Jon Hopkins – Lejjy Gafour, CEO of CULT said: “Having the ability to leverage a global audience through FRM will give us numerous advantages to continue to be on the leading edge of cellular agriculture and bring value to our portfolio companies, partnerships and scientific innovation”
CULT Food Science Corp has announced the closing of its acquisition of Food Revolution Media Inc (FRM) which was previously announced on July 22, 2022.
“We have always believed deeply that media is a critical part of the cellular agriculture movement. In order to shift consumer behaviour, we need to build cultural awareness around the power of cell-based foods and the scientific breakthroughs happening within our field,” said Lejjy Gafour, CEO of CULT in a statement.
“Having the ability to leverage a global audience through FRM will give us numerous advantages to continue to be on the leading edge of cellular agriculture and bring value to our portfolio companies, partnerships and scientific innovation,” he added.
Both parties have executed a definitive agreement and completed a share-based transaction under which CULT acquired 100% of FRM’s issued and outstanding shares in exchange for the minimum amount of 15,000,000 common shares of the company. An additional 15,000,000 common shares of the company can be earned by the sellers of FRM through the achievement of certain quantitative milestones.
FRM is a leading content company focused on alternative proteins and cellular agriculture. With a global community of founders, scientists, thought leaders, venture capital funds, and angel investors, Food Revolution Media is a powerful platform that encompasses the future of food. Through this reach, Food Revolution Media is on the leading edge of seeing emerging trends, themes and innovation in food technology and cellular agriculture.
CULT said its management believes this will lead to an accumulating advantage for the company of proprietary deal flow, potential partnerships and co-investors.
