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MODERN MEAT COMMISSARY KITCHEN ADDS TWO SOUGHT AFTER BRANDS TO TENANT LIST

MODERN MEAT COMMISSARY KITCHEN ADDS TWO SOUGHT AFTER BRANDS TO TENANT LIST
Canada NewsWire
VANCOUVER, BC, July 19, 2022

VANCOUVER, BC, July 19, 2022 /CNW/ – Modern Plant Based Foods Inc., (CSE: MEAT) (“Modern Foods”) or (the “Company”), an award-wi…

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MODERN MEAT COMMISSARY KITCHEN ADDS TWO SOUGHT AFTER BRANDS TO TENANT LIST

Canada NewsWire

VANCOUVER, BC, July 19, 2022 /CNW/ - Modern Plant Based Foods Inc., (CSE: MEAT) ("Modern Foods") or (the "Company"), an award-winning plant-based food company is pleased to report that it's recently opened the "Modern Commissary" kitchen facility (the "Commissary"), has added two local favourites to its tenant list. The Modern Commissary specializes in the meal prep businesses and ghost kitchen access, successful in securing a wide variety of tenants, each with their own success story. The Commissary tenants have successfully grown their businesses aided by an array of top-of-the-line equipment available at the facility. The Commissary has provided amazing opportunities businesses to scale their production, conduct R&D for new products, and be innovative with their creations.

Multifood Inc. ("MFI") produces healthy, fully prepared meals for customers who are constantly on the go or prefer to have meals prepared for them. MFI offer's weekly deliveries of ready to eat, fully prepared balanced meals to their customers created with natural, wholesome, high-quality ingredients. MFI's production and sales have since had significant increase since tenanting at the Modern Commissary.

The Bajan Peppa ("TBP") is focuses on Barbadian "Bajan" Caribbean cuisine. TBP has established itself as a local favourite as one of Vancouver's favourite food stalls, offering a variety of Caribbean cuisine inspired by African, Portuguese, Indian, Irish, Creole, and British foods that everyone can enjoy and appreciate. TBP has plans to expand their offering outside of the province and going nation-wide using the Modern Commissary platform. By utilizing the Commissary, TBP is well positioned to achieve their goals especially given the extensive knowledge and support provided by Modern Foods (a nationally recognized brand that is growing into an international brand).

"We are proud to be a part of the growth our tenants are experiencing while using our Commissary. Our goal was to provide local talent in the food industry an opportunity to rise in a similar fashion as Modern Foods and believe in giving back to the community that helped us with our initial launch, states Avtar Dhaliwal, CEO of Modern Plant Based Foods.

"Our work within the community has helped to establish and scale businesses meanwhile Modern Foods to capitalizing on its Commissary facility. Modern Foods and its Commissary offer the perfect blend of support, equipment, and resources any food start-up would need to get started and continue to grow their business."

Through the Commissary, Modern Foods will be able to expand its presence within the Vancouver region as well as add additional streams of revenue for the Company. The Commissary will be unique in providing around the clock access and will accept all tenants that meet the company's guidelines for food preparation and safety. Contracts with tenants will vary based on their needs in terms of space, storage, and time. The Company has effectively expanded usage of the facility by making it accessible throughout every hour of the day while providing an opportunity to grow its connection within the food sector.

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 Bar 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. 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, 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.

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