The company continued to develop the technology, R&D
and marketing infrastructure necessary to accelerate toward
commercialization of cultured meat
REHOVOT, Israel, May 31, 2022
/PRNewswire/ -- MeaTech 3D Ltd. (Nasdaq: MITC) ("MeaTech") today
reported its financial results for Q1 2022 and provided a business
update. MeaTech is an international group of deep-tech food
companies at the forefront of the cultured meat industry. MeaTech
Group uses science and technology to develop high-quality real meat
products made from cells rather than farm-raised animals that are
delicious, nutritious and safer than conventional meat.
Q1 2022 Financial Results Summary
- Research and development expenses totaled $2.1 million in the three months ending
March 31, 2022, compared to
$1.1 million in the same period in
2021. The 90% increase is mainly due to the addition of the
company's Belgian subsidiary and reflects MeaTech Group's growing
investment in research and development as it achieves its
milestones and expands its cultured meat technology
capabilities.
- General and administrative expenses totaled $2.1 million in the three months ending
March 31, 2022, compared to
$2.7 million in the same period in
2021. The 23% decrease is driven by lower share-based payment
expenses, partially offset by higher D&O insurance expenses in
the three months ending March 31,
2022.
- Marketing expenses totaled $1.1
million in the three months ending March 31, 2022, compared to $0.3 million in the same period in 2021. The 228%
increase is mainly the result of share-based payment expenses of
$0.5 million, and the company's
growing investment in marketing activities.
- Operating loss totaled $5.3
million in the three months ending March 31, 2022, compared to $4.2 million in the same period in 2021. The 26%
increase in the operating loss reflects the growing investment of
MeaTech Group in research and development as well as marketing
activities.
- Total comprehensive loss totaled $5.7 million in the three months ending
March 31, 2022, or 40 cents per ordinary share ($4.00 per ADS), compared to $4.4 million, or 40
cents per ordinary share ($4.00 per ADS), in the same period in 2021.
- Cash flow used in operating activities totaled
$2.8 million in the three months
ending March 31, 2022, compared to
$1.2 million in the same period in
2021, reflecting a 137% increase, driven mainly by increased
research and development expenditures of MeaTech Group.
- Cash flow used in investment activities totaled
$1.0 million in the three months
ending March 31, 2022, compared to
$5.4 million in the same period in
2021, reflecting an 81% decrease. This resulted mainly from the
$4.8 million cash component paid in
the acquisition of Peace of Meat in Q1 2021.
- Cash flow from financing activities was $0.0 million in the three months ending
March 31, 2022, compared to
$28.2 million in the same period in
2021, during which the company completed its Nasdaq initial public
offering.
- Cash and cash equivalents were $15.3 million on March 31,
2022, compared to $19.2
million at year-end 2021, a decrease of 20%. The decrease
was mainly due to the company's ongoing operations.
- Current assets decreased by 23% to $16.9 million on March 31,
2022 from $22.1 million at
year-end 2021, as a result of ongoing operations.
- Non-current assets increased by 25% to $23.2 million on March 31,
2022 from $18.5 million at
year-end 2021, due mainly to a $4.1
million long-term lease asset of its new premises, offset by
the recognition of a lease liability in the same amount in
accordance with IFRS requirements.
- Total capital decreased 13% to $32.6 million on March 31,
2022, down from $37.6 million
at year-end 2021. The decrease was mainly the result of ongoing
operations.
Arik Kaufman, MeaTech's Chief
Executive Officer: "In just the first quarter of 2022,
we have shown our rapid pace of progress toward commercialization.
Our recent technological and scientific advancements and business
activities have put us firmly on a path toward scaling our unique
solution for the sustainable production of a wide variety of
cultured meat products."
Business highlights and developments during Q1 2022
- Promising results with muscle stem cell differentiation:
In February, MeaTech announced the successful development of a
novel technology process in which muscle cells are fused into
significant muscle fibers that better resemble those in whole cuts
of meat. Bovine stem cells were isolated, proliferated in the lab,
and differentiated into matured muscle cells with improved muscle
fiber density, thickness and length. Based on these improvements,
MeaTech has filed a provisional patent application with the
USPTO.
