RE: Q4 launch to retail25 Sep 2021 20:36
Amala Foods Plc (LON: DISH), a food technology company, is pleased to announce an Operational Update.
Highlights:
β’ Joint Venure Company has been formed
β’ Product development goals remain on target
β’ New additions to the management team
β’ 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.