REHOVOT, Israel, April 4,
2023 /PRNewswire/ -- Steakholder Foods Ltd.
(NASDAQ: STKH), an international deep-tech food company at the
forefront of the cultivated meat industry, today announced the
closure of its wholly owned subsidiary, Peace of Meat BV (PoM), as
a means to optimize its funds and investment strategy, alongside
enabling a greater focus on recently-announced core goals such as
accelerating the commercialization of its 3D printing
As part of the Company's purchase of the shares of PoM at the
end of 2020, PoM's management had been granted full contractual
autonomy throughout 2021 and 2022, and was provided with the
funding required to develop its technologies in accordance with the
terms of the purchase. Following the conclusion of the autonomous
period and following its previously announced plans to
restructure PoM, the Company further evaluated the expected return
on its investment, and decided not to further fund PoM, in order to
focus its efforts in the advancement of its core technology 3D
printing of cultured products, and potential collaborations. As a
result, PoM has ceased operations and is expected to be liquidated.
As part of this process, Steakholder Foods expects PoM's assets to
be realized, following which the Company shall consider how and
when to continue development of cultivated avian products. The
closure of PoM is expected to reduce Steakholder Foods' expenses by
about $4.5 million annually, relative
About Steakholder Foods
Steakholder Foods Ltd., formerly 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 "STKH"
(formerly MITC), with headquarters in Rehovot, Israel.
The company is developing a slaughter-free solution for
producing a variety of beef, and seafood products — both as raw
materials and whole cuts — as an alternative to industrialized
farming and fishing. With its membership in the UN Global Compact,
Steakholder Foods is committed to act in support of issues embodied
in the United Nations Sustainable Development Goals (SDGs) which
include strengthening food security, decreasing carbon footprint,
and conserving water and land resources.
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This press release contains forward-looking statements
concerning Steakholder Foods' business, operations and financial
performance and condition as well as plans, objectives, and
expectations for Steakholder Foods' 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 Steakholder Foods' 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 Steakholder Foods'
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, Steakholder Foods' anticipation that the closure of PoM
will help enable improved optimization of funds and investment
strategies, expectation that the closure of PoM is expected to
reduce its expenses by about $4.5
million annually (relative to 2022), expectations regarding
the success of its cultured meat manufacturing technologies it is
developing, which will require significant additional work before
Steakholder Foods can potentially launch commercial sales;
Steakholder Foods' research and development activities associated
with technologies for cultured meat manufacturing, including
three-dimensional meat production, which involves a lengthy and
complex process; Steakholder Foods' 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 Steakholder Foods' 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 Steakholder
Foods to predict their occurrence or how they will affect
Steakholder Foods. If one or more of the factors affecting
Steakholder Foods' forward-looking information and statements
proves incorrect, then Steakholder Foods' 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, Steakholder
Foods cautions you not to place undue reliance on its
forward-looking information and statements. Steakholder Foods
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.
SOURCE Steakholder Foods Ltd.