Modern Plant-Based Foods Enters Ready Made Meal Market

News
June 8, 2021

VANCOUVER, BC, June 8, 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 Modern Meat, its line of meat alternative products, is launching premade meals in retail stores throughout British Columbia. Currently, the vegan ready-made meals are available for purchase at Modern Wellness Bars in Vancouver.

The global ready meals market size was valued at USD $159.15 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 5.5% from 2020 to 2027. Shifting consumers' food preferences towards ready-to-eat food products owing to the busy lifestyle of working individuals as well as hectic work schedules of college grads and students is expected to be a key factor for the market growth. Moreover, the growing demand for minimally processed and additive-free food products life is expected to fuel market growth.

"We are excited to diversify our capabilities and expand our production outside of frozen foods," states Tara Haddad, CEO and Founder of Modern Plant-Based Foods. "As we continue to witness consumers focus on health and wellness grow, we're also seeing an increased appetite for convenience buying.  Since launching the meals at our very own retail locations in May, they have flown off the shelves each week. Our development chefs have created a variety of nutritious plant-based meals incorporating Modern Meat into the recipes. The current lineup includes a Breakfast Wrap with the Modern Sausage, Moroccan Wrap with the Modern Meatballs, Burrito using Modern Crumble and two fresh salads."

Since Modern Plant-Based Foods debut in 2019 it has grown its business verticals from meat alternatives to include plant-based homestyle soups, vegan snacks, health and wellness retail stores and now ready-made meals.  Modern Meat has also expanded its brands product range to include gyoza, a plant-based roast and breakfast sausage.

"This sizeable market offers tremendous opportunity," explains Tara. "Our roadmap for growth continues and is fueled by our ability to recognize food trends coupled with the demand for our portfolio of quality plant-based foods. Over the coming months we will be working with our distributors to drive our meals into retail grab and go sections nationally."

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, market size estimates and projections, the sales and growth potential of premade meals 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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