CEO.CA Chairman's Briefing

TORONTO, May 7, 2024 /CNW/ - CULT Food Science Corp. ("CULT" or the "Company") (CSE: CULT) (OTC: CULTF) (FRA: LN0), a disruptive food technology platform pioneering the commercialization of lab grown meat and cellular agriculture to reshape the global food industry, continues to execute on strategic advancements for its Noochies! brand towards becoming a leader in the animal health and pet nutrition industry. With the recent closing of its strategic financing (see news release dated May 3, 2024) the Company is now positioned to accelerate sales growth, brand enhancement and IP licensing strategies for the world's first freeze-dried, high-protein, nutrient-rich pet treats made without factory farming.

By leveraging the scientific and technological capabilities of its other portfolio companies, CULT aims to integrate cultivated meat with the Noochies! product line. This initiative is set to position CULT at the cutting edge of the pet food industry, reflecting its commitment to innovation and its strategic vision to redefine industry standards through advanced biotechnology.

• CULT Food Science owns 90% of Further Foods, which operates the Noochies! brand, setting the stage for market expansion. Noochies! leverages advanced cellular agriculture technologies to create pet food products with superior nutrition profiles and ethical standards.
• Noochies! is poised for growth, with plans to extend its reach through direct-to-consumer channels, net new retail partnerships and accretive influencer campaigns to capture market share of the $85B North American pet food marketplace¹. Further, pursuing private label opportunities, in which Further Foods will leverage Noochies! patented and proprietary freeze-drying process for other brands. Specifically, the Company will seek opportunities outside of North America with pet food companies eager to find more ethical and sustainable inputs and ingredients.
• Further Foods is in ongoing discussions for innovative joint ventures, to supply proprietary ingredients to other brands, enhancing Noochies! position in the market, as well as resulting in potential royalty and passive revenue streams. The Company is of the opinion that Noochies! ingredient stack when coupled with its IP and advanced formulation techniques have the potential to function as the scaffolding for a more ethical pet food future.
• Noochies! has three proprietary ingredients, Bmunne, Bflora and Bmeaty. Each of these ingredients are derived using cellular agriculture technologies and offer enhanced nutritional profiles compared to traditional ingredients in pet food. Nutritional analysis has been performed on all three of these ingredients to further validate their efficacy.
• Each of Noochies! proprietary ingredients have a unique biodesign, aiming to leverage cellular agriculture to unlock enhanced nutritional value for animals. Bmmune is a proprietary nutritional yeast blend which contains a blend of essential Vitamin B nutrients and amino acids. Bflora is a proprietary probiotic, specifically designed to help maintain a healthy digestive tract. Bmeaty is a proprietary meat-like ingredient that mimics the savoury taste of meats but leverages yeast to deliver protein and fibre without any cruelty or factory farming. Together, this ingredient stack is aiming to disrupt the traditional paradigm of legacy pet food which often relies on low quality inputs and ingredients, as well as raising ethical concerns and being an enormous source of carbon emissions.

The expansion strategy includes targeting new stores and enhancing the direct-to-consumer platform, which will widen the accessibility of Noochies! products to a broader audience. Additionally, Further Foods is keen on advancing its joint venture relationships, using Noochies! as an ingredient supplier of Bmmune, Bmeaty, and Bflora. These efforts are expected to cement Noochies! reputation as a versatile and innovative brand in pet nutrition, offering products that not only cater to pet health but also align with the growing consumer demand for sustainability and ethical production.

Mitchell Scott, CEO of CULT, expressed enthusiasm about the developments: "With full funding now secured, we are geared to scale Noochies! marketing initiatives and enhance its market presence. Our ownership of Further Foods and strategic use of its unique products not only strengthen our market position but also amplify our overall impact in the food technology space. This is an exciting time for CULT as we drive forward to transform the pet nutrition landscape with sustainable and innovative solutions.

CULT Food Science is a disruptive food technology platform pioneering the commercialization of lab grown meat and cellular agriculture to reshape the global food industry. CULT's robust portfolio of investments in cutting-edge, venture-backed cellular agriculture and lab-grown meat companies provides widespread investor access to the future of food. Backed by a team of experts with extensive experience in food technology and launching consumer food products, CULT is committed to being at the forefront of the food revolution.

Further Foods is revolutionizing pet nutrition through its innovative brand, Noochies! Noochies! leverages advanced cellular agriculture technologies to create pet food products with superior nutrition profiles and ethical standards. Noochies! recently introduced the world's first freeze-dried, high-protein, nutrient-rich pet treats made without factory farming. Noochies! products are currently available for sale in the United States at select retailers and online at https://www.noochies.co/.

Additional information can be found by viewing the Company's website at cultfoodscience.com or its regulatory filings on sedar.com.

On behalf of the Board of Directors of the Company,

CULT FOOD SCIENCE CORP.

"Mitchell Scott"
Mitchell Scott, Chief Executive Officer

Information set forth in this news release may involve forward-looking statements. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address a company's expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include but are not limited to the following risks: those associated with marketing and sale of securities; the need for additional financing; reliance on key personnel; the potential for conflicts of interest among certain officers or directors with certain other projects; and the volatility of common share price and volume. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and except as required by law, the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements. For further information on risk, investors are advised to see the Company's MD&A and other disclosure filings with the regulators which are found at sedar.com.

SOURCE CULT Food Science Corp.

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