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MODERN PLANT BASED FOODS ANNOUNCES MILESTONE ACHIEVEMENT FOR KITSKITCHEN PLANT BASED SOUPS NOW AVAILABLE AT CANADA'S LARGEST GROCERY CHAIN LOBLAWS SUPERMARKET

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VANCOUVER, BC, June 17, 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 report that kitskitchen Health Foods Inc., (kitskitchen) a portfolio company of Modern Plant-Based Foods has rolled out its preservative-free plant-based soups into Loblaws Supermarket Chain, Canada's Largest food retailer. Loblaw Companies Limited was established in 1919, now with revenues north of $51 billion, provides Canadians with grocery, pharmacy, health and beauty, apparel, general merchandise, financial services, and wireless mobile products and services. With more than 2,400 corporate, franchised and associate- owned locations, its franchisees, and associate-owners employ almost 200,000 full-time and part-time employees, making it one of Canada's largest private sector employers.

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.)

Kitkitchen has officially launched its slightly spicy tomato + basil, butternut squash + ginger, vegan country chilli, and no cream of mushroom soups in select Loblaws brix and mortar locations and through their online marketplace.

"With this partnership we have gained a trusted customer while increasing sales and growth. Our customers expect the consistency, quality, and value as we have developed our products and brand using high-quality ingredients," states Joni Berg, CEO and Founder of kitskitchen.

"After securing a scalable manufacturing facility and partnering with this retailer, we expect to continue expansion in large volume retailers such as Loblaws and be able to scale production and sales accordingly."

Loblaws has established itself as the largest supermarket retailer since its conception in 1908 and has since yet to relinquish the title. The company has made aggressive acquisitions and opened hundreds of locations cementing its position as the largest retailer in Canada. With some of the most recognizable brands in the Supermarket industry servicing Canadian and ethnic tastes alike the company captures a significant portion of Canadian consumption.

Kitskitchen's production facility mentioned has Canadian Food Inspection Agency (CFIA) staff on premise to ensure top quality compliance standards. The large-scale facility along with all the above-mentioned certifications have enabled kitskitchen to produce up to 20,000kg per day and the opportunity to work with larger retail grocery chains such as the Loblaws. [see press release date May 3, 2022]

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.

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, the availability of Modern Meat Products through GFS, 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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