VANCOUVER, BC, Aug. 12, 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 the Modern Commissary, (the "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 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 R&D 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's estimated to exceed $71 billion by 2027." As we continue to see more consumer shopping and ordering online, the trends continue to take over market share, "Ghost kitchens will hold 50% of both markets. Apart from that, they're most likely to account for 35% of ready meal, 30% of packed cooking ingredient, 25% of eat-in foodservice, and 15% 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 towards 2022 revenue for Modern Meat Inc. under the Modern Plant-based Foods umbrella.
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.
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