- New headquarters to widen R&D activity: In March,
the company moved to new, more spacious headquarters with
state-of-the-art laboratories in Rehovot, Israel, the epicenter of the country's
food-tech sector. The new space allows the company to enhance its
cultured meat R&D and 3D bioprinting technology and continue
growing the biology and engineering teams with a more expansive lab
facility. The new headquarters also features a tasting kitchen.
- Expansion of cultivated meat operation into the US to
accelerate go-to-market strategy: In March 2022, MeaTech announced that it will be
opening a US office. The new space will include activities in
research and development, investor relations, and business
development. MeaTech US will be another indication of the company's
rapid growth and scaling efforts.
- Peace of Meat pilot plant and R&D facility in
Belgium: In March, MeaTech
announced that its wholly owned Belgian subsidiary, Peace of Meat,
will build an R&D facility and pilot plant in Belgium, with construction expected to
commence in 2022. The new facility will expand and accelerate the
MeaTech Group's cultured avian technology and R&D capabilities
and help propel the company's market entry.
- First-of-its-kind tasting event with Israeli anchor
investors: In March, MeaTech hosted a tasting event at the
company's headquarters with its Israeli anchor investors, including
prominent food industry investors. Guests toured the labs and
R&D facilities, observed the company's 3D printing
capabilities, and tasted hybrid chicken nuggets made with plant
protein combined with cultured chicken developed by Peace of
Meat.
- Breakthrough in 3D bioprinting capabilities: In May,
MeaTech announced the development of a unique, multi-nozzle 3D
bioprinting system for industrial scale production of complex
cultured meat products without impacting cell viability. The
company plans to offer the technology to third parties via a wholly
owned private MeaTech subsidiary as an additional revenue stream
and to accelerate commercialization.
- Strategic agreement between Peace of Meat and ENOUGH: In
May, Peace of Meat signed a strategic agreement with ENOUGH, a
leader in the field of mycoprotein, a fungi-based fermented food
ingredient, to accelerate commercialization. This innovative
initiative is expected to create game-changing hybrid alternative
meat products that better resemble the flavor, aroma, texture, and
even nutritional value of conventional meat.
- MeaTech joins the United Nations Global Compact: In May,
the company joined the UN Global Compact initiative, committing to
ten universally accepted principles in the areas of human rights,
labor, environment, and anti-corruption and to act in support of UN
goals and issues embodied in the UN's Sustainable Development Goals
(SDGs).
Unaudited Condensed
Consolidated Interim Information on the Financial
Position
|
|
|
|
|
|
As of
March 31
|
|
|
As of
March 31
|
|
|
As of
December 31
|
|
|
|
|
2022
|
|
|
2021
|
|
|
2021
|
|
|
|
|
USD
thousands
|
|
|
USD
thousands
|
|
|
USD
thousands
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
15,257
|
|
|
|
35,971
|
|
|
|
19,176
|
|
|
Other
investment
|
|
|
151
|
|
|
|
144
|
|
|
|
154
|
|
|
Receivables and prepaid
expenses
|
|
|
1,513
|
|
|
|
391
|
|
|
|
2,782
|
|
|
Total current
assets
|
|
|
16,921
|
|
|
|
36,506
|
|
|
|
22,112
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted
deposits
|
|
|
415
|
|
|
|
50
|
|
|
|
405
|
|
|
Other
investment
|
|
|
1,333
|
|
|
|
1,259
|
|
|
|
1,355
|
|
|
Right-of-use
asset
|
|
|
4,050
|
|
|
|
294
|
|
|
|
407
|
|
|
Intangible
assets
|
|
|
13,196
|
|
|
|
9,805
|
|
|
|
13,453
|
|
|
Fixed assets,
net
|
|
|
4,183
|
|
|
|
1,797
|
|
|
|
2,922
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-current
assets
|
|
|
23,177
|
|
|
|
13,205
|
|
|
|
18,542
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
|
40,098
|
|
|
|
49,711
|
|
|
|
40,654
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade
payables
|
|
|
746
|
|
|
|
1,357
|
|
|
|
382
|
|
|
Other
payables
|
|
|
2,628
|
|
|
|
1,419
|
|
|
|
2,239
|
|
|
Current maturities of
lease liabilities
|
|
|
488
|
|
|
|
207
|
|
|
|
165
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
3,862
|
|
|
|
2,983
|
|
|
|
2,786
