VANCOUVER, BC – 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 it will be launching a plant-based seafood division, Modern Seafood. Modern Seafood will be focused on research & development, production and manufacturing of plant-based seafood alternatives. Specifically, the sub-division will seek out collaborations with existing seafood companies interested in the development of quality seafood alternatives.
Modern Seafood’s core products will include its award-winning ‘crab cake’ which has been the Company’s number one seller since inception. The Modern ‘crab cake’ is available on retail shelves and foodservice establishments across the nation and is currently expanding into the United States and Australia. Modern Seafood’s new plant-based Smoked Salmon will be free of gluten, soy, and GMOs.
“We recognize there is a constant need for innovation to keep up with the rapid growth in the plant-based sector and our Company takes pride in getting ahead of consumer demand and trends,” states Tara Haddad, Founder of Modern Plant-Based Foods. The alternative seafood sector is still in its infancy, and it is an area where we want to establish ourselves as industry leaders. Smoked salmon is extremely popular and widely consumed around the world, and we feel there will be a surge in interest of products that have been developed by chef’s not manipulated by scientists,”
With a growing number of mainstream consumers adopting plant-based diets, grocery sales of plant-based products reached $7 billion and grew 27% over the past year, according to SPINS retail data, almost double the growth rate of overall foods sales in the U.S., with seafood alternatives also seeing significant growth. The European smoked salmon market amounted to over $4.2 billion at an annual growth of 2% as of 2018.
“With alt-seafood ventures worldwide receiving at least $83 million from investors in 2020, compared to $1 million three years prior, it is apparent there is interest in the growth of this sector. As we move forward, sustainability of future generations is key as current reserves will simply not be able to keep up with consumer demand. We want to make a difference and swing the pendulum back,” states Cassidy McCord, Chief Corporate Officer of Modern Plant-Based Foods.
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. 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.
