MODERN MEAT DEVELOPS PLANT-BASED QUICK SERVE PIZZAS WITH CARBONE RESTAURANT GROUP

VANCOUVER, BC, Nov. 29, 2022 /CNW/ - Modern Plant Based Foods Inc., (CSE: MEAT) ("Modern Plant Based Foods") or (the "Company"), an award-winning plant-based food company is pleased to report that its subsidiary Modern Meat is co-developing plant-based pizzas with Carbone Restaurant Group ("CRG"), a leading restaurant group and brand incubator with quick-service concepts including ghost kitchens. Modern Meat currently supplies plant-based meat products to the franchise and is working to expand the menus plant-based offerings and increase its supply volumes to the chain.

Canadian owned and operated, CRG developed FAST FIRED by Carbone, a pizza chain known for its fresh, authentic, sustainable tailored-made pizzas.  FAST FIRED by Carbone is actively franchising restaurants across Canada with plans to open up to 100 new franchises over the next several years with locations already secured in BC, Alberta, Saskatchewan, Manitoba and Ontario.

FAST FIRED by Carbone currently offers Modern Meat Crumble on their "Modern Fiesta" plant-based pizza in-store and throughout various delivery apps including Skip the Dishes DoorDash and Uber Eats. The two companies are working towards launching new plant-based menu items across the various provinces and delivery platforms to capitalize on the plant-based demand to better-for-you fast-food items.

"We have been working with Carbone Restaurant Group on various projects to date and see value in continuing to execute new opportunities with current valued restaurant partners" said Avtar Dhaliwal, CEO of Modern Plant-Based Foods. "They are fast-growing company reshaping the restaurant landscape. CRG has a strong growth plan and is backed by a management team with a proven record of success."

Plantza Pizza is one of CRG's ventures, showcasing Modern Meat as a valued supplier on their website and the Modern Meat Crab & Artichoke plant-based pizza showcased with a house vegan white sauce, vegan-style mozzarella, Modern Meat Crab Cake, artichoke hearts, red onion, garlic oil and black pepper.

CRG is well-positioned to be ahead of the curve for new innovations and has partnered with some of the world's leading high tech food innovators. In addition to quick service restaurants, the company is investing in automated technology, and is a leader in ghost kitchen brands. Ghost kitchens are virtual app driven takeout and delivery restaurants with no front of house, they can be set up almost anywhere, even in shipping containers.  

"CRG has assembled multiple plant-based celebrity partnerships that will develop into new ghost kitchen brands, showcasing the modern portfolio of products in a whole new way," states Benjamin Nasberg, CEO of Carbone Restaurant Group. "We see great value in a partnership with Modern Foods and their plant-based items as they have a direct synergy with our company."

About Modern Plant-Based Foods

Modern Plant Based Foods is a Canadian food company based in Vancouver, British Columbia that offers a portfolio of plant-based products including meat and dairy-free alternatives, soups, and vegan snacks. Our products are available at select restaurants and retailers across Canada including our own Modern Wellness Bar located in Vancouver. We take a holistic approach to plant-based living and understand the importance of providing nutritious and sustainable alternatives to consumers without sacrificing taste. We want people to feel good about the food they eat which is why 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 natural 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: the Company and the Company's business and prospects; the Company's objectives, goals or future plans; the Company's sales growth, planned expansion, awareness of the Company's brands, future sales and revenue growth, 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 ability to obtain retail partners to distribute Company products, 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 Plant Based Foods Inc.

Cassidy McCord, Chief Corporate Officer, [email protected], 604-395-0974