Modern Meat Announces Launching into the Multi Billion Dollar Dairy Alternative Market with its Line of Oat M*lk, Almond M*lk, and a Barista Edition

VANCOUVER, BC, Dec. 24, 2020 /CNW/ - Modern Meat Inc., (CSE: MEAT) ("Modern Meat") or (the "Company"), an award winning plant-based meat manufacturer, is pleased to announce the launching of its dairy alternative milk line featuring an Oat M*lk, Almond M*lk and Barista Edition Alternative M*lk. The ingredients used in the milks will be all natural, vegan, and GMO free.

The Modern M*lks will be focused on creating a high-quality alternative to what is currently on the market, focusing on quality over cost. The Modern Almond M*lk will focus on using more nuts than what is currently on the market, with a focus on taste. The focus of its branding will be "Cut Out The Cow!", which will be featured on each container of alternative milk.

The alternative dairy market is a substantial part of the vegan alternative market as it has already captured 13% of the dairy category, whereas; plant- based meat alternatives have comparatively captured 2% of the meat category. The development of dairy alternatives is drastic as sales for almond milk alone in the United States reached $1.3 Billion, year upon year, ending October 2019. Oat milk has also increased in demand and popularity with companies such as Oatly, which have experienced astronomical growth, as sales have reached 686% year to date.

"The emergence of companies, such as Oatly, has not only taken consumers by storm, but investors as well.  I feel it is a timely move for our company to step into the dairy alternative market. The upside and growth potential in this market is substantial. Modern Meat is looking to roll out this department aggressively and fold it into our existing sales channels," states Campbell Becher, Director and Head of Finance and Merges & Acquisitions of the Company.

"I have long been a consumer of dairy alternative products, and I am very pleased to announce that I feel we have a top of the class product in our early development stages. I've been looking for a dairy alternative that focuses first on flavor and natural ingredients. I believe there is a significant gap in the market for this premium product as many consumers of dairy alternatives are focused on quality of ingredients," states Tara Haddad, Chief Executive Officer of the Company.

The Company is currently in the testing phase for its alternative milk products. Subject to successful completion of the testing and regulatory approval phase, the Company intends to have its alternative milk products available for sale to consumers by August 31, 2021. 

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 milk product sectoer and the Modern Meat market share, Modern Meat sales growth, planned expansion, awareness of the Modern Meat brands, plans to launch Modern Meat branded alternative milk products, timing to launch such products, 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.

SOURCE Modern Meat Inc.