Modern Meat to Significantly Expand Production Capacity with New Manufacturing Facility
Vancouver, British Columbia--(Newsfile Corp. - August 14, 2020) - Modern Meat Inc., (CSE: MEAT) ("Modern Meat") or (the "Company"), a premier plant-based food manufacturer, announced today it has entered into a contract to acquire a new production facility which will more than quadruple its manufacturing footprint. The expanded capacity will help support development and production of Modern Meat's line of plant-based products and allow for growth across new product launches.
"We have been actively looking for a larger space in order to increase manufacturing efforts aimed at meeting the rising demand for our products," said Tara Haddad, CEO of Modern Meat. "Our current facility quickly reached capacity and we want to ensure our customer's orders will be met as we continue to manage growth and the development of a national distribution network through our sales and marketing efforts."
The new production facility will support the Company’s aggressive expansion plans and will allow Modern Meat to significantly increase the volume of wholesale product to meet the growing popularity of the product and market demand. The facility will include a tasting area permitting food service tastings to test the viability of new products and advancement of existing products.
"We are thrilled for our Company to have its own dedicated facility to address our growing production requirements. It is another milestone in our continued success and expansion across British Columbia. With this expansion comes the ability to hire more employees to keep pace with accelerating demand and will allow for a new level of product innovation we did not have before. Our growth strategy remains a focus and continues to unfold through additional sales channels, a widening distribution network, and brand awareness," states Ms. 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, to the details of the increased production capacity, plans to increase 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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