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term lease
liabilities
|
|
|
3,595
|
|
|
|
96
|
|
|
|
246
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-current liabilities
|
|
|
3,595
|
|
|
|
96
|
|
|
|
246
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share capital and
premium on shares
|
|
|
70,059
|
|
|
|
67,243
|
|
|
|
69,610
|
|
|
Capital
reserves
|
|
|
4,026
|
|
|
|
2,004
|
|
|
|
3,708
|
|
|
Currency translation
differences reserve
|
|
|
515
|
|
|
|
(8)
|
|
|
|
1,275
|
|
|
Accumulated
deficit
|
|
|
(41,959)
|
|
|
|
(22,607)
|
|
|
|
(36,971)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Equity
|
|
|
32,641
|
|
|
|
46,632
|
|
|
|
37,622
|
|
|
Total liabilities and Equity
|
|
|
40,098
|
|
|
|
49,711
|
|
|
|
40,654
|
|
|
Unaudited Condensed
Consolidated Interim Information on Comprehensive
Income
|
|
|
|
3-month
period
ended
March 31,
|
|
|
3-month
period
ended
March 31,
|
|
|
Year ended
December
31,
|
|
|
|
2022
|
|
|
2021
|
|
|
2021
|
|
|
|
USD
thousands,
except share
data
|
|
|
USD
thousands,
except share
data
|
|
|
USD
thousands,
except share
data
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development expenses
|
|
|
2,142
|
|
|
|
1,126
|
|
|
|
7,594
|
|
Marketing
expenses
|
|
|
1,051
|
|
|
|
320
|
|
|
|
1,628
|
|
General and
administrative expenses
|
|
|
2,118
|
|
|
|
2,760
|
|
|
|
8,010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
|
|
5,311
|
|
|
|
4,206
|
|
|
|
17,232
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing expenses
(income), net
|
|
|
(323)
|
|
|
|
(548)
|
|
|
|
790
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the period
|
|
|
4,988
|
|
|
|
3,658
|
|
|
|
18,022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Currency translation
differences loss (income) that might be
transferred to profit or loss over ILS
|
|
|
515
|
|
|
|
551
|
|
|
|
(1,942)
|
|
Currency translation
differences loss that might be transferred to
profit or loss over EUR
|
|
|
245
|
|
|
|
237
|
|
|
|
1,447
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive
loss for the period
|
|
|
5,748
|
|
|
|
4,446
|
|
|
|
17,527
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per ordinary share, no par value
(USD)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted loss
per share (USD)
|
|
|
0.040
|
|
|
|
0.040
|
|
|
|
0.155
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number
of shares outstanding - basic and
diluted (shares)
|
|
|
126,235,376
|
|
|
|
90,346,518
|
|
|
|
115,954,501
|
|
Unaudited Condensed
Consolidated Interim Information on Changes in Equity
(Deficit)
|
|
|
|
Share and capital
premium
|
|
|
Fair value
of financial assets reserve
|
|
|
Transactions with
related parties
reserve
|
|
|
Currency translation differences reserve
|
|
|
Share-based payments reserve
|
|
|
Accumulated
deficit
|
|
|
Total
|
|
|
|
USD
thousands
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of January 1, 2022
|
|
|
69,610
|
|
|
|
(334)
|
|
|
|
14
|
|
|
|
1,275
|
|
|
|
4,028
|
|
|
|
(36,971)
|
|
|
|
37,622
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
payments
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
714
|
|
|
|
-
|
|
|
|
714
|
|
Exercise of
options
|
|
|
449
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(396)
|
|
|
|
|
|
|
|
53
|
|
Other comprehensive
(loss)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(760)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(760)
|
|
Loss for the
period
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(4,988)
|
|
|
|
(4,988)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of March 31, 2022
|
|
|
70,059
|
|
|
|
(334)
|
|
|
|
14
|
|
|
|
515
|
|
|
|
4,346
|
|
|
|
(41,959)
|
|
|
|
32,641
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of January 1, 2021
|
|
|
30,481
|
|
|
|
(334)
|
|
|
|
14
|
|
|
|
780
|
|
|
|
3,639
|
|
|
|
(18,949)
|
|
|
|
15,631
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based
Payment
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,879
|
|
|
|
-
|
|
|
|
1,879
|
|
Issuance of shares and
warrants, net
|
|
|
30,357
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
30,357
|
|
Exercise of
options
|
|
|
6,405
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,194)
|
|
|
|
|
|
|
|
3,211
|
|
Other comprehensive
