Mr. Avtar Dhaliwal reports

MODERN PLANTS BASED FOODS INC. ANNOUNCES UPDATE ON ANIMALKIND ACQUISITION

Modern Plant Based Foods Inc. has provided an update to its May 27, 2024, and July 30, 2024, news releases to confirm its intention to acquire AnimalKind via the acquisition of all of the outstanding securities in the capital of 1471394 B.C. Ltd. AnimalKind, a sustainable plant-based pet food company based in Richmond, B.C., offers products such as blueberries, apples chunks and pumpkin dog treats. This strategic move supports Modern's commitment to expanding its reach and enhancing its product offerings within the sustainable food sector.

"This acquisition fits seamlessly with our strategy to innovate in the plant-based and sustainable pet food market. AnimalKind will help us broaden our product offerings and better serve our customers with high-quality, sustainable solutions," says Avtar Dhaliwal, chief executive officer.

Under the terms of the share exchange agreement, Modern will issue from treasury to each shareholder of AnimalKind, at the time of closing, one million common shares, for an aggregate of four million consideration shares, at a deemed value of 20 cents per consideration share.

The transaction remains subject to several conditions, including approval by the board of directors, and the execution of definitive agreements. Modern is committed to working expeditiously toward closing the transaction, subject to these conditions and standard closing conditions for transactions of this nature.

This news release marks the beginning of a promising new chapter for Modern as it continues to lead and innovate in the plant-based food industry.

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 understand the importance of providing nutritious and sustainable alternatives to consumers without sacrificing taste. The company 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 GMOs (genetically modified organisms). Modern Plant Based'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. 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.

We seek Safe Harbor.