Modern Meat Announces That New Facility is Operating at Full Capacity

VANCOUVER, BC, Dec. 1, 2020 /CNW/ - Modern Meat Inc., (CSE: MEAT) ("Modern Meat") or (the "Company"), an award winning plant-based meat manufacturer, is pleased to provide an update on production for its new manufacturing facility (see press release of August 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 100,000lbs per annum of all Modern Meat products, and the Company is actively looking for other production facilities and partners to keep up with on going 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 CEO and Founder of the Company.

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; future growth of the alternative meat sector and the Modern Meat market share, Modern Meat sales growth, planned expansion, increases in production capacity, awareness of the Modern Meat brands 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