(loss)
|
|
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(788)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(788)
|
|
Loss for the
period
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(3,658)
|
|
|
|
(3,658)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of March 31, 2021
|
|
|
67,243
|
|
|
|
(334)
|
|
|
|
14
|
|
|
|
(8)
|
|
|
|
2,324
|
|
|
|
(22,607)
|
|
|
|
46,632
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of January 1, 2021
|
|
|
30,481
|
|
|
|
(334)
|
|
|
|
14
|
|
|
|
780
|
|
|
|
(3,639)
|
|
|
|
(18,949)
|
|
|
|
15,631
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
payments
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
3,965
|
|
|
|
-
|
|
|
|
3,965
|
|
Issuance of shares and
warrants, net
|
|
|
32,330
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32,330
|
|
Exercise of
options
|
|
|
6,799
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(3,576)
|
|
|
|
-
|
|
|
|
3,223
|
|
Other comprehensive
income
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
495
|
|
|
|
-
|
|
|
|
-
|
|
|
|
495
|
|
Loss for the
period
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(18,022)
|
|
|
|
(18,022)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2021
|
|
|
69,610
|
|
|
|
(334)
|
|
|
|
14
|
|
|
|
1,275
|
|
|
|
4,028
|
|
|
|
(36,971)
|
|
|
|
37,622
|
|
Unaudited Condensed
Consolidated Interim Information on Cash Flows
|
|
|
|
Three months
ended March 31, 2022
|
|
|
Three months
ended March 31,
2021
|
|
|
Year ended
December 31, 2021
|
|
|
|
USD
thousands
|
|
|
USD
thousands
|
|
|
USD
thousands
|
|
Cash flows – operating
activities
|
|
|
|
|
|
|
|
|
|
Net Loss for the
period
|
|
|
(4,988)
|
|
|
|
(3,658)
|
|
|
|
(18,022)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
382
|
|
|
|
109
|
|
|
|
680
|
|
Change in fair value of
derivative
|
|
|
-
|
|
|
|
(304)
|
|
|
|
(316)
|
|
Change in fair value of
other investment
|
|
|
(44)
|
|
|
|
(74)
|
|
|
|
(193)
|
|
Changes in net foreign
exchange expenses
|
|
|
(340)
|
|
|
|
(174)
|
|
|
|
1,279
|
|
Share-based payment
expenses
|
|
|
714
|
|
|
|
1,879
|
|
|
|
3,965
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in asset and liability
items:
|
|
|
|
|
|
|
|
|
|
|
|
|
Decrease (increase) in
receivables and prepaid expenses
|
|
|
1,203
|
|
|
|
(50)
|
|
|
|
(2,351)
|
|
Increase (decrease) in
trade payables
|
|
|
(382)
|
|
|
|
736
|
|
|
|
(97)
|
|
Increase in other
payables
|
|
|
615
|
|
|
|
336
|
|
|
|
1,095
|
|
Net cash (used in) operating
activities
|
|
|
(2,840)
|
|
|
|
(1,200)
|
|
|
|
(13,960)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows – investment
activities
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of fixed
assets
|
|
|
(800)
|
|
|
|
(219)
|
|
|
|
(1,828)
|
|
Increase of restricted
deposit
|
|
|
(19)
|
|
|
|
-
|
|
|
|
(337)
|
|
Loan
provided
|
|
|
-
|
|
|
|
(367)
|
|
|
|
(367)
|
|
Acquisition of
subsidiary, net of cash acquired
|
|
|
(188)
|
|
|
|
(4,848)
|
|
|
|
(6,808)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing
activities
|
|
|
(1,007)
|
|
|
|
(5,434)
|
|
|
|
(9,340)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows – financing
activities
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance
of shares and warrants
|
|
|
-
|
|
|
|
29,281
|
|
|
|
29,281
|
|
Issuance
costs
|
|
|
-
|
|
|
|
(3,283)
|
|
|
|
(3,283)
|
|
Repayment of liability
for lease
|
|
|
(118)
|
|
|
|
(58)
|
|
|
|
(346)
|
|
Proceeds on account of
other investment
|
|
|
38
|
|
|
|
37
|
|
|
|
149
|
|
Proceeds from exercise
of share options
|
|
|
53
|
|
|
|
3,211
|
|
|
|
3,222
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) financing
activities
|
|
|
(27)
|
|
|
|
29,188
|
|
|
|
29,023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in
cash and cash equivalents
|
|
|
(3,874)
|
|
|
|
22,554
|
|
|
|
5,723
|
|
Effect of exchange
differences on cash and cash equivalents
|
|
|
(45)
|
|
|
|
(137)
|
|
|
|
(103)
|
|
Cash and cash
equivalents at the beginning of the period:
|
|
|
19,176
|
|
|
|
13,556
|
|
|
|
13,556
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of
period
|
|
|
15,257
|
|
|
|
35,973
|
|
|
|
19,176
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncash activities
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of fixed
