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Modern Meat Inc
Symbol MEAT
Shares Issued 28,306,498
Close 2020-12-01 C$ 4.80
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Modern Meat's new facility running at full capacity

2020-12-01 07:48 ET - News Release

Mr. Kevin Lohnes reports

MODERN MEAT ANNOUNCES THAT NEW FACILITY IS OPERATING AT FULL CAPACITY

Modern Meat Inc. has provided an update on production for its new manufacturing facility (see press release of Aug. 28, 2020). Since the acquisition of the new facility, the company has worked to bring its operation up to full capacity. The company has successfully implemented a double shift mandate in order to keep up with demand. The company has been successful in hiring new staff and providing successful training to improve its gross product production capacity. The facility is currently at maximum capacity of approximately 100,000 pounds per annum of all Modern Meat products, and the company is actively looking for other production facilities and partners to keep up with continuing demand.

"In order to secure larger accounts, it is key for us to be able to stockpile a certain level of inventory. We are extremely pleased to announce we are taking steps in the right direction. Being in the food industry for over 20 years, I've experienced how hard it can to build a team. Finding like-minded people who want to grow this business and facilitating this change to increase our production has been no small feat," states Kevin Lohnes, the company's production manager.

Modern Meat will be using the extra inventory to target new accounts and national distributors to further increase the outreach of its products. Additionally, Modern Meat will continue to look for added production from other facilities and possible partnerships in preparation for future growth.

"Our production and kitchen staff have done an outstanding job implementing the double shift, but I feel it is just the tip of the iceberg as to where we will be going. I'm very excited about our new ventures and the direction of the company. We will continue to aggressively look for expansion on the retail, production and acquisition front," states Tara Haddad, chief executive officer and founder of the company.

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 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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