Hong Kong and Ho Chi Minh City Jan 25, 2021 - Cultivated fish biotechnology company Avant Meats Company Limited (“Avant”) and Vinh Hoan Corporation (HOSE: VHC; “VHC”) today announced that VHC has agreed to acquire Vinh Technology Pte Limited which was incorporated in Singapore and holds a minority interest in Avant. VHC is the world’s largest pangasius fish company and a pioneer in sustainable functional proteins in Vietnam. It will establish a strategic partnership with Avant to accelerate the commercialization of cultivated fish proteins by leveraging on its global sales network and industrial manufacturing capability. VHC will also use the Vinh Technology division to access strategic opportunities in agritech, food tech, and biotech-related to seafood and alternative proteins. This strategic partnership provides an example of how Avant’s biotechnology platform can collaborate with industry players to diversify business and operational models. Avant will continue to work with industry partners to offer a sustainable model to produce alternative proteins. “We look forward to working with Avant to commercialize a new generation of cultivated fish proteins for food and functional applications,” said Ms. Khanh Truong, Founder, and Chairwoman, VHC. “Avant offers a unique opportunity for us to diversify our future product portfolio to offer additional choices to address emerging consumer needs and trends,” noted Ms. Tam Nguyen, Chief Executive Officer, VHC. “VHC is a global leader in aquaculture and functional proteins,” commented Ms. Carrie Chan, Co-founder, and Chief Executive Officer, Avant. “VHC’s knowledge of customer requirements will provide valuable guidance for our product development and commercialization.” “Avant and VHC align in common value of offering fully traceable and research-based functional protein products,” remarked Dr. Mario Chin, Co-founder, and Chief Scientific Officer, Avant. About Avant Avant is the first cultivated meat biotechnology company in China. Its patent-pending proprietary technology platform produces animal-free fish proteins for food, skincare, and other functional applications in a cost-effective and fully traceable bioprocess, directly from fish cells. Avant aims to be a global technology leader in producing functional, safe, and sustainable cultivated marine products in a fully contained environment. It has been named to CleanTech Group’s 2020 APAC 25 list of most innovative sustainable companies and featured in Forbes, The Telegraph, South China Morning Post, and CCTV. Avant was founded in 2018 and is based in Hong Kong Science Park. For more information, please visit www.avantmeats.com.