assets
|
|
|
756
|
|
|
|
222
|
|
|
|
57
|
|
Issue of shares and
options against intangible asset
|
|
|
-
|
|
|
|
4,359
|
|
|
|
6,332
|
|
About MeaTech
MeaTech is an international group of deep-tech food companies at
the forefront of the cultured meat revolution. The company
initiated activities in 2019 and is listed on the Nasdaq Capital
Market under the ticker "MITC". MeaTech maintains facilities in
Rehovot, Israel and Antwerp, Belgium and is in the process of
expanding activities to the US. The company believes cultivated
meat technologies hold significant potential to improve meat
production, simplify the meat supply chain, and offer consumers a
range of new product offerings.
MeaTech aims to provide an alternative to industrialized animal
farming that dramatically reduces carbon footprint, minimizes water
and land usage, and prevents the slaughtering of animals. With a
modular factory design, MeaTech aims to offer a
sustainable solution for producing a variety of beef, chicken
and pork products, both as raw materials and whole cuts.
For more information, please visit: https://meatech3d.com
Forward-Looking Statements
This press release contains forward-looking statements
concerning MeaTech's business, operations and financial performance
and condition as well as plans, objectives, and expectations for
MeaTech's business operations and financial performance and
condition. Any statements that are not historical facts may be
deemed to be forward-looking statements. Forward-looking statements
reflect MeaTech's current views with respect to future events and
are based on assumptions and subject to known and unknown risks and
uncertainties, which change over time, and other factors that may
cause MeaTech's actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. Forward-looking statements include, without limitation,
any statement that may predict, forecast, indicate or imply future
results, performance or achievements, and are typically identified
with words such as "may," "could," "should," "will," "would,"
"believe," "anticipate," "estimate," "expect," "aim," "intend,"
"plan" or words or phases of similar meaning and include, without
limitation, MeaTech's expectations regarding the success of its
cultured meat manufacturing technologies it is developing, which
will require significant additional work before MeaTech can
potentially launch commercial sales; MeaTech's research and
development activities associated with technologies for cultured
meat manufacturing, including three-dimensional meat production,
which involves a lengthy and complex process; MeaTech's ability to
obtain and enforce its intellectual property rights and to operate
its business without infringing, misappropriating, or otherwise
violating the intellectual property rights and proprietary
technology of third parties; and other risks and uncertainties,
including those identified in MeaTech's Annual Report on Form 20-F
for the fiscal year ended December 31,
2021, filed with the Securities and Exchange Commission on
March 24, 2022. New risks and
uncertainties may emerge from time to time, and it is not possible
for MeaTech to predict their occurrence or how they will affect
MeaTech. If one or more of the factors affecting MeaTech's
forward-looking information and statements proves incorrect, then
MeaTech's actual results, performance or achievements could differ
materially from those expressed in, or implied by, forward-looking
information and statements contained in this press release.
Therefore, MeaTech cautions you not to place undue reliance on its
forward-looking information and statements. MeaTech disclaims any
duty to revise or update the forward-looking statements, whether
written or oral, to reflect actual results or changes in the
factors affecting the forward-looking statements, except as
specifically required by law.
MeaTech Press Contact:
|
MeaTech Investor
Contacts:
|
Maissa
Dauriac
Rainier Communications
mdauriac@rainierco.com
|
Joseph Green
Edison Group
jgreen@edisongroup.com
|
Ehud Helft
Edison Israel
ehelft@edisongroup.com
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/meatech-reports-financial-results-for-q1-2022-and-provides-business-update-301557754.html
SOURCE MeaTech 3D Ltd.