Modern Meat Announces Initial Launch of Products Throughout Australia and New Zealand

News
November 23, 2021

VANCOUVER, BC, Nov. 23, 2021 /CNW/ - Modern Plant-Based Foods Inc., (CSE: MEAT) ("Modern Plant Based Foods") or (the "Company"), an award-winning plant-based food company, is pleased to announce that it has finalized an agreement with Viveri Pty Ltd ("Viveri") and has begun to produce and distribute its portfolio of meat alternatives through Viveri's distribution network located in Australia.  Viveri will market and sell the Company's portfolio of plant-based meat to premium retailers and across all channels including retail supermarkets, natural grocers, independents, and e-commerce.

Viveri has an operational team with over 180 years of experience in food manufacturing, sales, marketing, and business development. Currently, Viveri produces ready-made meals, pasta and protein, cakes and pastries, gelati, coffee, sandwiches, salads, panini, and breads through its brand Cucina Classica, which are already distributed to major supermarket retailers in Southern Australia, including IGA, Foodland, Coles, and Woolworths.

"It's an exciting time for Modern Meat as we take our wholesome plant-based products to a growing market overseas, stated Tara Haddad, Founder of Modern Plant-Based Foods.  "We have found a great partner in Viveri who has a vast network of retailers and national grocers which will enable us to grow our brand and market to thousands of new customers. We believe that our collective experience will create positive results for both of us in this fast-growing space."

Under the terms of the agreement, Viveri will have exclusive right to produce and distribute Modern Meat products in Australia and New Zealand for 4 years.  Modern Meat will have access to over 5 million people within its new region.

According to new modelling by Deloitte Access Economics, Australia's plant-based sector could be worth as much as $3 billion by 2030.  While Australians are already spending $150 million a year on plant-based protein products, in 10 years that may jump to a whopping $4.6 billion.

Modern Meat's product range including Modern Burger, Meatballs, Crab Cakes, Crumble and Breakfast Sausage is expected to launch across Australia in early 2022.

About Modern Plant-Based Foods

Modern Plant-Based Foods is a Canadian food company based in Vancouver, British Columbia that offers a portfolio of plant-based products including meat and dairy-free alternatives, soups and vegan snacks.  Our products are available at select restaurants and retailers across Canada including our own Modern Wellness Bars located in Vancouver.  We take a holistic approach to plant-based living and understand the importance of providing nutritious and sustainable alternatives to consumers without sacrificing taste.  We want people to feel good about the food they eat which is why we are deliberate in choosing ingredients free of soy, gluten, nuts and GMOs.

Our mission is to change the way food is produced and consumed for the benefit of people, animals, and the environment by using natural plant-based ingredients.

Cautionary Statement Regarding Forward-Looking Information

This news release includes certain "forward-looking statements" and "forward-looking information" under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements with respect to: the Company and the Company's business and prospects; the Company's objectives, goals or future plans; the Company's sales growth, planned expansion, awareness of the Company's brands, future sales and revenue growth, the availability of Modern Meat Products through GFS, and the business, operations, management and capitalization of the Company. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic and social uncertainties; local and global market and economic uncertainties arising in respect of the COVID-19 pandemic; litigation, availability of key product ingredients, legislative, environmental and other judicial, regulatory, political and competitive developments; the ability to effectively expand manufacturing and production capacity; the ability to obtain retail partners to distribute Company products, the success of market initiatives and the ability to grow brand awareness; the ability to attract, maintain and expand relationships with key strategic restaurant and food service partners; our ability to predict consumer taste preferences; delay or failure to receive regulatory approvals; the sufficiency of our cash to meet liquidity needs; those additional risks set out in the Company's public documents filed on SEDAR at www.sedar.com; and other matters discussed in this news release. Accordingly, the forward-looking statements discussed in this release may not occur and could differ materially as a result of these known and unknown risk factors and uncertainties affecting the Company. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

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