VANCOUVER, BC, Nov. 3, 2020 /CNW/ – Modern Meat Inc., (CSE: MEAT) (“Modern Meat“) or (the “Company) an award-winning plant-based food manufacturer, announced today the completion of its acquisition of two Victoria’s Health & Organic Bar retail locations in Vancouver, BC., now branded as Modern Health and Wellness Bar.
For 18 years, Victoria’s Health & Organic Bar has earned its reputation in the health and “Good For You” community and has developed a strong and loyal following. Last year’s gross sales from all locations, including the third store in North Vancouver, BC, totaled approximately $4.3 million, focusing only on health-related products.”
“This is a significant step forward as we advance the Modern lifestyle brand and further supports our goal of making plant-based nutrition more accessible,” said Tara Haddad, CEO of Modern Meat. “Over the past two months we have been working through some extensive renovations and permitting to rebrand the stores with a focus on offering unique plant-based products. Our team is ready to drive new growth opportunities that are fully aligned with consumers’ preferences for nutritious plant-based alternatives that taste great, are sustainable and good for the environment.”
Consumers today are looking for foods and beverages made with real ingredients that are trusted, familiar and authentic. Modern Health and Wellness Bar supports a lifestyle and culture for those looking for healthier options and will be a hub for all things plant- based. Stores will focus on vegan products and supplements as well as a wide offering of premade and grab-and-go plant-based meals.
“These two brick and mortar retail locations will help create brand awareness within our local community. Expanding our portfolio to tap into the huge gap in the plant-based health and supplement space is important to our growth and will ultimately drive value for our shareholders,” explained Tara.
In connection with the transaction, Modern Meat issued 350,000 shares at a deemed price of $4.00 per share to the shareholders of 1257189 B.C. Ltd. (the “Holding Company”). In return Modern Meat acquired 100%of the Holding Company. The Holding Company owns two locations of Victoria’s Health & Organic Bar. Furthermore, by acquiring the Holding Company, Modern Meat has an option for five years to buy the remaining store for a cash purchase of $3 million dollars. Modern Meat also issued 26,250 common shares as a finder’s fee for the transaction.
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.
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; future growth of the alternative meat sector, Modern Meat sales growth, plans to increase retail sales, making plant-based nutrition more accessible, new growth opportunities, the store offerings, increased brand awareness, the acquisition of new customers, the exploration of other opportunities to build brand, distribution and revenue, the option to acquire the remaining store, 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 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.
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