As part of Steakholder Foods' plan to launch a cultivated
avian product starting with the Singaporean market, the company
announces a strategic restructuring of its subsidiary, Peace of
Meat (PoM), based on 3 pillars:
- Regulatory Submissions - PoM's 2023 business plan will
be focused on regulatory approval applications in Singapore
- Production - PoM will engage third parties to scale up
the production process
- Efficiency - PoM's team will be restructured to maximize
efficiency and achieve its focused business objectives
REHOVOT, Israel, March 7,
2023 /PRNewswire/ -- Steakholder Foods Ltd. (Nasdaq:
STKH), (formerly MeaTech 3D: MITC), an international deep-tech food
company at the forefront of the cultivated meat industry, announces
a restructuring plan for PoM aimed at supporting the submission of
a cultivated avian food product for regulatory approval in
Singapore, the first, and so far,
only country that has completed the approvals process for the
consumption of cultivated meat. As part of this plan, the company
will be implementing a series of changes designed to streamline its
operations and position it for success.
As part of PoM's new business plan for 2023, the company will
focus on regulatory submissions for its avian product - finalizing
a submission to the Singapore Food Agency (SFA) by the end of 2023,
and preparing for submission in the USA. PoM intends to scale up production
through a third-party plant, allowing for a cost-effective and
accelerated process and eliminating the need to continue advancing
its more resource-intensive pilot plant project.
The new, efficient structure will allow faster development and
will involve targeted layoffs in areas of the business that are not
directly related to the regulatory submissions. This will enable
the company to reduce overhead costs and allocate resources more
effectively to support this important initiative.
Arik Kaufman, CEO at
Steakholder Foods: "Today's announcement is an important
step in our efforts to successfully launch a product in the
Singaporean market. By refocusing our resources on this initiative
and streamlining our operations, we believe we can drive greater
efficiency and productivity, while also improving our chances of
success and market penetration."
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). Steakholder Foods maintains facilities in Rehovot,
Israel and Antwerp, Belgium and has recently expanded
activities to the US.
The company is developing a slaughter-free solution for
producing a variety of beef, chicken, pork, 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.
For more information, please visit:
https://steakholderfoods.com.
Forward-Looking Statements
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' 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.
Logo -
https://mma.prnewswire.com/media/1871733/Steakholder_Foods_Ltd_logo.jpg
Press contact:
Maissa Dauriac
Rainier Communications
mdauriac@rainierco.com
Investor contacts:
Mor Glotter-Nov
Steakholder Foods
investors@steakholderfoods.com
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SOURCE Steakholder Foods Ltd.