Modern Plant Based Foods in Discussions With Multiple Major Fast Food and Casual Dining Chains

VANCOUVER, BC, Sept. 29, 2021 /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 announce that Modern Meat, its meat alternative division, has been receiving substantial interest from Quick Service Restaurants (QSR) and Casual Dining chains on suppling its plant-based meat alternative portfolio of products. The interested parties are in high-traffic areas such as malls, plazas, and even stand-alone restaurants.

As the vegetarian and vegan community rapidly grows, fast-food companies are adapting and are embracing more plant-based foods. Plant-based proteins today are increasingly becoming an integral ingredient in many menus. Led by a desire for sustainability and more healthful eating, consumers are discovering they can get plenty of protein without eating meat or seafood.  Specifically, Millennials have a greater awareness of health and seek out foods that are good for them and that of the planet.

“The fast-food industry is one of the largest sectors of the food industry and as we position ourselves for continued growth it makes sense to enter into this channel,” stated Tara Haddad, Founder of Modern Plant-Based Foods.  “Additionally, one of our main goals is to make our products more accessible and affordable to the mainstream and this will assist us with our efforts.”

A study from the Center for Disease Control shows that a little over 36.6% of adults1 in America eat fast food daily. Additionally, the global QSR market reached $610.23 billion2.

“Interest is so high that we are already in discussions with several restaurant groups who are realizing the growing importance of offering plant-based options on their menus. There is also significant interest from companies looking for us to make a product specific for their consumer base as a high-quality plant-based meat alternative that is gluten, GMO and soy free,” explained Tara.

“Casual and fast-food dining has dramatically changed over the past few years with almost all major chains offering a vegan and vegetarian alternative. As time goes on, consumers are becoming more and more aware of the ingredients they consume, and we feel that we are ahead of the curve when it comes to recognizing important health and dietary restrictions making us one of the preferred vendors for these national and multinational chains,” stated Joni Berg CEO of the Company.

Modern Plant-Based Foods is also negotiating a possible multi-billion-dollar, multi-national partnership with its plant-based breakfast sausage. The company is looking to increase margin and possible scalability to be able to provide adequate supply. The company will continue to keep shareholders up to date as conversations progress.

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.

Statista, July 2021
2 Markets and Research, June 2021

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, increased market penetration and distribution; demand for the Company’s products; 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.

SOURCE Modern Plant Based Foods Inc.

For further information: Tanya Todd, Communications Director, tanya@modernfoods.ca, 604-657-9010