Amala Foods PLC Business Update (9765H)
09 August 2021 - 4:00PM
UK Regulatory
TIDMDISH
RNS Number : 9765H
Amala Foods PLC
09 August 2021
Amala Foods Plc
( " the " Company ")
Business Update
Amala Foods Plc (LON: DISH), a food technology company is
pleased to announce a Business Update.
The Company announced on 23 June 2021 that it had signed a term
sheet to extend the GBP200,000 loan to the first quarter of 2022
and to receive the remaining balance of the GBP540,000 convertible
loan. The Company has now executed an Agreement and has received
the remaining loan balance. This will enable the Company to achieve
commercial traction and fund operations into the first quarter of
2022.
The Joint Venture Company, Amala Foods Inc, is pleased to
announce that the research and development phase has been completed
and the focus has now shifted towards preparing for commercial
distribution of its plant-based alternative meat products. The
initial products that have completed the research and development
phase are as follows: Pepperoni; Mexican Sausage; Breakfast
Sausage; Tuscan Salami and Sopressata; Hotdog; Chicken Galantine;
various Jackfruit products; and Meatballs.
The Company will initially supply restaurants and B2B
(business-to-business) customers and later plans to launch to
retail customers in the fourth quarter of this year.
The Company recently increased the size of the team including a
food scientist. The process is underway to gain approval from the
Food and Drug Administration (FDA) which once granted will enable
the Company to export its plant-based products. The plant-based
sector is experiencing exponential growth globally and the Company
is confident that its range of products will be well received.
BigDish Technolo g y Update
The Company has been monitoring the continuing effect of the
pandemic on the hospitality industry in the United Kingdom and is
currently considering a variety of strategies to adapt the BigDish
technology to a business-to-business (B2B) platform for
restaurants. The Company is in talks with potential partners for
this initiative and will update the market in due course.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION EU 596/2014 ("MAR")
Enquiries:
Jonathan Morley-Kirk, Non-Executive jmk@bigdish.com
Chairman
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END
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