Steakholder Foods® Receives First Purchase Order Under Its Commercial Cooperation Agreement with Wyler Farm
October 08 2024 - 8:00AM
Steakholder Foods Ltd. (Nasdaq: STKH) (the “Company”), a leading
innovator in alternative proteins and 3D printing technologies,
today announced that it has received its first purchase order from
Wyler Farm Ltd. under the commercial cooperation agreement signed
in May 2024. This order expands Steakholder Foods’ premix revenue
stream to include its proprietary SH™ - Beef premix blend,
following the Company’s earlier announcement this month of its
first premix revenue stream for its SH™ - Fish premix blend.
The purchase order follows the commercial
cooperation agreement between Steakholder Foods and Wyler Farm.
Under the terms of this agreement, Steakholder Foods will supply
its proprietary SH™ - Beef premix blend for integration into Wyler
Farm’s new product line of plant-based meatballs, burgers, and
minced beef, scheduled for market introduction no later than early
2025. The initial production phase has begun at Wyler Farm’s
facilities and will allow Wyler Farm to fine-tune production
processes to ensure the products are ready for a successful market
launch. The new product line will be marketed and sold under Wyler
Farm’s brand - "Whaat Meat?! by Steakholder" and distributed
through Wyler Farm’s established distribution channels.
Arik Kaufman, CEO of Steakholder Foods,
said: “We are thrilled to see production at Wyler Farm
commencing on schedule, keeping planned product rollout on track no
later than early 2025. This first order for our SH™ - Beef premix
blend, following our recent SH™ - Fish premix blend
orderdemonstrates our ability to generate recurring revenue across
multiple products and partners. As these initial commercial deals
mature in 2025, we expect to see meaningful revenue growth and
increased interest from other potential market participants. We
remain focused on expanding our commercial presence in the
alternative protein sector and are well-positioned to forge
additional collaborations.”
About Steakholder Foods
Steakholder Foods is at the forefront of
transforming the alternative protein industries through its
advanced technology. Founded in 2019, Steakholder Foods specializes
in developing and selling 3D-printing production machines,
supported by proprietary premix blends, formulated from the
highest-quality raw ingredients. These innovative tools are
designed to help manufacturers of all sizes efficiently produce
foods that meet and exceed consumer expectations for taste,
texture, and appearance and offer a safe and sustainable
alternative to industrialized meat and seafood production.
Steakholder Foods’ expertise in creating
alternative proteins products that replicate the complex textures
of traditional meats and seafood. The company is also exploring the
integration of cultivated cells, preparing for future advancements
in food technology.
For more information, please visit:
https://steakholderfoods.com
About Wyler Farm
Established in 1994 and recognized as Israel's
largest tofu producer, Wyler Farm embodies the pinnacle of
innovation in alternative protein production. The company is deeply
committed to sustainability and health, offering a broad spectrum
of environmentally friendly and nutritious plant-based products.
Wyler Farm's product line, emphasizing quality, includes their
signature homemade tofu, soft texture tofu, and calcium-enriched
tofu. Recently, the company launched a new schnitzel tofu product
line. These offerings cater to a diverse range of dietary
preferences and are distributed across retail chains, restaurants,
and catering companies, fulfilling the evolving demands of
health-conscious consumers.
For more information, please visit:
https://www.wyler.co.il/en/
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 the technologies which it is developing, which may require
significant additional work before Steakholder Foods can
potentially launch commercial sales; Steakholder Foods’ research
and development activities associated with printing technologies,
including three-dimensional food printing, 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, 2023, filed with
the Securities and Exchange Commission on April 30, 2024. 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.
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Press
Contact: |
Investor
Contacts: |
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Maissa
Dauriac |
Steakholder
Foods |
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Rainier
Communications |
Investors@steakholderfoods.com |
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mdauriac@rainierco.com |
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Tel:
+1-818-642-5257 |
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