Modern Meat Announce Name Change to Modern Plant Based Foods Inc.

VANCOUVER, BC, Feb. 25, 2021 /CNW/ - Modern Meat Inc., (CSE: MEAT) (" Modern Meat ") or (the " Company "), will be changing its name to Modern Plant Based Foods Inc. The Board of Directors of the company have approved the name change and the Company has successfully reserved the name, "Modern Plant Based Foods Inc." with the British Columbia Corporate Registry. After the Company completes the filing requirements of the CSE, the CSE will issue a bulletin advising of the effective date for trading under the new name. The Company's stock symbol will not be changed and will remain 'MEAT'.

Action is required from shareholders in connection with the proposed name change. Issued certificates representing commons shares of the Company will affected by the change of name and will need to be exchanged. The transfer agent of the Company will be mailing a Letter of Transmittal to the registered address of the shareholder, in which the shareholder will have to fill in and return to the transfer agent to receive a revised certificate with the Company's new name. The Company encourages shareholders to contact their broker or agents with any questions regarding the proposed name change.

"The new name now better represents our corporate strategy and the direction we are headed as an entity into 2021. We are very happy to see the overall growth we have had in our company as we transition to a "Vegan Conglomerate". We will continue to build our balance sheet and make accretive investments to maximize return for all our shareholders, while targeting quality brands with a model similar to many other global food conglomerates," States Tara Haddad, Founder and Chief Executive Officer.

The Company would also like to note that further to the news release dated February 18, 2021, assuming all the Warrants are exercised, the Company will spend approximately $2 million of the proceeds from the exercise on Marketing to further increase awareness to the public of the Company's Products.

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.

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; Modern Meat sales growth, planned expansion, awareness of the Modern Meat brands, future sales and revenue growth, brand expansion, the use of proceeds from the offering of Warrants 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.

SOURCE Modern Meat Inc.

Tanya Todd, Communications Director, [email protected], 604-395-0974