VANCOUVER, BC, May 3, 2022 /CNW/ – Modern Plant Based Foods Inc., (CSE: MEAT) (“Modern Plant Based Foods”) or (the “Company”), an award-winning plant-based food company is pleased to report that kitskitchen Health Foods Inc., (kitskitchen) a portfolio company of Modern Plant-Based Foods, has secured a new production facility. kitskitchen new facility has an increased production capacity of 20,000kg per day compared to previous capacity of 1,000kg per day. This significant increase will accommodate the significant interest in consumer demand received over the past year.
The new facility is equipped with larger and higher-end machinery allowing production to increase in volume in an efficient and timely manner resulting in decreased costs and an increase to profit margin. Given the demand from distributors to facilitate supply to large-scale retailers, kitskitchen will be able to continue its Canadian expansion while positively contributing to the bottom line.
“This milestone solidifies our transition from a niche product supplier to a national food product company. In recent months we have secured significant partnerships and shelf space with some of the leading grocers and distributors in the food industry. Over the coming period we expect significant growth in sales and an increase in our profit margin as we continue to scale our production,” states Joni Berg, Co-Founder and CEO of kitskitchen.
The new facility has obtained all necessary certifications required for this product line including The Global Food Safety Standard, (BRCGS), Organic, and APICS, (Association for Supply Chain Management). BRCGS has set the benchmark for over 20 years. Adopted by over 20,000 sites in 130 countries, the standard is accepted by 70% of the top 10 global retailers, 60% of the top 10 quick-service restaurants, and 50% of the top 25 manufacturers. It was the first standard to be GFSI benchmarked, as well as introduce food safety culture requirements, define food fraud, and reduce audit burden through additional modules. kitskitchen has already engaged large national retailers, which look to certifications and safety standards as a requirement to do business.
“When acquiring kitskitchen we identified it as a brand and product that was meant for national and eventually distribution. The products continue to impress consumers and retailers alike as the sales number continue to grow and we have now taken it upon ourselves to up our capacity. Over the next period we expect significant growth in the kitskitchen brand and product line,” states CEO of Modern Plant Based Foods, Avtar Dhaliwal.
The facility has Canadian Food Inspection Agency (CFIA) staff on premise to ensure top quality compliance standards. The large-scale facility along with all the above-mentioned certification have enabled kitskitchen the opportunity to work with larger retail grocery chains such as the Loblaws Inc., a subsidiary of Loblaw Companies Limited., a Canadian supermarket chain with stores located across Canada being Canada’s largest food distributor.
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 Bars 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.
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, the availability of Modern Meat Products through GFS, 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.