VANCOUVER, BC, Jan. 26, 2024 /CNW/ - Modern Plant-Based Foods Inc., (CSE: MEAT) ("Modern Foods") or (the "Company"), a leader in the plant-based food industry, is excited to announce that it has received interest from a diversified multinational entertainment and media conglomerate (the "Customer") which generated total revenue of nearly 32.6 billion U.S. dollars with its parks, and experiences. The company's biggest revenue source was its entertainment segment, which generated revenues of over 40 billion U.S. dollars in 2023. The total assets of the Company amounted to more than 205 billion U.S. dollars in 2023. This new discussion opens up global reach through the various outlets within the Customer's management and asset portfolio as the two parties go through the testing, review and negotiation process.
This partnership would integrate Modern Plant-Based Foods' Vegan Kaviar into select dining outlets across the properties. In 2018, the Customer's theme parks hosted over 157.3 million guests, ranking as the world's most visited theme park company worldwide. The resort occupies 27,258 acres overall, with four theme parks, two water parks, 21 resort hotels, eight golf courses, and additional recreational activities. The Customer has ongoing efforts to diversify its food and beverage offerings with more plant-based options, catering to a broad spectrum of dietary preferences. Modern will continue to adjust its sales projections and forecasts as discussions continue aiming to maximize the product launch availability across various venues within the ownership group.
After recent launch of its Vegan Kaviar line, including Salmon, Wasabi, and Original flavours, Modern brings its sustainable and ethical food options to a wider audience through this potential collaboration. "We attribute this is a major opportunity to launch our new innovation into a massive large-scale entertainment outlet to our strategic launch plan," says Avtar Dhaliwal, CEO of Modern Plant-Based Foods. "This initial interest shows real demand and appeal for affordable luxury plant-based innovation in world-class venues." The Company will continue to explore various sales channels for the vegan kaviar line globally as demand increases for the affordable luxury vegan seafood offering.
The global vegan caviar market is predicted to grow at a CAGR of 7.9% over the next decade, reaching a valuation of over $632 million by 2032. The demand for vegan caviar driven by increasing environmental concerns for the oceans. Conventional caviar is unfertilized fish eggs, also known as fish roe, traditionally from endangered wild sturgeon. The fish is caught alive before her ovarian sacks are extracted. 1 Vegan companies are developing cruelty-free and alternatives for caviar around the world alongside Modern Plant-Based Foods that are more affordable, sustainable and accessible. The plant-based kaviar product is available in convenient 50g and 125g tins in addition to custom large format options for commercial use.
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The plant-based caviar products offer an elevated dining experience for a variety of styled dishes for a fraction of the cost of traditional caviar. The Company will continue to progress forward current discussions with large-scale event and entertainment venues as well as traditional restaurant chains to secure supply agreements.
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.
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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