Modern Plant Based Foods Increases Production Of Modern Meat Products To Meet Upcoming Demand

News
July 7, 2022

VANCOUVER, BC, July 7, 2022 /CNW/ - Modern Plant Based Foods Inc., (CSE: MEAT) ("Modern Foods") or (the "Company"), an award-winning plant-based food company is pleased to report it has secured an additional Canadian copacker for its plant-based meats under the company's subsidiary Modern Meat Inc., ("Modern Meat"). The Modern Meat portfolio currently includes the Modern Crab Cakes, Modern Burger, Modern Mini Burger, Modern Crumble, Modern Meatballs and Modern Gyoza. The food processing centre is a leader in food production hosting roughly 40,000 square feet of processing space and experience working with fortune 500 companies.

The co-packing facility currently produces plant-based products and has worked with high moisture meat analogues (HMMA) for over a decade. The facility has received its certifications for CFIA, Halal, Organic, and HACCP. They currently offer incubation suites for scalability, product development and innovation suites for developing new products, ingredient innovation suites for processing proteins and various starches required for the products. The board of directors for the facility include industry professionals with a diverse expertise in food processing, ingredient sourcing and business operations providing the company access to a new network within the Canadian food market. The facility allows access to additional services including nutritional labelling, packaging evaluation, shelf-life testing, and product formulation.

"As demand continues to grow for our Modern Meat products, we have been working to find a suitable additional copacker for our plant-based meats. With the unique specifications and high standard of food safe compliance we maintain, it has a been long arduous search to find a partner that can deal with our potential scale and as well maintain the high-quality Modern Meat is known for." States CEO Avtar Dhaliwal. "We feel confident in our sales funnel and ongoing conversation with vendors and by securing this copacker we will be able to keep up with production to meet our potential demand."

Modern Meat currently sells and distributes its product in both food service and retail format to maximize sales revenue opportunities as the world more widely accepts and creates demand for plant-based products.

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 Bar 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, 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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