21:30:03 EDT Fri 30 Sep 2022
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CA



Modern Plant Based Foods Inc
Symbol MEAT
Shares Issued 47,641,106
Close 2022-08-11 C$ 0.495
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Modern Plant's Modern Commissary reaches max capacity

2022-08-12 16:14 ET - News Release

Mr. Avtar Dhaliwal reports

MODERN COMMISSARY REACHES MAX CAPACITY AND SEEKS TO OPEN SECOND LOCATION

Modern Plant Based Foods Inc.'s Modern Commissary, a kitchen facility launch pad for start-up food businesses, has reached max capacity for tenants at its Vancouver location and is currently searching for a second location. After successfully securing a fully booked schedule for the commissary with paying tenants, the facility is creating additional revenues as well as expanding its network of valued food companies and entrepreneurs. The company's expansion plan for the new location will aim to replicate the same model as the first location, adding in room for new production opportunities.

The Modern Commissary specializes in offering kitchen space and resources to meal prep and ghost kitchen businesses which has been successful in securing a wide variety of tenants, each with their own success story. The commissary tenants have successfully grown their businesses by utilizing an array of top-of-the-line equipment available at the facility. The commissary has provided amazing opportunities for businesses to scale their production, conduct research and development for new products, and be innovative with their creations.

"We are pleased to have been able to support so many growing businesses within the food industry while creating mutually beneficial relationships for our company's growth," states Avtar Dhaliwal, chief executive officer of Modern Plant Based Foods. "We are continuing to secure key partnerships and expanding our network as we seek to open a second location."

According to Statista's ghost kitchen industry report, the worldwide ghost kitchen market size was $43.1-billion in 2019. As it is estimated to exceed $71-billion by 2027. As the company continues to see more consumer shopping and ordering on-line, the trends continue to take over market share. Ghost kitchens will hold 50 per cent of both markets. Apart from that, they are most likely to account for 35 per cent of ready meal, 30 per cent of packed cooking ingredient, 25 per cent of eat-in food service and 15 per cent of packaged snack markets by 2030. Modern Foods has been preparing to capitalize on the growing popularity of ready-made meals and delivery options by building the commissary arm of the business.

Revenues recognized from the commissary will contribute toward 2022 revenue for Modern Meat Inc. under the Modern Plant Based Foods umbrella.

About Modern Plant Based Foods Inc.

Modern Plant Based Foods is a Canadian food company based in Vancouver, B.C., that offers a portfolio of plant-based products, including meat- and dairy-free alternatives, soups and vegan snacks. Its products are available at select restaurants and retailers across Canada, including its own Modern Wellness Bar located in Vancouver. Modern Plant Based takes a holistic approach to plant-based living and understands the importance of providing nutritious and sustainable alternatives to consumers without sacrificing taste. It wants people to feel good about the food they eat which is why it is deliberate in choosing ingredients free of soy, gluten, nuts and genetically modified organisms. The company's 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.

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