MODERN MEAT REPORTS PROGRESS ON PRODUCTION IN EXPECTATION OF NEW ORDERS

VANCOUVER (BC), Jan. 19, 2023 /CNW/ – Modern Plant Based Foods Inc. (CSE: MEAT) (“Modern Foods”) and (the “Company”) An award-winning plant-based food business is happy to announce that Modern Meat Inc. (“Modern Meat”) has made significant positive improvements in expanding its production capabilities using a copacker. Saskatchewan. After initial testing of prototypes, the management team plans to begin production runs within the next few months. Modern Meat will be able to supply sufficient Modern Seafood products for larger restaurants and retailers with this increase in production capacity. The company expects to see an increase in demand as the competition in the plantbased industry is beginning to shrink.

The Company has been in co-packer’s research and development phase for several months. This was to ensure that the facility can produce Modern products to the required quality, especially for new items like its Modern Crab cake. “We can arguably claim to have the highest quality/complex plant based meat analogues available on the marketplace and we remain unwavering in our commitment to quality standards.” states Avtar DahaliwalModern Plant-based Foods’ CEO,. Modern Meat is a portfolio of high-quality, artisanal plant-based protein-based “meat” products. To ensure that the Company’s recipes are of sufficient quality, the production process is essential. Mr. Dhaliwal says, “We are now witnessing a major shift in plant-based businesses as they begin to diverge from their initial trajectory. We are here to stay. It is a pleasure to share the progress made with the new copacker. The project’s completion will allow us to grow into the global fish-based market and provide high quality products to large outlets.

The market for plant-based fish is expected to rise at a staggering CAGR of approximately 28% between 2021-2031 to reach a value of $2.6 trillion. US$ 1.3 Billions By 2031¹ This is a current gap in the food sector that companies can fill, since plant-based seafood makes up only 1% of the market. $9.5 million (1%) Of the total amount of plant-based beef dollar sales.² Modern Meat developed a vegan “seafood” recipe with whole ingredients that is free from gluten, GMO’s and animal products. It is currently being manufactured into a Crab Cake form. The company is still discussing details of the new formats that will be available in addition to the existing Crab Cake offerings.

Partnered co-packing facilities are a leader in innovation in the plant-based food sector. They have worked with Fortune 500 companies and had proven success with their production and development processes. The facility is divided into two separate locations, with an innovation center and a pilot process plant. The Company has received its certifications for CFIA and Halal, Organic, HACCP, and the company found a partner that meets the requirements for Food Quality standards. Additional services include nutritional labelling, packaging evaluation and shelf-life testing.

Information about Modern Plant-Based Foods

Modern Plant Based Foods, a Canadian food company, is located in Vancouver, British Columbia It offers a variety of plant-based products, including soups, vegan snacks, and alternatives to dairy and meat. We are proud to offer our products in select restaurants and retail outlets across the globe. Canada Our own Modern Wellness Bar is located in Vancouver. We are a holistic company that believes in plant-based living. We understand the importance to provide healthy, sustainable options for consumers while not sacrificing flavor. We want people feel good about what they eat, so we choose ingredients that are free from gluten, soy, nuts, or GMOs. We aim to improve the quality of food and how it is consumed, for the benefit both humans and animals.

Cautionary Statement regarding Forward-Looking Information
This news release contains forward-looking statements and information that are subject to applicable Canadian securities legislation. These statements are not historical facts. Forward-looking statements can be affected by risks, uncertainties, as well as other factors, which could cause actual results or performance to differ materially. This news release contains forward-looking statements, including statements regarding the Company, prospects, the Company, the Company’s goals and future plans, the Company’s sales growth, planned expansions, awareness of the Company’s brands, future revenue growth and the Company’s business, operations and management. Forward-looking statements must be based upon a variety of assumptions and estimates. These statements, although considered reasonable, can have unexpected risks, uncertainties, and other factors that could cause actual results or future events to differ materially. These factors include, among others, general business, economic and socio uncertainties, local and global market, and economic uncertainties arising out of the COVID-19 epidemic; litigation, availability key product ingredients, legislative and regulatory developments, legal, environmental, political, and competitive developments; the capability to effectively expand manufacturing and production capacities; the ability of retailers to distribute Company products; the ability of restaurants and food service providers to be a part of Company’s marketing plans; our ability and ability to predict consumer preferences; delays or failures to receive regulatory approvals www.sedar.comThis news release also discusses other topics. These known and unknown risks and uncertainties could cause the forward-looking statements in this news release to differ materially. The Company believes the assumptions and factors used to prepare the forward-looking statements were reasonable. However, undue dependence should not be placed upon these statements as they only pertain as of the date this news release and cannot be guaranteed that such events will take place within the timeframes or at all. Except as required by law, there is no obligation or intention of the Company to update or revise any forward looking statement. This includes future events or new information.

 

SOURCE Modern Plant Based Foods Inc.

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