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ANNOUNCES PARTNERSHIP WITH CONGLOMERATE SUPERMARKET CHAIN SUNGIVEN FOODS

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VANCOUVER, BC, July 27, 2022 /CNW/ - Modern Plant Based Foods Inc., (CSE: MEAT) ("Modern Plant Based Foods") or (the "Company"), an award-winning plant-based food company is pleased to announce its brand partnership between Snacks from the Sun ("SFTS"), a vegan, gluten-free, snack food company and Sungiven Foods, a global leader in food wholesale and a top-quality large Asian conglomerate supermarket chain which has more than 200 stores and over 3,000 employees worldwide. The partnership will consist of a co-branded line of Snacks from the Sun products, which will specifically target Sungiven Foods' valued wholesale and retail clientele. SFTS will manage all aspects of the supply chain and production of the products, with Sungiven managing the distribution to their locations and sales.

Modern Plant Based Foods Inc. Logo (CNW Group/Modern Plant Based Foods Inc.)
Modern Plant Based Foods Inc. Logo (CNW Group/Modern Plant Based Foods Inc.)

Having launched in the North American market after having tremendous success in China, the company has launched over 200 locations in a short period of time. Sungiven Foods is focused on "more natural, less processed, and fewer additives" products, while advocating for local, organic, and healthy foods. Sungiven Foods offers a full range of healthy foods, with thousands of globally sourced, and affordable private-label products — including fresh fruits from around the world, and organic vegetables from Canada and Central America. The company's expansion is based on its ability to leverage its global supply chain resources to further grow wholesale channels and global import and export business, while actively developing the e-commerce platform. Sungiven has various white label brands, which they prioritize through their global wholesale channels.

SFTS has also expanded production capabilities to ensure volumes and quotas can be fulfilled, moving forward with its own global expansion objectives. "We are proud to announce our partnership with Sungiven Foods, securing another stable, reliable customer for the Snacks from the Sun brand. This outlet allows us to reach a new range of consumers in the Asian markets, and to further expand the reach of the brand globally," states Cassidy McCord, Director of Modern Plant Based Foods.

The co-branded items will consist of SFTS Original Sea Salt and Sour Cream & Chive flavoured popped chips in a 6oz bag. The packaging design has been tailored to best fit the Sungiven clientele, as the stores focus many of their marketing efforts and promotions towards their in-house brands. The partnership will consist of will launch in Canadian locations and then will be targeted to be exported to China to supply to the remainder of the Sungiven supermarkets.

About Modern Plant-Based Foods
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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