Modern Plant Based Foods Announces Distribution Deal With World's Largest Food Wholesale Distributor

VANCOUVER, BC, Feb. 27, 2021 /CNW/ - Modern Plant Based Foods Inc., (CSE: MEAT) (" Modern Plant Based Foods ") or (the " Company "), an award-winning plant-based food manufacturer today announced that Modern Plant Based Foods products will now be distributed through the world's largest foodservice distributor. The new arrangement entails listing Modern Plant Based Foods products on its Canadian distribution network, introducing the listed products to foodservice establishments.

Listed on the New York Stock Exchange; operating in 90 countries with over 600,000 customers, 57,000 employees, and revenues of $52.9 billion USD they are the world's largest broadline food distributor.

"We are extremely pleased to have distribution through this global titan, one of the most respected food distributors in the industry. This is another major step in the expansion of our brand and we expect to take our Company and its subsidiaries to the next level. We anticipate growing out our manufacturing capabilities across the board to keep up with future business growth," stated Tara Haddad, Founder and CEO of Modern Plant Based Foods.

"We are excited about this distributor and their track record of success in helping brands increase their coverage and market penetration. This is a tremendous opportunity for great expansion, not only across Canada, but eventually into their massive US distribution network. Consumer priorities are shifting and foodservice and retailers are recognizing they need to provide healthy alternatives and unique offerings to their customers. They understand the need to stay current and to offer on-trend quality products like Modern Plant Based Foods," stated Chris Parkinson, Brand & Relationship Manager at Modern Plant Based Foods. 

Under the new distribution arrangement, Modern Plant Based Foods products can be found immediately through the distributor.

Further to the news release dated February 25, 2021, Meat Inc. has received approval from the Canadian Securities Exchange (CSE) to effect a name change to Modern Plant Based Foods Inc.

The common shares will begin trading under the new name on Monday, March 1, 2021. The Cusip number assigned to the company's shares following the name change is 607677101 (ISIN: CA6076771014).

The company's CSE ticker symbol MEAT will remain unchanged.

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 meat products. Modern Plant Based Foods recognizes the importance of providing consumers nutritious and sustainable meat alternatives without sacrificing taste. We are deliberate in choosing ingredients free of soy, gluten, nuts and GMO's. Our mission is to change the way food is produced and consumed for the benefit of people, animals and the environment by using only natural 100% 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: Modern Plant Based Foods and Modern Plant Based Foods's business and prospects; the Company's objectives, goals or future plans; Modern Plant Based Foods sales growth, planned expansion, awareness of the Modern Plant Based Foods brands, future sales and revenue growth, the details of the distribution arrangement including distribution across Canada and potential expansion into the United States, 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 Modern Plant Based Foods 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.

SOURCE Modern Plant Based Foods Inc.