VANCOUVER, BC, Oct. 9, 2020 /CNW/ - Modern Meat Inc., (CSE: MEAT) ("Modern Meat" or the "Company"), a premier plant-based food manufacturer, announced today that it has sold out of its products for 15 consecutive weeks to retailers and direct to consumer sales. The Company has been pleased with its initial launch of its line of Modern Burger, Crumble, Meatball, Crab Cake and sauces. Modern Meat is seeing demand for its product exceed its current production capacity which is leading to the continuous sell outs. As previously announced, Modern Meat is in process of expanding its production capacity (see press release of August 28, 2020).
"We are pleased to announce that our sellout streak is continuing and there is an obvious demand for our products. Despite the interest in our products we are currently constrained by our production capacity and continuing the set-up of our new facility," stated Tara Haddad, Chief Executive Officer of the Company. "Adding new machinery, renovations, and staff is a gradual exciting process that our company is excited and pleased to take on. As the Company adjusts to the current facility, it is also seeking additional production expansion."
In its most recent two weeks commencing September 28, 2020 the Company has sold 2,286 lbs of product in its eight current SKUS Modern Burger, Modern Crab Cakes, Modern Crumble, Modern Sliders, Modern Meatballs, Modern Tarragon Remoulade, Modern Burger Sauce and Modern Onion Relish. The Company continues to ramp-up its production capacity by adding new staff and machinery.
Mrs. Haddad added: "Growing pains are typical in explosive growth industries and we feel that we are now in search of reaching higher goals of production than initially set out. When diversifying our portfolio of products from the initial outset we had to reduce the number of burger patties to accommodate production, and due to the sustained overall interest of other products in the portfolio, we will have to grow production across the board. These are very exciting times for the Company and we are looking aggressively to solve this new bottleneck and setup for further expansion."
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, current and future production expansion plans, 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: Tanya Todd, Communications Director, [email protected], 604-395-0974