Modern Plant Based Foods Inc., (CSE: MEAT) (“Modern Plant-Based Foods”) or (the “Company”), an award-winning plant-based food company is pleased to report it has signed a letter of intent (“LOI”) with 1396974 BC Ltd (“Northern Pacific Kaviar”) to acquire 100% of the shares in its company.
Northern Pacific Kaviar has developed innovative vegan caviar using a blend of seaweed, flavourings, and chia seeds to recreate the texture of real caviar for the vegan consumer. Their vegan caviar is made from a blend of natural ingredients and is free of any animal products. Modern Plant Based Foods has been actively searching for cutting-edge vegan products to add to its portfolio and is looking forward to expanding the availability of vegan caviar to more consumers.
The luxury vegan food market is expanding, with an increase in demand from consumers for premium vegan food products. Consumers are continually becoming more health-conscious, and they are looking for healthier, more natural alternatives to traditional animal-based products. As a result, consumers’ seeking out premium vegan food products has grown as they are yet to be widely available. The global vegan caviar market size is estimated to top US$ 295.6Mn in 2022 and is projected to reach US$ 632 Mn by 2032 at a CAGR of 7.9% from 2022 to 2032. Sales of vegan caviar are poised to surge as availability via online channels grows. 1 This acquisition will allow Modern Plant-Based Foods to move into the premium vegan outlets and develop additional Kaviar variations under this new arm of the Company.
With this acquisition, Modern Plant Based Foods will be able to produce and distribute vegan caviar to retail stores, restaurants, and other food service locations. “Restaurants have been looking for a premium vegan product like this one, and by adding the vegan caviar product to our portfolio, it will further progress our vegan seafood portfolio,” said Avtar Dhaliwal, CEO of Modern Plant-Based Foods. “We have established sales and distribution channels in various high-end outlets and we believe that vegan caviar is a delicious and nutritious alternative to traditional caviar. We look forward to making it more accessible to consumers.” Modern Plant Based Foods is committed to producing the highest quality plant-based foods.
These products offer an elevated experience for vegan diners and can be used to create sophisticated dishes. The demand for luxury vegan food products such as Northern Pacific Kaviar is growing due to an increased awareness of the environmental and health benefits of veganism. As more people become aware of the benefits of veganism, they are more likely to purchase premium vegan food products.
Pursuant to the terms of the LOI the companies will enter into an acquisition agreement subject to the satisfaction of certain conditions precedent and compliance with applicable Canadian Securities Exchange policies, the Company will acquire all of the issued and outstanding securities in the capital of Northern Pacific Kaviar in exchange for issuing: (i) an aggregate of 4,000,000 common shares at a deemed price of 18 cents per share; and (ii) an aggregate of 4,000,000 share purchase warrants at a deemed price of 18 cents per warrant, with each warrant exercisable to acquire one common share at an exercise price of five cents per share for two years from the closing date of the acquisition agreement.
The Company Has engaged Awareness Consulting Network LLC which is expected to engage in online marketing for a sum of up to $150,000 (U.S.) to broaden the company’s reach within the investment community, increasing investor awareness of the company, and attract potential new investors through various on-line platforms and methods of engagement.
Completion of the deal is subject to various conditions, including the completion of definitive documentation, approval of the Canadian Securities Exchange, and other customary conditions.
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. 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.
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 concerning: 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 several 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.