LOTTE Confectionary Co. and Aspire have signed an MOU to promote the market potential of quality cricket protein and cooperate on certain R&D activities.

LONDON, ON, Sept. 8, 2022 /PRNewswire/ - LOTTE Confectionary Co. Ltd ("LOTTE") and Aspire Food Group Ltd. ("Aspire") have signed an MOU to formalize their cooperation in the distribution and promotion of crickets as food. The MOU confirms Aspire's desire to have LOTTE act as exclusive distributor to distribute and sell products produced by Aspire and LOTTE Confectionary in key markets in Asia as well as Europe.

LOTTE and Aspire agreed to identify potential opportunities for the establishment of a large-scale commercial facility for the production and processing of cricket species approved for consumption in Korea.

Aspire and LOTTE Confectionary will work together on certain R&D activities including the farming of insects for food and feed and the nutritional and functional value of insects as an alternative food and feed source.

The visit of LOTTE Confectionary was led by Mr. Young goo Lee. The senior delegation of LOTTE representatives toured Aspire's new commercial facility in London, Ontario. A signing ceremony was held at the plant.

The new facility showcases advanced industrial lights-out automation, distributed IoT data collection, robotics, and an internationally recognized AI solution developed specifically for the production process.

"A growing population and increasing demand for food and materials requires sustainable, scalable solutions," said Mohammed Ashour, CEO, Aspire. "We are honored that LOTTE sees the value in accelerating the world's transition to sustainable ingredients and materials through insect technology and bringing our innovative products to markets eager to embrace the future of food."

About Aspire Food Group Ltd.

Aspire is a world leader in the field of precision insect farming, optimizing the growth and harvesting of an underutilized natural resource to meet global demand for sustainable ingredients and materials. Aspire has pioneered the world's lowest-cost, highest-density, and most ethical automated food-grade protein production system. Crickets are an all-natural, sustainable, superfood ingredient nutritionally on par with, or superior to, livestock, cell-cultured, and plant-based alternatives. The state-of-the-art facility in London is the world's largest, fully automated cricket production and processing facility, leveraging technologies including artificial intelligence, robotics, and automated storage and retrieval (ASRS).

Aspire is a Canadian company with headquarters in London, Ontario.

About Lotte Confectionary Co. Ltd.

LOTTE desires to enrich lives and pursue innovation across a wide array food, retail, and other industry segments while delivering to customers across the globe and expanding the Corporation's presence. As one of Korea's five largest companies, LOTTE is expanding into international markets to establish itself as a global business.

Through consistent product development, diversified marketing strategies, and advanced distribution techniques, LOTTE maintains its position at the pinnacle of the confectionery industry and contributes to the advancement and globalization of the Korean food products industries through the development of future food technology.

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