Modern Meat Announces Sell Out from Flash Sale and Online Initiatives
Vancouver, British Columbia--(Newsfile Corp. - July 30, 2020) - Modern Meat Inc. (CSE: MEAT) ("Modern Meat") or (the "Company"), an award winning plant-based food manufacturer, announced today the company has "Sold-Out" of its online "ONE DAY" flash sale that allowed existing customers to order products pre-sale in an effort to introduce its line of plant-based meat alternatives to a broad audience including consumers, shareholders, and subsequent vendors. Modern Meat launched the flash sale to its e-commerce store, social media channels and newsletter subscribers.
The product sell-out was over and above the Company's current retail standing orders and based on remaining production capacity numbers.
"We are extremely pleased by the results of our flash sale and it further supports our belief that there is a gap in the market for nutritious meat alternatives," states Tara Haddad, CEO of Modern Meat. "For a company that is just over a year old, understandably most of this past year has been focused on market research, R&D and product development. Our retail sales have only started in the month of May and we have already found the demand is exceeding our expectations. We are confident that we will capture market share by striving to be a leader in producing a truly healthy 100% plant-based alternative to traditional protein sources that not only tastes fantastic, but is free of soy, gluten, nuts and GMOs."
Increasing Production Capacity
The Company also announced that as a result of growth in accounts and orders across Western Canada, the Company will be looking at new innovative ways to fill demand. To meet immediate consumer demand, the Company is actively seeking acquisitions, partnerships, and joint ventures that will allow the Company to increase its online marketing and distribution channels to retailers.
"In order to fit the scale of the market we will need to increase our production capabilities in the immediate future. We are exploring many opportunities with great diligence as it is fundamental for the company's prolonged growth," states Tara Haddad.
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.
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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, plans to increase production capacity, plans to increase online marketing and distribution channels, 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.
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