Substantial progress has been made on product development; branding and packaging; and product distribution over the past few months despite having to navigate Covid-19 related restrictions and a second lockdown in Metro Manila and whilst waiting for the approval of the SEC.
Amala Foods Plc (LON: DISH), a food technology company, is pleased to announce an Operational Update.
• Joint Venure Company has been formed
• Product development goals remain on target
• New additions to the management team
• New website, eatAmala.com is under development
The Company announced previously on 22 March 2021 an update on the formation of a Joint Venture Company ("JVC"), Amala Foods Inc. The Securities and Exchange Commission (SEC) approved the formation on 27 May 2021. The Company owns a 70% stake in the JVC with Archie Rodriguez owning 30%.
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.
The Company announced previously on 25 February 2021 the objectives over the initial six-month period. The Company is pleased to report that it remains on target to achieve those objectives that were announced, specifically the development of up to six commercially ready plant-based products.