Mit-Tech submitted several applications for patent registration in its field of activity, and created collaborations with academic parties in the field
Ofktra Real Estate and Investments, traded on the Tel Aviv Stock Exchange, reported that it entered into a memorandum of understanding for a merger with the food-tech company "Mit-Tech", which develops technology for 3D printing of clean meat tissues using stem cells.
Meat-Tech is an Israeli high-tech company engaged in the field of food-tech. Meat-Tech has completed an initial capital raising round (seed) in the amount of approximately NIS 7 million. Meat-Tech is developing an advanced and unique technological process for the industrial production of clean meat, without killing animals, using stem cell printing technology in a XNUMXD printer As of today, Mit-Tech has submitted several applications for patent registration in its field of activity, and has created collaborations with leading academic parties in the field and with world renown.
Mit-Tech is led by Sharon Pima, who is one of its founders and serves as its general manager. Mr. Sharon Pima is a world-renowned expert in developing the most complex printing processes in the market and is one of the founders of leading companies in the printing field. The research and development process is accompanied by Prof. Tal Dvir, an expert in the field of tissue printing from Tel Aviv University, as well as Prof. Shlomo Magdesi, head of the field of applied chemistry specializing in the development of printing materials for the various industries from the Hebrew University of Jerusalem. Mit-Tech is in the phase of building a prototype printer and completing work process mapping and development.
Upon completion of due diligence, the parties will sign a final and binding agreement under which the company will purchase 100% of Mit-Tech's share capital against an allocation of ordinary shares, so that after the allocation, Mit-Tech shareholders will hold approximately 60% of the issued and paid-up share capital of Ofktra.
Shmulik Levy, CEO of Ofktra: "We are happy to promote a merger deal with a company engaged in the field of food-tech (advanced food industry) for printing meat, which is growing in light of growing public recognition of the consumption of meat that is produced by technological processes and does not include raising and slaughtering animals , while maintaining sterile conditions without contamination and with expected cost savings. Meat-Tech is led by management personnel with experience in the field of 3D printing and leading professionals from the leading universities in Israel, who have already raised funds for the initial development from leading investors in the food market and believe in the future development of the field of meat substitutes."
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