Modern Meat Announces US Distribution Co-Manufacturing Agreement for Up To $25 Million

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Modern Meat Announces US Distribution Co-Manufacturing Agreement for Up To $25 Million

Canada NewsWire

VANCOUVER, BC, Nov. 20, 2020 /CNW/ - Modern Meat Inc., (CSE: MEAT) ("Modern Meat") or (the "Company"), an award winning plant-based meat manufacturer, announced today a co-packing agreement with Real Vision Foods, LLC ("Real Vision") of California. The Company has been seeking active growth opportunities in the United States to launch its portfolio of plant-based meat alternative products.

Real Vision is a California based co-manufacturer with the capability of producing up to a wholesale value of $25 Million USD worth of total Modern Meat products per year through its facility. Its management team has over 100 years of experience working with companies such as at General Mills, Pepsi and Yum Restaurants. The principles have  provided over  250 different SKU's  to retail,  mass merchandise & club store supply chain, with branded and private label applications in US and Canada.

"This marks a major milestone for our company as it has been long been a goal to produce and sell our products in the US. We are incredibly excited to launch out of California with an early adopter of plant based vegan alternatives. We feel that by moving to an established team of co-manufacturing, our company is likely to see significant growth in our revenues." states Tara Haddad, Chief Executive Officer of the Company.

"Modern Meat's growth has always been an issue of available production capacity. By moving to the USA, our company has taken a significant step in the right direction to access production capacity that should support significant growth. By partnering with a strong co- manufacturer, it will allow Modern Meat to leverage its brand and amazing products to get placement in as many west coast retailers as possible. While growing Modern Meat in the USA we will continue our mandate to look for high quality brands with distribution that fit our company principles." states Campbell Becher, Head of Finance and Mergers and Acquisitions for Modern Meat.

Real VisIon Foods also already supports national distribution of other vegan products; specifically specializing in fermentation of (dairy analogue) and meat analogue products, being one of the few industrial scale co-packers exclusively serving plant based & gluten free products.

"Real Vision is excited to support the growth of Modern Meat in its journey to offer white tablecloth - culinary level product quality to consumers throughout the world. The company recognizes the importance of offering quick to market product capabilities for emerging plant based only brands that reflect is its sustainability conscious value & aspirations, we look to move very quickly with our partnership as it is highly prioritized product and will hopefully be in production with Modern Meat within 90 days." states Joseph Ertman, President of Real Vision Foods, LLC.

Production of Modern Meat products through Real Vision is expected to commence in Q1 2021. The actual amount of Modern Meat products produced by Real Vision will be based on demand for Modern Meat products in the United States through Modern Meat's retail and wholesale partners. Modern Meat expects the production by Real Vision will be a mix of its various products including its burger, crumble, meatballs, sauces and other products under development.

About Modern Meat

Modern Meat is a Canadian food company based in Vancouver, British Columbia that offers a portfolio of plant-based meat products. Modern Meat 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 Meat and Modern Meat's business and prospects; the Company's objectives, goals or future plans; future growth of the alternative meat sector and the Modern Meat market share, Modern Meat sales growth, the details and benefits of the arrangement with Real Vision, the dollar value of production, revenue growth, expansion into retailers in the USA, the addition of high quality brands, the timeline to production 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 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 Meat Inc.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/November2020/20/c0885.html

Copyright CNW Group 2020

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