Modern Meat Sells Out of Product 12 Consecutive Weeks and Continues to Move into New Production Facility
Vancouver, British Columbia--(Newsfile Corp. - September 10, 2020) - Modern Meat Inc. (CSE: MEAT) ("Modern Meat" or the "Company") announces that it has sold out of its products and has been at maximum capacity for 12 consecutive weeks to retailers and direct to consumer sales. The Company has been pleased with its initial launch of its line of Modern Burger, Crumble, Meatball, 'Crab' Cake and sauces.
"We are pleased by the overall reception of our product and recognize that there still is a significant gap in the market for nutritious and satisfying meat alternatives that do not contain soy, gluten, nuts, or GMO's. In the coming months, we will be rolling out new innovative sales techniques and be introducing our product to further vendors." states Loree Khan, Head of Canadian Sales and Distribution for the Company.
Modern Meat has also begun renovation of the new production facility with equipment purchases and interior renovations to fit Modern Meat's specific needs. The Company expects to quadruple its output post renovations and be able to support future development of its plant-based products.
"Since moving to the facility we have quickly begun customization of the kitchen space bringing in trades, contractors, and new equipment. When complete, we not only expect to expand our production capabilities, we will also be expanding our reach to new consumers," states Tara Haddad, CEO of the Company.
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, Modern Meat sales growth, plans to increase production capacity, plans to roll out new sales techniques and 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.
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