File: Attachment 2024-07-30 - Animalkind LOI - Revised (002).pdf

MODERN PLANT BASED FOODS INC. 700 W Georgia St #2500, Vancouver, BC V7Y 1B3

MODERN PLANT BASED FOODS INC. ANNOUNCES UPDATE TO LOI

VANCOUVER, BC, July 30, 2024 - Modern Plant Based Foods Inc., (CSE: MEAT) ("Modern Foods") or (the "Company"), is pleased to provide an update further to its news release dated May 27, 2024. The Company announces that the non-binding letter of intent (LOI) to acquire the AnimalKind assets will now be from 1471394 B.C. Ltd., replacing the previously announced 1256988 B.C. Ltd.

This strategic acquisition aligns with Modern Foods' commitment to expanding its portfolio and enhancing its position in the plant-based food market. The Company is actively collaborating with the vendors to expedite the closing of this acquisition transaction.

Modern Foods is dedicated to delivering innovative plant-based products to meet the growing consumer demand for sustainable and healthy food options. The acquisition of AnimalKind assets represents a significant step forward in this mission, allowing the Company to diversify its offerings and strengthen its market presence.

The Company will continue to keep its shareholders and stakeholders informed of any further developments as they arise.

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.

For further information, please contact: Avtar Dhaliwal Chief Executive Officer investors@modernfoods.ca 604-395-0974

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.