BigDish PLC Operational Update (8331N)

TIDMDISH

RNS Number : 8331N

BigDish PLC

03 February 2021

BigDish Plc

( " BigDish " or the " Company")

Operational Update

BigDish Plc (LON: DISH), a technology company, is pleased to announce an Operational Update.

Highlights:

-- Joint Venture, Amala Foods to focus on the high-growth plant-based meats sector in Asia

-- Experienced operational partners

-- No additional capital requirements during the initial six-month period

-- Venture Builder to be spun out into its own listing

Given the continuing effects of the pandemic on the restaurant sector, changing consumer habits and the third national lockdown in the UK that prevents on-premise dining in the UK, the Company has determined that it is in its best interests to diversify into a high-growth area of the wider food and beverage sector.

The Company is in the process of forming a Joint Venture food technology company, Amala Foods Inc ("Amala"). Amala is being established for the production and distribution of minimally processed plant-based meat products initially within Asia.

A recent research report conducted by Dupont Nutrition and Biosciences determined that plant-based meat demand in key asian markets will grow by 200% within five years. Zion Market Research released a report finding that the global plant-based meats market will reach $25 billion by 2025 with Asia-Pacific holding the largest market share. Furthermore, New York based Polaris Market Research estimated that overall market size of the global plant-based meats will reach $35.7 billion by 2027. Growing vegan and flexitarian populations as well as increased awareness of the health benefits of plant-based meats are cited as key drivers for growth.

The Joint Venture Company ("JVC") will initially be formed in the Philippines and the Company is in discussions to sign a lease for a purpose-built production facility that will enable the business to become rapidly operational.

BigDish Plc will own a 70% stake in the JVC and 30% will be owned by Archie Rodriguez. Mr Rodriguez and his wider family office have built numerous successful businesses in the Philippines and Asia in various sectors including Food Beverage, Hospitality, Real Estate, Mining and Renewable Energy. 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. Mr Rodriguez will lead product and commercial development and will initially hold the position of CEO of the JVC.

The goals of the joint venture over the initial six-month period is to complete the development of up to six products ready to be commercialized through both direct-to-consumer and business-to-business (B2B) sales channels. The Company will require no additional funding during this period. Substantial work on product development has taken place over the recent months and the Company expects to announce some product launches within the initial period.

Aidan Bishop will remain as Executive Director of the Company and will work closely with Mr Rodriguez, who is likely to join the Board of Directors at some point after the initial period.

The Company announced previously on 12 October 2020 that it was developing a venture builder model. This initiative has progressed and several ventures are in the development pipeline. This will now become a separate entity with an experienced management team that will seek a public listing which the Company will own stake in. The Company will provide further updates on this in due course.

The BigDish platform will continue to operate. The Company announced previously on 24 September 2020 that a Letter of Intent was signed with an Investor to progress the BigDish business. The Company has progressed the technology goals. However, given the continued uncertainty in the UK restaurant sector, it has been agreed to revisit this opportunity at a later date when the outlook for the UK restaurant sector improves.

Enquiries:

 
 Zak Mir, Digital Communications 
  Officer, BigDish                      [phone] 
                                        [e-mail] 
 
 Jonathan Morley-Kirk, Non-Executive    [e-mail] 
  Chairman 
 
 

Note to Editors:

The word Amala is derived from Sanskrit meaning " clean, pure ".

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February 03, 2021 02:00 ET (07:00 GMT)