Last checked at 23 Jun 2021 07:00
Amala Foods Plc
("BigDish" or the "Company")
Operational Update
Amala Foods Plc (LON: DISH), a food technology company, is pleased to announce an Operational Update.
Highlights:
• Loan extension term sheet signed that will extend funding to Q1 2022 and achieve commercial traction
• Plant based products completing the research and development phase
• Key Performance Indicators on target
The Company announced previously on 24 September 2020 entering into an agreement for a short-term loan of GBP 540,000. The Company has only utilised GBP 200,000 of the loan. The Company has signed a term sheet to extend the loan term to the first quarter of 2022 and to use the remaining balance of the loan. This will enable to the Company to achieve initial commercial traction. The Company will update the market when an agreement is executed.
The Joint Venture Company, Amala Foods Inc is operational and the team has now moved into the purpose built commercial facility. This has resulted in substantial cost savings. The culinary team has increased in size and the Company has hired a food scientist.
The previously stated Key Performance Indicators remain on target and several plant based products are in the process of completing the research and development phase and will now enter the commercial development phase. Furthermore, discussions are taking place with various distribution channels.
The Company will provide further updates to the market in due course.
Enquiries:
Jonathan Morley-Kirk, Non-Executive Chairman | jmk@bigdish.com |
Note to Editors:
The word Amala is derived from Sanskrit meaning "clean, pure".