Modern Meat Announces the Launch of the Modern Gyoza, Co-packing Facility, and Sellout for Holiday Bundle Pilot Program

VANCOUVER, BC, Dec. 15, 2020 /CNW/ - Modern Meat Inc., (CSE: MEAT) ("Modern Meat") or (the "Company) an award-winning plant-based food manufacturer, is pleased to announce the launch of its plant based Modern Gyoza and the successful sellout lauch of its holiday bundle over the weekend, both created by the Modern Meat development team. The gyoza retains authentic Asian flavours, while replacing traditional animal protein found in most recipes with healthy vegan protein. In addition to launching the Modern Gyoza, Modern Meat has agreed to a co-packing agreement for the gyoza with the capacity to produce up to 100,000 gyozas in a 7-hour shift.

"I am extremely excited for the launch of our Modern Gyoza. The gyoza has been a staple food for many families and the flavour profile is authentic and in-line with traditional gyoza," states Tara Haddad, Chief Executive Officer of the Company.  "The main difference is now we have a focus on the health benefits of a plant-based gyoza.  During the research and development process we anticipated production capacity issues as we have had overwhelming demand for our other plant-based products. We solved these production capacity issues by agreeing to co-pack with a specialist in the industry. The ability to produce up to 100,000 pieces of gyoza in a regular work shift is great news for our company as it does not take away from our existing production and takes advantage of our great distribution network. We expect the revenues from the gyoza to be significant to our balance sheet as we will also be adding new distribution teams/networks to introduce the product."

Modern Meat has received significant positive feedback from new restaurant clientele and plans to distribute the gyoza through its existing food service channel in Canada, as well as the US. The Company will also be looking to feature and sponsor Asian themed events for increased awareness of the products.

"The successful pilot launch of the "Holiday Bundle" indicates there is a significant interest in specialized items during the holiday season. It is a model our company is excited to explore and is encouraged by after this pilot program," states CEO Tara Haddad.

"The plant-based alternative movement is a global trend, and Veganism is on the rise across Asia and companies such as Nestle are starting to build vegan food facilities in China. The Chinese plant-based meat market has grown at an annual rate of 14.3 percent since 2014.  China hosts 17% of the world's population but only 7% of the world's arable land, so sustainability and healthy food consumption will become a top priority," explained Campbell Becher, Director and Head of M&A at Modern Meat.

(source: https://www.china-briefing.com/news/is-a-meatless-meat-revolution-really-underway-in-china/).

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 GMOs. 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, Modern Meat sales growth, plans to increase retail sales, making plant-based nutrition more accessible, new growth opportunities, demand and revenue projections for the Modern Meat products, estimates of production capacity, initiatives to increase product awareness  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.

For further information, please contact: Tanya Todd, Communications Director, [email protected], 604-395-0974