BigDish PLC Operational Update (8331N)
February 03 2021 - 2:00AM
UK Regulatory
TIDMDISH
RNS Number : 8331N
BigDish PLC
03 February 2021
BigDish Plc
( " BigDish " or the " Company")
Operational Update
BigDish Plc (LON: DISH), a technology company, is pleased to
announce an Operational Update.
Highlights:
-- Joint Venture, Amala Foods to focus on the high-growth
plant-based meats sector in Asia
-- Experienced operational partners
-- No additional capital requirements during the initial
six-month period
-- Venture Builder to be spun out into its own listing
Given the continuing effects of the pandemic on the restaurant
sector, changing consumer habits and the third national lockdown in
the UK that prevents on-premise dining in the UK, the Company has
determined that it is in its best interests to diversify into a
high-growth area of the wider food and beverage sector.
The Company is in the process of forming a Joint Venture food
technology company, Amala Foods Inc ("Amala"). Amala is being
established for the production and distribution of minimally
processed plant-based meat products initially within Asia.
A recent research report conducted by Dupont Nutrition and
Biosciences determined that plant-based meat demand in key asian
markets will grow by 200% within five years. Zion Market Research
released a report finding that the global plant-based meats market
will reach $25 billion by 2025 with Asia-Pacific holding the
largest market share. Furthermore, New York based Polaris Market
Research estimated that overall market size of the global
plant-based meats will reach $35.7 billion by 2027. Growing vegan
and flexitarian populations as well as increased awareness of the
health benefits of plant-based meats are cited as key drivers for
growth.
The Joint Venture Company ("JVC") will initially be formed in
the Philippines and the Company is in discussions to sign a lease
for a purpose-built production facility that will enable the
business to become rapidly operational.
BigDish Plc will own a 70% stake in the JVC and 30% will be
owned by Archie Rodriguez. Mr Rodriguez and his wider family office
have built numerous successful businesses in the Philippines and
Asia in various sectors including Food Beverage, Hospitality, Real
Estate, Mining and Renewable Energy. Mr Rodriguez has over 20
years' experience in the food and beverage industry in Asia and
achieved a successful exit from a restaurant group that he founded
that operated multi-brand master franchises for some of the world's
largest casual dining brands. Mr Rodriguez will lead product and
commercial development and will initially hold the position of CEO
of the JVC.
The goals of the joint venture over the initial six-month period
is to complete the development of up to six products ready to be
commercialized through both direct-to-consumer and
business-to-business (B2B) sales channels. The Company will require
no additional funding during this period. Substantial work on
product development has taken place over the recent months and the
Company expects to announce some product launches within the
initial period.
Aidan Bishop will remain as Executive Director of the Company
and will work closely with Mr Rodriguez, who is likely to join the
Board of Directors at some point after the initial period.
The Company announced previously on 12 October 2020 that it was
developing a venture builder model. This initiative has progressed
and several ventures are in the development pipeline. This will now
become a separate entity with an experienced management team that
will seek a public listing which the Company will own stake in. The
Company will provide further updates on this in due course.
The BigDish platform will continue to operate. The Company
announced previously on 24 September 2020 that a Letter of Intent
was signed with an Investor to progress the BigDish business. The
Company has progressed the technology goals. However, given the
continued uncertainty in the UK restaurant sector, it has been
agreed to revisit this opportunity at a later date when the outlook
for the UK restaurant sector improves.
Enquiries:
Zak Mir, Digital Communications
Officer, BigDish +44 (0) 7867 527659
zak@bigdish.com
Jonathan Morley-Kirk, Non-Executive jmk@bigdish.com
Chairman
Note to Editors:
The word Amala is derived from Sanskrit meaning " clean, pure
".
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END
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