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Modern Meat Inc
Symbol MEAT
Shares Issued 28,306,498
Close 2020-07-17 C$ 3.60
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ORIGINAL: Modern Meat Expands into Urban Fare, Western Canada's Gourmet Supermarket Chain

2020-07-17 16:35 ET - News Release

Vancouver, British Columbia--(Newsfile Corp. - July 17, 2020) -  Modern Meat Inc., (CSE: MEAT) ("Modern Meat") or (the "Company"), a fast-growing plant-based meat manufacturer, announced today that it will be rolling out its products into the frozen meat section and food service division of the popular Urban Fare grocery stores. Urban Fare is a subsidiary of the Overwaitea Food Group (OFG) which operates more than 160 stores under the banners of Save-On-Foods, Owerwaitea Foods, Urban Fare, PriceSmart Foods, PriceSmart Foods International and Bulkley Valley Wholesale. OFG is owned by the Vancouver-based Jim Pattison Group. Urban Fare has six locations, four located in downtown Vancouver and one each in Calgary and Kelowna.

Urban Fare will be offering all Modern Meat products specifically; Modern Meat Burgers, Crumble, 'Crab' Cakes and Meatballs. "As a local company, we are excited to partner with such a reputable and well-known food purveyor like Urban Fare. Having our products placed in the meat aisle as well as the hot cafeteria will give our company great exposure since most Urban Fare markets are strategically located in dense urban centers and feed many residents of high-rise condos and office towers," states Tara Haddad, CEO of Modern Meat. "As consumer preferences shift towards alternative proteins it is encouraging to see that retailers are including more nutritious plant-based options on their shelves."

"We are thrilled to announce a new retail partnership with Urban Fare," said Cassidy McCord, Director of Sales. "Offering our products in this premiere retail chain provides a gateway for Modern Meat and a stamp of approval into the OFG verticals of over 160 stores. Obtaining shelf space in other OFG stores is a goal we will be focusing heavily on in the coming months." OFG is the largest chain headquartered in BC and the fifth largest food retailer by grocery sales value in Canada.*

According to a survey by Dalhousie University and University of Guelph, the number of Canadians questioning the role of meat in their diets has never been higher. More than half of Canadians are willing to cut back on meat and 20% of the population are either limiting the amount of meat they eat or cutting it out entirely. **

The plant-based trend is surging, and the food service channel and retailers are taking notice. In addition, COVID-19 has led to a significant increase in retail food sales and at home consumption. Since February, year-over-year growth of plant-based meat sales has greatly outstripped conventional meat.***

Modern Meat plans to expand its product line throughout the various Urban Fare locations across British Columbia and Alberta. The Modern Meat product line is currently available in select Urban Fare restaurant locations and will become available on Urban Fare retail shelves in the near future. A complete list of where to purchase is available on the Modern Meat website: www.themodernmeat.com.

*(Statista, 2020 {https://www.statista.com/statistics/707809/leading-canadian-food-retailers-by-sales-value/})
(Protein Wars and the Changing Canadian consumer, Charlebois, Somogyi, Music, 2018)
(Crosser, May 2020 {https://www.gfi.org/blog-state-of-the-industry-2020})

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:
Tanya Todd
Communications Director

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; the availability of Modern Meat products in Urban Fare restaurants and stores, Modern Meat's intention to expand to other OFG stores, 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.


To view the source version of this press release, please visit https://www.newsfilecorp.com/release/60004

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