Modern Meat Eyes US Expansion Plan and Distribution into the United States
Vancouver, British Columbia--(Newsfile Corp. - September 29, 2020) - Modern Meat Inc. (CSE: MEAT) ("Modern Meat") or (the "Company"), a premier plant-based food manufacturer, is pleased to announce that intends to expand into the US market and is evaluating a list of potential acquisition targets. Since listing on the Canadian Stock Exchange (CSE) the Company has been targeting strategic M&A opportunities, as well as internal growth expansion projects.
Modern Meat will specifically look to team-up with strong vegan brands that have a wide distribution network and management that aligns with the core principals of the Company. Expansion into the US will serve as the Company's first step into the international market, which is important for its successful growth.
"The United States market for meat substitute and vegan-labelled food products is witnessing strong year over year growth," states Tara Haddad, CEO of Modern Meat. "As a lifestyle company focused on nutrition, health and wellness, we want to develop a strong pipeline of brand extensions and new products with the goal of carving out a niche for Modern Meat in the US vegan space."
The US is one of the leading countries in the vegan movement. Currently, the US vegan population is 3% of adults aged 18-29 years, 4% of those 30-49, 1% of those 50-64, and 3% of those over 65 years and the trend is increasing each year. The global vegan food market value is estimated to reach around USD 24.3 billion by 2026 and will grow at CAGR above 9.1% over the forecast time frame.
"Facilitating expansion into the US market is a major growth initiative for us," said Campbell Becher, Head of Finance and Mergers and Acquisitions for Modern Meat. "With the superior ingredient profile of our plant-based products and increasing consumer demand for healthier options, we believe our brand will be a hit in the US market. Looking ahead, I am extremely excited to drive our growth and shareholder value through strategic acquisitions."
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.
For further information, please contact:
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 expand into the US market, potential acquisition targets 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.
NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/64794