Modern Meat Signs Definitive Agreement to Begin Expansion of Operations to Australia

VANCOUVER, BC, Jan. 21, 2021 /CNW/ - Modern Meat Inc., (CSE: MEAT) (" Modern Meat ") or (the " Company "), an award-winning plant-based meat manufacturer, is pleased to announce it has signed a definitive co-packing agreement with Viveri Pty Ltd. (formerly known as SPQR Holdings Pty. Ltd.) ("Viveri"), a distributor and co-packer based in Adelaide, Australia, to launch its portfolio of 100-per-cent plant-based meat alternative products.

"This is a great achievement for our company and the first step outside North America to becoming a global competitor in the plant-based meat alternative industry. I feel there is no better place to begin the global expansion of our company than Australia, as its residents represent early adopters and, due to my existing relations within this market, I feel I can help expedite our growth process," states Craig Wallace, Head of Global Acquisitions for Modern Meat.

Viveri has an operational team with over 180 years of experience in food manufacturing, sales, marketing and business development. Currently, the company produces ready-made meals, pasta and protein, cakes and pastries, gelati, coffee, sandwiches, salads, panini, and breads, which are already distributed to major supermarket retailers in southern Australia, including IGA, Foodland, Coles and Woolworths.

Viveri is a facility of approximately 21,000 square feet with a full production staff. Viveri will onboard Modern Meat into its production facility and commence distribution to its vast network of retailers and national grocers. As Modern Meat's sales grow, Viveri may decide to retrofit its existing facility to accommodate production needs. Currently, the facility is certified with an HACCP (Hazard Analysis Critical Control Point) and in-house quality control and quality assurance specialist to confirm product consistency.

Both companies have finished their due diligence process and will move to product testing and production logistics.

"We continue to grow our distribution network and are thrilled to announce our definitive agreement with Viveri an experienced group of food specialists. We have significant growth potential in the Australian market and feel it is crucial to team up with a partner who recognizes the value of our unique products, and, also has the capacity to execute production, distribution and accelerate our growth plans," states Tara Haddad, Founder and CEO of Modern Meat.

"Consumers are demanding more plant-based options that enable healthier lifestyles," added Tara. "Our goal is to be a leader in the plant-based space, and we will do this through continued product innovation and an expansive global distribution network."

Under the agreement, the set-up phase will be completed prior to January 31, 2021. Initial production and distribution of products is expected commence in the second quarter of 2021.

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, the future sales and revenue growth, timelines for set-up and production, 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