13:19:07 EDT Sat 18 Sep 2021
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Modern Meat Inc
Symbol MEAT
Shares Issued 28,306,498
Close 2020-10-09 C$ 3.68
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Modern Meat sells out of products for 15th week

2020-10-09 06:58 ET - News Release

An anonymous director reports


Modern Meat Inc. has sold out of its products for 15 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. Modern Meat is seeing demand for its product exceed its current production capacity which is leading to the continuous sellouts. As previously announced, Modern Meat is in process of expanding its production capacity (see press release of Aug. 28, 2020).

"We are pleased to announce that our sellout streak is continuing and there is an obvious demand for our products. Despite the interest in our products we are currently constrained by our production capacity and continuing the set-up of our new facility," stated Tara Haddad, chief executive officer of the company. "Adding new machinery, renovations and staff is a gradual exciting process that our company is excited and pleased to take on. As the company adjusts to the current facility, it is also seeking additional production expansion."

In its most recent two weeks commencing Sept. 28, 2020, the company has sold 2,286 pounds of product in its eight current SKUs Modern burger, Modern crab cakes, Modern crumble, Modern sliders, Modern meatballs, Modern tarragon remoulade, Modern burger sauce and Modern onion relish. The company continues to ramp up its production capacity by adding new staff and machinery.

Mrs. Haddad added: "Growing pains are typical in explosive growth industries and we feel that we are now in search of reaching higher goals of production than initially set out. When diversifying our portfolio of products from the initial outset we had to reduce the number of burger patties to accommodate production, and due to the sustained overall interest of other products in the portfolio, we will have to grow production across the board. These are very exciting times for the company and we are looking aggressively to solve this new bottleneck and setup for further expansion."

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. The company is deliberate in choosing ingredients free of soy, gluten, nuts and genetically modified organism. 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 only natural 100-per-cent plant-based ingredients.

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