The collaboration creates an opportunity to penetrate the
Asian market with 3D-bioprinted structured seafood
products
REHOVOT, Israel, July 12,
2022 /PRNewswire/ -- MeaTech 3D Ltd. (Nasdaq: MITC)
("MeaTech"), an international deep-tech food company at the
forefront of the cultured meat industry, is pleased to announce
that it has signed a memorandum of understanding with Umami Meats
for the joint development of 3D-printed cultured structured
seafood.
Umami Meats is a Singapore-based cultured seafood company with
a focus on developing species that are expected to experience
severe supply-side shortages in the coming years due to climate
change, overfishing and continuously growing consumer demand. The
global seafood market was estimated to be worth US $110.2 billion by 2022 and is growing at a CAGR
of 3.6% (FMI - The Food Industry Association).
This collaboration opens a door for both companies into the
Asian market, and Singapore
specifically, which is currently the only country that has
authorized the production and distribution of cultured meat.
The agreement is part of MeaTech's strategy of collaboration
with other players in the alternative protein space and takes
advantage of the company's flexibility in its technological and
biological capabilities to develop and print a wide variety of
species. With this agreement, MeaTech will be adding seafood to its
portfolio of bovine, avian and porcine products under
development.
The company's innovative 3D bioprinting technology can produce
complex meat products with pinpoint precision at an industrial rate
of production without impacting cell viability. Through the
company's private subsidiary, MeaTech is developing and
commercializing its 3D-printing capabilities in-house and to third
parties in the food-tech sector.
MeaTech also sees this collaboration as an opportunity to make a
valuable contribution to helping preserve marine ecosystems and
wildlife while addressing the environmental challenges surrounding
the aquaculture and fishing industries.
Arik Kaufman, MeaTech's Chief
Executive Officer & Founder: "We are very pleased about
this new agreement which reflects our commercialization strategy of
industry collaboration using our unique 3D printing capabilities.
We are excited about entering into the seafood sector and believe
it will lead us to new market pathways throughout Asia and worldwide."
Mihir Pershad, Umami Meats'
Chief Executive Officer & Founder: "We are delighted to
establish this collaboration with MeaTech to expand our product
range with their 3D printing capabilities. This partnership will
enable us to build upon our technology platform for cultivating
fish muscle and fat to produce a variety of structured products
that meet the desires of discerning consumers. We believe
cultivated seafood holds tremendous potential to provide a local,
sustainable source of healthy protein and to address many of the
challenges facing our food system and our oceans."
About MeaTech
MeaTech 3D Ltd. is an international deep-tech food company 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.
MeaTech is developing a sustainable,
slaughter-free solution for producing a variety of beef,
chicken and pork products, both as raw materials and whole cuts.
The company's approach to meat production and modular factory
design will provide an alternative to industrialized animal farming
with the potential to enhance food security, reduce carbon
footprint, and minimize water and land usage.
For more information, please visit:
https://meatech3d.com
About Umami Meats
Umami Meats is cultivating a sustainable seafood future by
producing delicious, nutritious, affordable cultivated seafood that
is better for our health, our oceans and our future. Umami Meats'
cultivated, not-caught seafood offers equivalent nutrition to
traditional seafood and provides a delicious culinary experience
that is free from heavy metals, antibiotics and microplastics.
Umami Meats has also been recognized as a Semi-Finalist in the
XPRIZE Feed the Next Billion competition, Fi Global Startup
Innovation Challenge finalist, member of Forward Fooding's 2021
FoodTech 500 list, and as the Best Emerging Sustainable Seafood
Company – Southeast Asia in the
2021 Global Green Business Awards.
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.
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SOURCE MeaTech 3D Ltd.