BlueNalu seafood identified as a critical supply chain solution for globally leading foodservice buyer of bluefin tuna

SAN DIEGO & OSAKA, Japan--(BUSINESS WIRE)--#altprotein--BlueNalu, a leading innovative food company developing a variety of seafood products directly from fish cells, announced today a collaboration with leading, multinational sushi restaurant operator, FOOD & LIFE COMPANIES Ltd. (TYO: 3563). As a Japanese foodservice leader, FOOD & LIFE COMPANIES (F&LC) operates brands such as Sushiro and Kyotaru and over 1,000 restaurants across Japan, Korea, Taiwan, Hong Kong, Singapore, Thailand and Mainland China.

The agreement focuses on developing a supply-chain solution for bluefin tuna and other sushi-grade products for the multinational sushi restaurant operator in the Asia-Pacific region, where seafood consumption is highest. The companies plan to collaborate on product development and marketing as well as support of a regulatory framework to accelerate BlueNalu�s commercialization in Japan.

BlueNalu and F&LC will focus on the belly portion of bluefin tuna, called toro, as an initial commercial product. Bluefin tuna is a prized species in Japan, where an estimated 80% of the global supply is consumed, and commands premium pricing for its delicious flavor and unique sensory characteristics.

�FOOD & LIFE COMPANIES is a global leader in the sushi restaurant business, and BlueNalu is thrilled to partner with their team to continue the innovative legacy of their iconic brands,� said Lou Cooperhouse, president and CEO of BlueNalu. �Cell-cultured seafood is a supply-chain solution that will have the taste, texture and nutrition that consumers expect, and will not be susceptible to environmental contaminants like mercury and microplastics. By centering our initial efforts on the high-quality toro portion of bluefin tuna, we aim to demonstrate culinary excellence with the most prized portion of the most sought-after fish in the most iconic marketplace for seafood.�

�With the uncertainty of natural marine resources in the future, it is important that we secure a stable supply of seafood in a more sustainable manner,� said Koichi Mizutome, president and CEO of FOOD & LIFE COMPANIES. �We have already been promoting the use of farmed seafood as one of the ways to achieve this, but as seafood demand increases in the future, there will be increasing challenges with our global supply chain. Therefore, we are eager to incorporate BlueNalu�s cell-cultured seafood as we believe it is one of the most promising methods to help solve these issues. We look forward to the progress of this collaboration, and to the future when BlueNalu products can be used as sustainable, delicious, healthy, and reliable seafood on our menus.�

Global seafood consumption is at an all-time high and continues to increase, particularly in Asia. The United Nations projects global population and consumption growth will require 28 million metric tons of new seafood production by 2030. In addition to wild-caught and farm-raised seafood, cell-cultured seafood is seen as a third production method that can help meet that demand.

This announcement with F&LC follows additional collaborations announced earlier by BlueNalu, including agreements with Pulmuone Co. Ltd. in South Korea, Sumitomo Corporation and Mitsubishi Corporation in Japan, Thai Union in Thailand and Nomad Foods in Europe. BlueNalu�s business strategy is to partner with leading multinational companies on market research, regulatory affairs, product design and development, manufacturing, marketing, sales and distribution, with an aim to efficiently and effectively bring BlueNalu�s branded cell-cultured seafood products to consumers worldwide.

To learn more about BlueNalu Inc., please visit www.bluenalu.com.

To learn more about FOOD & LIFE COMPANIES Ltd., please visit www.food-and-life.co.jp/en/.

About BlueNalu

BlueNalu�s mission is to develop great-tasting, healthy, safe and trusted cell-cultured seafood products that support the sustainability and diversity of our ocean. BlueNalu is aligned with the United Nations� Sustainable Development Goals, a blueprint to achieve a better and more sustainable future for our planet. BlueNalu began its operations in 2018 and is based in San Diego, California.

About FOOD & LIFE COMPANIES

FOOD & LIFE COMPANIES (F&LC) operates restaurant brands such as Sushiro and Kyotaru and is aiming to realize the vision of �Discovering new tastiness, Sharing moments of joy� together with our "COMPANIES" - the various multinational brands in our group. As a Japanese foodservice leader, F&LC operates over 1,000 restaurants across Japan, Korea, Taiwan, Hong Kong, Singapore, Thailand, and Mainland China. In order to deliver safe and delicious food to our customers, we have a responsibility to achieve a sustainable food supply that will last into the future.

Forward-Looking Statements

This press release contains forward-looking statements including, but not limited to, statements related to the development and commercialization of BlueNalu�s products in collaboration with F&LC, the potential launching of BlueNalu�s products in F&LC, and the type and characteristics of products that BlueNalu will produce in collaboration with F&LC. These forward-looking statements are based on BlueNalu�s and F&LC�s current expectations and inherently involve significant risks and uncertainties. BlueNalu and F&LC undertake no duty or obligation to update any forward-looking statements contained in this press release as a result of new information. The impact of this agreement on the consolidated business performance of F&LC is expected to be insignificant.

Contacts

Yiying Wang, for FOOD & LIFE COMPANIES

Corporate Strategy Department

[email protected], +81-80-6222-4143

Mia Montanile, for BlueNalu

Public Relations & Corporate Affairs Manager

[email protected], +1(858)248.6334