First products are expected as early as 2022
Mit-Tech (NYSE: Mitek), an international company for the production of cultured edible meat products that develops the next generation of food products based on 100D digital printing technology, reports the signing of an agreement to purchase all of the share capital (15%) of the Belgian company Peace Of Meat, a production pioneer in the field of cultured chicken products, for XNUMX XNUMX million euros in cash and Mit-Tech ordinary shares. Meat-Tech believes that it will be able to leverage Peace of Meat's technologies, including through hybrid food products, to quickly enter the market, while Meat-Tech is developing an industrial process for growing and producing pieces of real meat, without harming animals, using three-dimensional digital printing technology Dimensional. The deal is expected to close in the coming weeks, in accordance with customary conditions.
Peace of Meat has developed a unique technology for the production of animal fats from chicken and duck, using multiplication in bioreactors, based on stem cells, without harming animals. The first application of the technology is expected in hybrid food products, which combine plant protein with cultured animal fat, with the aim of providing meat substitutes with "meatiness" (taste and texture) properties that are closer to traditional meat products, and several taste tests were performed to demonstrate the potential of the cultured fat that she developed to upgrade their taste of vegetable protein-based products.
In accordance with the purchase agreement, Meat-Tech will pay half of the consideration in an immediate payment and the balance will be paid subject to Peace of Meat's compliance with technological milestones established over a period of approximately two years. It was agreed that the Peace of Meat management board will continue to serve in its role to lead the development process.
The company has defined a strategic plan to expand the development of the cultured meat to additional types of animals as well as to penetrate the market in as short a time as possible, thus realizing the great potential in the market. While the company is engaged in the development of beef combined with 2022D digital printing technology, Peace of Meat develops fat from winged animals. The company estimates that the first hybrid products based on the Peace Of Meat technology will begin to enter the market as early as XNUMX. Beyond hybrid products, the cultured fat is expected to be a component in additional products (not necessarily edible) that contain fat, and a component integrated into the company's printing technology to produce printed tissue. Meat-Tech works to create synergy and added value to the food market in the advanced production of cultured meat, while improving animal welfare and meeting the growing global demand for meat.
Sharon Pima, CEO of Mit-Tech: "Mit-Tech's innovative technology for producing meat through XNUMXD printing is gaining increasing international recognition. With the help of our acquisition strategy, we believe that we can make Meat-Tech a leading global center and home to innovative and ground-breaking food solutions based on stem cells, which are healthy and environmentally friendly. The integration of Peace of Meat's human capital and technology advances us significantly in this direction. I am happy that the two management teams share a common vision and strategy and can join forces to promote the development of cultured food products with the potential to create real alternatives in the global meat market."
David Brands and Dirk von Heinrichhorst are co-founders of Peace Of Meat: "In an industry that works to maintain a kinder and more sustainable world, joining forces makes us stronger. Peace of Meat has developed a significant system for the production of cultured biomass that can be developed into industrial production, and together with Meat-Tech we intend to accelerate the development of the product towards commercialization. While Peace of Meat's core business remains focused on producing tasty, cultured fat as a B2B component for meat substitutes, we see tremendous opportunity in co-building a leading food-tech venture with meat-tech, based on a cell platform. As entrepreneurs, we are excited about this purchase because it is an innovative way to build and grow a company, while significantly increasing the chances of launching our product in the market."
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