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MarketScreener Homepage  >  Equities  >  CANADIAN NATIONAL STOCK EXCHANGE  >  Modern Meat Inc.    SUV   CA63940B3048

MODERN MEAT INC.

(SUV)
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Modern Meat : Announces Distribution Partnership with Grey Jay Sales and Distribution

10/24/2020 | 05:30pm EST

VANCOUVER, BC, Oct. 24, 2020 /CNW/ - Modern Meat Inc., (CSE: MEAT) ("Modern Meat") or (the "Company"), an award winning plant-based meat manufacturer, announced today a distribution partnership with Grey Jay Sales and Distribution. Under the agreement Grey Jay will market and distribute the line of Modern Meats plant-based meat products to retail partners across Ontario, Canada. The agreement is expected to have a major impact on the Company's direct store delivery and on-shelf availability in this market. 

Grey Jay Sales and Distribution is one of Canadas premier food distributors focusing on the delivery of high quality local and specialty products to national food chains across Ontario. Grey Jay clients include globally revered brands such as Blue Diamond Almonds, Haribo, Olive Garden, Grimm's Fine Foods, Clif Bar, illy, and many more.

"The addition of Grey Jay as a channel partner further strengthens our commitment to increasing the accessibility of our plant-based meat," states Tara Hadadd, CEO of Modern Meat.  "Expanding our distribution network throughout Ontario is key to our growth and partnering with Grey Jay provides us with access to a network of over 400 retailers." 

"We pride ourselves in representing brands that are innovative and offer something unique to our valued list of retailers, "explains Laura Ender, CEO of Grey Jay.  "We feel that Modern Meat fills a gap that has not been claimed in the food market by focusing on high-quality ingredients that are vegan and "Good for You".  Our retail partnerships include some of the largest grocery stores in Canada and our goal is to elevate the Modern Meat brand in this category."

"We expect the addition of Grey Jay to accelerate the interest in our plant-based meats.  Consumer demand is high, and we remain committed to growing the network of where our products are offered with the goal of becoming the meat alternative of choice in Canada," said Tara.

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 meat sector and the Modern Meat market share, Modern Meat sales growth, the details and benefits of the arrangement with Grey Jay Sales and Distribution, expansion into retailers in Ontario, 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.

© Canada Newswire, source Canada Newswire English

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Financials
Sales 2019 - - -
Net income 2019 -0,12 M -0,09 M -0,09 M
Net cash 2019 0,45 M 0,35 M 0,35 M
P/E ratio 2019 -34,5x
Yield 2019 -
Capitalization 115 M 88,9 M 89,0 M
EV / Sales 2018 -
EV / Sales 2019 -
Nbr of Employees -
Free-Float 92,5%
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Income Statement Evolution
Managers
NameTitle
Tara Haddad Chief Executive Officer & Director
Yu Ying Liang Chief Financial Officer & Director
Cassidy McCord Independent Director
Campbell Becher Independent Director & Head-Finance
Aussie Jiwani Independent Director
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