US$10 Million Investment Will Enable the Creation of the First-Ever U.S. Government-Funded Cultivated Protein Research Center of Excellence and Marks the USDA's Inaugural Investment in Cultivated Foods
VANCOUVER, BC, Oct. 21, 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 applaud the US Department of Agriculture's (the "USDA") US$10 million of funding invested in the development of the first-ever Institute for Cellular Agriculture (the "Institute"). The USDA's funding for the first federally funded cellular agriculture-focused Institute is a significant milestone for the field, which further validates cellular agriculture technologies as the future of food.
The Institute will be a collaboration between six major American universities, including Tufts University, Virginia State, Virginia Tech, MIT, UC Davis, and UMass Boston. The institute also aims to address many of the key technical scaling challenges, including cell line development and cell culture media formulations1. Additionally, the Institute plans to develop educational programs around the bourgeoning cellular agriculture field and facilitate workforce development programs for students interested in finding jobs within the field.
"This USDA Centre of Excellence and its state-of-the-art associated infrastructure will empower more researchers to have greater access to resources in order to address the key technical and viability challenges behind cell-based meat and the wider cellular agriculture field. We expect this funding commitment by the USDA to act as an additional tailwind for CULT Food Science and our mission to democratizing access to the future of food via our diversified investment holdings and our streaming portfolio of intellectual property that is currently under development," said Dr. Ian Smith, Strategic Advisor to CULT.
CULT recently granted 50,000 options to purchase common shares of the Company to a director. Each option entitles the holder thereof to purchase one (1) common share of the Company at a price of $0.25 per common share for a period of five (5) years from the date of grant.
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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