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Modern Meat Inc
Symbol MEAT
Shares Issued 28,306,498
Close 2020-08-14 C$ 3.59
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Modern Meat to acquire production facility

2020-08-14 17:03 ET - News Release

Ms. Tara Haddad reports


Modern Meat Inc. 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, chief executive officer 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 to permit 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," stated Ms. Haddad.

About Modern Meat Inc.

Modern Meat is a Canadian food company based in Vancouver, B.C., 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. It is deliberate in choosing ingredients free of soy, gluten, nuts and GMOs (genetically modified organisms). Its 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-per-cent plant-based ingredients.

We seek Safe Harbor.

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