VANCOUVER, BC, Jan. 19, 2021 /CNW/ – Modern Meat Inc., (CSE: MEAT) (“ Modern
Meat “) or (the ” Company “), an award-winning plant-based meat manufacturer, is
pleased to announce that it has signed a letter of intent for the acquisition of Kitskitchen
Health Foods Inc. (“kitskitchen”), an established local plant-based soup company with a
line-up of products that are currently available in many large grocery retailers including
Fresh Street Market and Whole Foods.
Led by an all-female leadership team, kitskitchen has been in business since 2013. Their
commitment to provide natural, locally sourced, sustainable, plant-based soup has led
to a highly engaged consumer base. Currently their soups can be found at 135 retailers
throughout British Columbia and Alberta and kitskitchen has provided an expected
revenue forecast to the Company of $950,000 for 2021.
“The acquisition unites us with a well-established brand with an attractive growth profile.
Kitskitchen product and management aligns with Modern Meat’s philosophy of the fastgrowing plant-based space. We feel the ready-to-eat category in the plant-based space
is under explored. By acquiring a well-recognized local brand and putting our financial
resources behind it, I feel we can grow the sales of kitskitchen significantly,” states Tara
Haddad, CEO of Modern Meat.
In connection with the transaction, Modern Meat will own the distribution rights to the
kitskitchen brands and plans to continue to work with its team. The total purchase price
for this acquisition is 300,000 shares and finder’s fee of 9,000 shares will be issued.
“Kitskitchen is a strategic acquisition for our company as it has established a great local
following with consumers and has a broad existing distribution with many online and
large grocery chains. By implementing our financial expertise with the kits team, we will
be looking to grow its revenues and develop it into a national brand.” States Campbell
Beecher, Head of Finance and Mergers and Acquisitions of Modern Meat.
The completion of this transaction is subject to conditions including the completion of
definitive documentation, approval of the Canadian Securities Exchange and other
customary conditions. There is no certainty the transaction will be completed on the
terms proposed or at all. Further details will be provided in subsequent news releases.
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About Modern Meat
Modern Meat is a Canadian food company based in Vancouver, British Columbia that
offers a portfolio of plant-based meat products. Modern Meat recognizes the
importance of providing consumers nutritious and sustainable meat alternatives
without sacrificing taste. We are deliberate in choosing ingredients free of soy, gluten,
nuts and GMO’s. Our mission is to change the way food is produced and consumed
for the benefit of people, animals and the environment by using only natural 100%
plant-based ingredients.
For further information, please contact:
Tanya Todd
Communications Director
[email protected]
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: Modern Meat and Modern Meat’s business and prospects;
the Company’s objectives, goals or future plans; Modern Meat sales growth, planned
expansion, awareness of the Modern Meat brands, the completion of the acquisition of
kitskitchen, expected revenues from kitskitchen, future sales and revenue growth, brand
expansion, 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; successful completion of a definitive agreement and subsequent
acquisition of kitskitchen; the ability to effectively expand manufacturing and production
capacity; 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.
This news release also contains future-oriented financial information and financial
outlook information (collectively, ” FOFI”) about the future revenue of kitskitchen which
are subject to the same assumptions, risk factors, limitations and qualifications as set
forth in the above paragraphs. FOFI contained in this news release was made as of the
date of this news release and was provided for the purpose of providing further
information about the Company’s anticipated future business operations assuming the
successful completion of the acquisition of kitskitchen. The Company disclaims any
intention or obligation to update or revise any FOFI contained in this news release,
whether as a result of new information, future events or otherwise, unless required
pursuant to applicable law. FOFI contained in this news release should not be used for
purposes other than for which it is disclosed herein. Such future-oriented revenue
information is provided for the purpose of providing information about management’s
current expectations and plans relating to the future. Readers are cautioned that such
outlook or information should not be used for purposes other than for which it is
disclosed in this news release.
