Mr. Avtar Dhaliwal reports

MODERN PLANT-BASED FOODS ANNOUNCES INITIAL INTEREST FROM THE WORLD'S MOST VISITED THEME PARK AND ENTERTAINMENT CONGLOMERATE

Modern Plant Based Foods Inc. has received interest from a diversified multinational entertainment and media conglomerate, which generated total revenue of nearly $32.6-billion (U.S.) with its parks and experiences. The company's biggest revenue source was its entertainment segment, which generated revenues of over $40-billion (U.S.) in 2023. The total assets of the company amounted to more than $205-billion (U.S.) in 2023. This new discussion opens up global reach through the various outlets within the customer's management and asset portfolio as the two parties go through the testing, review and negotiation process.

This partnership would integrate Modern Plant Based Foods' vegan Kaviar into select dining outlets across the properties. In 2018, the customer's theme parks hosted over 157.3 million guests, ranking as the world's most visited theme park company worldwide. The resort occupies 27,258 acres over all, with four theme parks, two water parks, 21 resort hotels, eight golf courses and additional recreational activities. The customer has continuing efforts to diversify its food and beverage offerings with more plant-based options, catering to a broad spectrum of dietary preferences. Modern will continue to adjust its sales projections and forecasts as discussions continue aiming to maximize the product launch availability across various venues within the ownership group.

After recent launch of its Vegan Kaviar line, including salmon, wasabi and original flavours, Modern brings its sustainable and ethical food options to a wider audience through this potential collaboration. "We attribute this is a major opportunity to launch our new innovation into a massive large-scale entertainment outlet to our strategic launch plan," said Avtar Dhaliwal, chief executive officer of Modern Plant-Based Foods. "This initial interest shows real demand and appeal for affordable luxury plant-based innovation in world-class venues." The company will continue to explore various sales channels for the vegan Kaviar line globally as demand increases for the affordable luxury vegan seafood offering.

The global vegan caviar market is predicted to grow at a CAGR (compound annual growth rate) of 7.9 per cent over the next decade, reaching a valuation of over $632-million by 2032. The demand for vegan caviar driven by increasing environmental concerns for the oceans. Conventional caviar is unfertilized fish eggs, also known as fish roe, traditionally from endangered wild sturgeon. The fish is caught alive before her ovarian sacs are extracted. Vegan companies are developing cruelty-free and alternatives for caviar around the world alongside Modern Plant-Based Foods that are more affordable, sustainable and accessible. The plant-based Kaviar product is available in convenient 50-gram and 125-gram tins in addition to custom large-format options for commercial use.

The plant-based caviar products offer an elevated dining experience for a variety of styled dishes for a fraction of the cost of traditional caviar. The company will continue to progress forward current discussions with large-scale event and entertainment venues as well as traditional restaurant chains to secure supply agreements.

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. The company takes a holistic approach to plant-based living and understands the importance of providing nutritious and sustainable alternatives to consumers without sacrificing taste. Modern wants people to feel good about the food they eat, which is why the company is deliberate in choosing ingredients free of soy, gluten, nuts and GMOs (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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