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Agronomics Limited Announces California Cultured Update

California Cultured Partners with Leading Japanese Chocolate Company Meiji for the Production of Cell-Based Cocoa Products

DOUGLAS, ISLE OF MAN / ACCESSWIRE / February 14, 2024 / Agronomics, a leading listed company focused on the field of cellular agriculture, is pleased to announce that its portfolio company, California Cultured Inc. ("California Cultured"), has reached a partnership agreement with the Japanese company Meiji Co., Ltd, ("Meiji"), Japan's largest chocolate manufacturer. Agronomics led California Cultured's seed round in October 2021 with a US$ 2.2 million investment in the form of a Simple Agreement for Future Equity ("SAFE").

The partnership involves a 10-year-long arrangement for the supply and integration of California Cultured's cell-cultured flavanol cocoa powder into an array of products tailored for both the US and Japanese markets. The co-branded packaged goods, including chocolate, truffles and wellness-enhancing chocolate, will mark the first time cell-cultured cocoa will enter any market worldwide.

The global chocolate industry faces significant issues regarding ethical and secure supply chains. Unpredictable weather patterns have been disruptive to cacao cultivation and have caused volatility in supply and price, which poses an issue for large manufacturers. Cell culturing technology allows the production of cocoa to be decoupled from tropical plantations, addressing key issues in the industry including uncertain weather conditions, deforestation concerns and labour exploitation.

California Cultured CEO, Alan Perlstein commented:

"We need to build a resilient, superior future for chocolate. This partnership is the first step in achieving this. With our scalable technology, we're positioned to excel in the field of plant-based cellular agriculture, where we pioneer the creation and cultivation of cells to redefine how we grow and produce innovative, sustainable products."

Jim Mellon, Agronomics Executive Chairman added:

"This partnership marks a significant milestone in the ongoing transition towards developing sustainable food production systems. It is a great example of how biomanufacturing provides a viable solution to environmental and ethical issues associated with industrial agricultural production while serving the needs of large multinational food companies."

To read the full announcement please see the following link: https://www.greenqueen.com.hk/california-cultured-cell-based-lab-grown-chocolate-meiji/

Agronomics

Limited

Beaumont

Cornish Limited

Canaccord Genuity Limited

Cavendish Capital Markets Limited

Peterhouse Capital

Limited

SEC Newgate

The Company

Nomad

Joint Broker

Joint Broker

Joint Broker

Public Relations

Jim Mellon

Denham Eke

Roland Cornish

James Biddle

Andrew Potts

Harry Pardoe

Alex Aylen

Giles Balleny

Michael Johnson

Charlie Combe

Lucy Williams

Charles Goodfellow

Bob Huxford
Anthony Hughes

+44 (0) 1624 639396

info@agronomics.im

+44 (0) 207 628 3396

+44 (0) 207 523 8000

+44 (0) 207 397 8900

+44 (0) 207 469 0936

agronomics@secnewgate.co.uk

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SOURCE: Agronomics Limited



View the original press release on accesswire.com

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