VANCOUVER, BC – Modern Meat Inc., (CSE: MEAT) (“Modern Meat“) or (the “Company“), an award winning plant-based meat manufacturer, announced today that it will be launching its portfolio of plant-based meat alternatives in the United States in Q1, 2020 in conjunction with Real Vison Foods LLC (“RVF”) of California. The products have been going through a successful testing and manufacturing scaling program. The Company intends to send a sales team and high-level management, down to California in Q1 to help co-ordinate the launch of the products into the West Coast of the United States.
Under the current co-packing agreement with RVF, the Californian based co-packer has agreed to produce up to $25 million (USD) depending on retail and wholesale demand for Modern Meat products in the U.S. The RVF team comes with over 100 years of experience working with companies such as at General Mills, Pepsi, and Yum Restaurants. The principals have provided over 250 different stock-keeping units to retail, mass merchandise, and club store supply chain, with branded and private-label applications in United States and Canada.
“We are on track and incredibly excited for our Q1 launch into the United States. Product testing and scaled manufacturing is a significant job that takes a tremendous amount of time and effort. We are pleased to say our products are in the final stages the testing and will be on track for our Q1 launch,” states Tara Haddad, CEO and Founder of Modern Meat.
“From my past experience, the U.S. provides a far more expansive market than that of the Canadian, with almost ten times the population. The U.S. consumer is typically known for aggressive consumption habits and always open minded when it comes to new and trending product offerings. Furthermore, California has been targeted for many brands as an early adopter of plant-based meat alternatives, which will provide our company an incredible platform to showcase our initial products. This includes both Beyond Meat and Impossible Foods that were founded and headquartered in California,” states Chris Parkinson, Brand and Relationship Manager for Modern Meat.
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, planned expansion, awareness of the Modern Meat brands, the details of the planned launch into the United States, the potential production capacity of RVF, consumer consumption habits, demand for Modern Meat 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 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.
