VANCOUVER, BC, Aug. 18, 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 its subsidiary Modern Meat Inc., ("Modern Meat") has made significant progress with their additional Canadian copacker for scaling up production of its plant-based meats. The Modern Meat portfolio currently includes the Modern Crab Cakes, Modern Burger, Modern Mini Burger, Modern Crumble, Modern Meatballs and Modern Gyoza amongst other recipes in the development portfolio. After initial R&D phases with the new partnered facility, the first production run with the new copacker is set to run for October 2022 for the Modern Crab Cake.
After working with the co-packing facility for several months, the Company has secured an allocated production time for their initial production run and will be prioritizing top-selling SKUs. Modern Foods currently distributes its plant-based meats through Gordon's Food Service (GFS) and Sysco Distributors (Sysco), two of North America's largest food distributors. It is clear the Modern Crab Cakes will be prioritized for the initial production run as they have proven the most sought-after product from retailers and customer alike. The Modern Crab Cake is proprietary seafood alternative product developed by Modern Meat which was created to provide a restaurant quality seafood-free crab cake, unlike anything else currently available on the market.
The co-packing facility currently produces plant-based products and has worked with similar processes for over a decade. With the facility hosting roughly 40,000 square feet of processing space and highly experienced staff, Modern Meat plans to move onto R&D for expansion of production for the remainder of its products in its plant-based portfolio. The facility has received various certifications required for production of the Modern Meat portfolio making them a very suitable partner to upkeep high quality food standards of the company.
"Our companies are very aligned with the vision that plant based is here to stay. Modern Plant Based Foods is one of the first companies to the "Better-For-You" vegan plant based alternative space and has remained one of the leaders in the space. Modern Plant Based is in a strong financial position poised for growth, and with this new added production we will likely see an increase in sales as other brands and competitors continue to drop off, " states CEO, Avtar Dhaliwal. "We are proud to have stayed tried and true to our vision and are able to provide better-for-you food products to our valued consumers. Modern Foods continues to find innovative and more efficient routes to market."
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.