File: Attachment News Release - Animalkind - Update to Acquisition (Oct 7) (003).pdf

MODERN PLANT BASED FOODS INC. 700 W Georgia St #2500 Vancouver, BC V7Y 1B3

MODERN PLANTS BASED FOODS INC. ANNOUNCES UPDATE ON ANIMALKIND ACQUISITION

Vancouver, BC, October 7, 2024 Modern Plant Based Foods Inc (CSE: MEAT) ("Modern" or the "Company"), a leader in the plant-based food industry, is pleased to announce an update to its May 27, 2024 and July 30, 2024 news releases and confirms its intention to acquire AnimaKind via the acquisition of all of the outstanding securities in the capital of 1471394 B.C. LTD. (referred to as "AnimalKind"). AnimalKind, a sustainable plant-based pet food company based in Richmond, British Columbia offers products such as "Blueberries", "Apples Chunks", and "Pumpkin" dog treats. This strategic move supports Modern's commitment to expanding its reach and enhancing its product offerings within the sustainable food sector.

"This acquisition fits seamlessly with our strategy to innovate in the plant-based and sustainable pet food market. AnimalKind will help us broaden our product offerings and better serve our customers with high-quality, sustainable solutions" says Avtar Dhaliwal, CEO.

Under the terms of the Share Exchange Agreement, Modern will issue from treasury to each shareholder of AnimalKind at the time of closing, 1,000,000 Common Shares (collectively, the "Consideration Shares"), for an aggregate of 4,000,000 Consideration Shares, at a deemed value of $0.20 per Consideration Share.

The transaction remains subject to several conditions, including approval by the board of directors, and the execution of definitive agreements. Modern is committed to working expeditiously towards closing the transaction, subject to these conditions and standard closing conditions for transactions of this nature.

This announcement marks the beginning of a promising new chapter for Modern as it continues to lead and innovate in the plant-based food industry.

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. 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. The company's 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.

For further information, please contact:

41389|7452509_1 "Avtar Dhaliwal" Chief Executive Officer investors@themodernmeat.com 604-395-0974

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. Forwardlooking 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.sedarplus.ca; 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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