/C O R R E C T I O N -- Modern Plant Based Foods Inc./

In the news release, MODERN PLANT BASED FOODS ANNOUNCES UPDATE TO MODERN MEAT KAVIAR, issued 15-Jan-2024 by Modern Plant Based Foods Inc. over PR Newswire, we are advised by the company that the incorrect version of the news release was issued. The complete, corrected release follows:

MODERN PLANT BASED FOODS LAUNCHES ITS NEW VEGAN KAVIAR TARGETING SUSHI AND SEAFOOD RESTAURANTS

VANCOUVER, BC, Jan. 15, 2024 /CNW/ - Modern Plant Based Foods Inc., (CSE: MEAT) ("Modern Foods") or (the "Company"), Modern Plant-Based Foods is setting a new standard in the world of gourmet cuisine with its "Vegan Kaviar" line, now available in Salmon, Wasabi, and Beluga flavors. This innovative seaweed based product range not only offers a luxurious taste experience but also serves as an affordable alternative to traditional, high-cost caviar, effectively filling a significant gap in the market. The Company has completed its initial product launch offering its affordable high-end vegan 'Kaviar' targeting sushi and seafood restaurants. 

The Company has developed a strategic launch plan aiming to secure partnerships with local suppliers and seafood restaurants. Having worked with various restaurant and National distribution channels previously, Modern is revisiting these outlets to introduce the Vegan Kaviar. The Company has successfully launched multiple portfolio products with major distribution players including Gordon's Food Service (GFS), KeHE, Horizon Distributors, Lekker Foods and many direct sales channels including Whole Foods, Costco, and IGA. By using these previously established sales channels, the Company expects a faster growth trajectory for the Kaviar line. In tandem with restaurant and distribution partnerships, Modern Plant-Based Foods' Vegan Kaviar will be available for purchase online. The Company see value in offering direct-to-consumer availability through an e-commerce platform to ensure that the product is accessible to a wider audience, allowing consumers to enjoy this gourmet experience in the comfort of their homes.

Crafted with purely plant-based ingredients, each flavour in the Vegan Kaviar line is meticulously designed to replicate the texture and nuanced flavours of conventional caviar. The three variants are available in a 50g and 125g tin catering to a diverse range of palates: 

Vegan Wasabi Caviar: Combining the sophistication of caviar with a wasabi twist, this flavour offers a unique culinary experience at a fraction of the cost of similar gourmet products.
Vegan Original Caviar: This variant emulates the luxurious and highly sought-after Beluga caviar, providing an ethical and cost-effective option for gourmet dining.
Vegan Salmon Caviar: A sustainable and affordable alternative to traditional salmon roe, perfect for classic caviar enthusiasts.

"With the launch of our Vegan Kaviar line, we are bridging the gap in the market for affordable luxury in the seafood market" states Avtar Dhaliwal, CEO of Modern Plant-Based Foods. "Our products are designed for those who seek the finesse of high-end caviar without the extravagant cost, aligning with our commitment to sustainable, accessible, and ethical food choices."

The Caviar Market size is estimated at USD 372.99 million in 2024, and is expected to reach USD 547.03 million by 2029, growing at a CAGR of 7.96% during the forecast period (2024-2029).  Modern expects to gain market share in the Caviar Market with its new innovation. This range is perfect for adding a touch of elegance to any dish, from gourmet recipes to everyday meals, making luxury dining an accessible experience for all. Available in select gourmet stores and online, Modern Plant-Based Foods' Vegan Kaviar is a game-changer in the plant-based industry.

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. 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. 

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¹ https://www.mordorintelligence.com/industry-reports/caviar-market#

SOURCE Modern Plant Based Foods Inc.

Avtar Dhaliwal, Chief Executive Officer, [email protected], 604-395-0974