Food Science Portfolio Company MeliBio Provides Operational Updates and Guidance on New Initial Fundraising

MeliBio continues to demonstrate exponential growth in the commercialization of its new cell-based honey and in the expansion of distribution in restaurants

VANCOUVER, BC, January 17, 2022 /CNW/ – CULT Food Science Corp. (“CULT” or the “Company”) (CSE: CULT), an innovative investment platform focused exclusively on clean, lab-grown food that advances the development of new technologies to provide a sustainable, environmental and ethical solution to the global crises in factory farming and agriculture. aquaculture, is pleased to announce that its holding company, MeliBio Inc. (“MéliBio“) recently provided a business update with numerous value creation highlights regarding its sales, R&D pipeline, fundraising and PR efforts, among others.

CULT Food Science Corp. (CNW Group/CULT Food Science Corp.)

In the third quarter of 2021, MeliBio put its bee-free honey on the menu of several vegan restaurants in New York City and elsewhere in New York. Its honey is used in innovative dishes such as vegan baklava pancakes and honey roasted garlic. Brussels cabbage. MeliBio exhibited at the Plant Based World Expo in New York City, was invited to present at the TED Women conference in Palm Springs and was also presented by celebrity chef Matthew Kenny and celebrity vegan chef Priyanka Naik on their social media channels.

On the fundraising side, MeliBio attracted more than $2 million as part of a rolling capital increase from the date hereof, on the basis of a $25 million post-monetary valuation. MeliBio continues to conduct various diligent conversations to close this $5 million seed funding round. In September 2021, CULT made an investment in MeliBio via SAFE at a valuation ceiling of US$6 million. This recent rise in MeliBio demonstrates accelerating market returns for the company in just over a quarter, further validating its cell-based investment thesis.

In addition, MeliBio revealed that it has identified a co-manufacturer to produce its first commercial series of vegetable honey in Colorado; interviews food scientists and other key professionals to develop new plant-based honey flavors; and accessed a new space in Oakland, California which will become an R&D kitchen. With respect to its microbial fermented honey research, MeliBio continues to interview scientists and assess the best path to advance its science, while also filing a conversion of its Provisional Patent Application to a Cooperation Treaty Application. in patent matters.

Short-term milestones for MeliBio include completing a first commercial production cycle with a co-packer; expand its team in both plant and microbial fermentation and create a kitchen area in Oakland; close its seed funding cycle; and deployment in more restaurants and with business-to-business customers who will use MeliBio honey in the formulation of their products.

MeliBio also announced that it had received the JUST Food magazine’s Excellence Award in the Innovation category and that it was one of the three winners of a global food technology presentation competition called FoodHack, which allowed MeliBio to receive investment from the syndicate and exposure to the European market. community of food technology investors. As previously announced, another recent media achievement to highlight is the inclusion of MeliBio by TIME in the 2021 edition of its annual issue “Top 100 Inventions of The Year”.

Management commentary

“At CULT Food Science, we are proud and excited about our investment in MeliBio and congratulate Mr. Mandich and his team for bringing MeliBio to this point in such a short time. Honey made without bees is an important innovation for global food industry as it alleviates some of the pressure on its fragile supply chain and the environment,” said Dorian banks, CEO of CULT. “MeliBio’s multi-faceted investor update shows it is gaining ground on several fronts, all of which strengthen its competitive strategy, brand image and ultimate value for the benefit of shareholders, stakeholders and consumers” , Mr. Banks added.

Commitment of the service provider

The Company is also pleased to announce that it has entered into an agreement with Calgaryto Meadowbank Strategic Partners Inc. (“meadowbank“or the”advice“) to provide investor relations, capital markets and business development advisory services. The agreement between the Company and the Board is for an initial term of 12 months, commencing on January 5, 2022, for a minimum cash fee of $6,000 per month plus GST. Neither Meadowbank nor any of its directors and officers currently own securities of the Company. However, and pursuant to a previously announced issuance, an affiliate of Meadowbank was granted 300,000 options to purchase common stock of the Company at a price of $0.10 per share. Fees payable to the Board will be paid from the Company’s available working capital. Meadowbank is an arm’s length party to the Company. Meadowbank’s business address is 422 22 Avenue NE, Calgary, AB, T2E 1T7, his phone number is +1-403-978-3801 and his email address is [email protected] The contract is subject to any necessary approval by the Canadian Securities Exchange.

About MeliBio

MeliBio is the pioneer of an exclusive technology based on plant biology, precision fermentation and food science that replaces bees with microorganisms as a means of producing honey. The company was founded by scientist Aaron Schaller, PhD and veteran honey industry executive Darko Mandich in 2020, both passionate about sustaining the $10 billion global honey industry, with a positive impact on bees.

MeliBio not only strives to bring the familiar delicious taste of honey, but it has a strong focus on creating a non-animal product that works the same as the animal analogue and provides the incredible benefits associated with honeys from high quality. By harnessing microbiology and plant-based food science, MeliBio creates clean, sustainable honey, with the same nutritional composition and richness as honey made by bees.

About CULT Food Science

CULT Food Science Corp. (CSE: CULT) is an innovative investment platform focused exclusively on clean, lab-grown foods 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 start-up, private or start-up cultured meat and cultured dairy companies around the world.

Additional information may be found by viewing the Company’s website at www.cultfoodscience.com or its regulatory filings at www.sedar.com.

On behalf of the Company’s Board of Directors,

CULT FOOD SCIENCE CORP.

“Dorian Banks”
Dorian banks, CEO

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”, “could”, “could”, “should” or “will” be taken or 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.

SOURCE CULT Food Science Corp.

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