VANCOUVER, BC, Jan. 27, 2023 /CNW/ - Modern Plant Based Foods Inc., (CSE: MEAT) ("Modern Foods") or (the "Company"), an award-winning plant-based food company is pleased to report that Modern Meat Inc., ("Modern Meat"), a portfolio company of Modern Plant-Based Foods, has received a government grant for research and development costs towards it's new Vegan Seafood project contributing towards year-end of 2022.
As reported, the Company has been in the research and development phase with the co-packer for several months to ensure the facility is able to produce the quality and requirements for the Modern products, specifically for innovative items in the portfolio such as its Modern Crab Cake. "We have had great confidence in our products since inception and it is amazing to see that the government shares the same outlook for our products. We are determined to continue forward with our business objectives and this achievement is a preview to our plans for 2023. Achieving government grants is not a simple process, and we have had to consult with industry contacts in order to successfully obtain these funds," states Avtar Dhaliwal, Chief Executive Officer of Modern Plant Based Foods. "This will alleviate the majority of overhead costs for the initial project, and the Company intends to continue using all resources possible to maintain efficiency to move forward with our growth plans, including the continual application for additional grants for future projects."
The Vegan Food Market landscape shifts based on consumer purchase habits and trends in the market, however the overall demand continues to grow. The global Vegan Food market was valued at USD 11300 million in 2019 and is expected to reach USD 16440 million by the end of 2026, growing at a CAGR of 5.4% during 2021-2026. 1
IRAP Funding provides contributions of up to 60-80% of internal technical labour and subcontractor expenses towards a specified innovation project. The organization offers funding to incorporated, profit-oriented small or medium-sized business with 500 or fewer full-time equivalent employees which plan to pursue growth and profit by developing and commercializing innovative, technology-driven new or improved products, services, or processes in Canada.2 Each specific grant is re-assessed on an annual basis and the Company may re-apply for funding each year and may be accepted depending on various components including the number of applications, funds available and details of the project.
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. Our products are available at select restaurants and retailers across Canada including our own Modern Wellness Bar located in Vancouver. 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.
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.
SOURCE Modern Plant Based Foods Inc.
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