Modern Plant Based Foods Inc.: kitskitchen Receives Large Purchase Order Gearing Up for Highest Selling Quarter
VANCOUVER, BC, OCTOBER 14th, 2022 - 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 received a significant purchase order from its main distributor in preparation for an overwhelmingly high demand for fall purchase orders from retailers. Kitskitchen is now gearing up for its projected highest selling quarter this fall/winter.
After receiving the initial purchase order for the fall season, kitskitchen projects its highest selling quarter to start off the 2023 Fiscal Year. Kitskitchen products are distributed across Canada in many retailers from various small boutique outlets to large, well-known stores such as Whole Foods, Loblaws, IGA and Thrifty Foods. kitskitchen has proven sell through of its products and success of its brand in the retail food industry, while continuing to expand its reach within high volume retailers after securing additional production capacity earlier this year.
“We are feeling excited about the upcoming sales growth for kitskitchen this fall/winter season after recieving recent PO to supply initial orders from retailers. Wholesome, heathier soups have become a staple food item, especially during the colder months. We aim to be the trusted household brand at home, and on shelf in-store.” kitskitchen soups are vegan, wheat-free, dairy-free and made with no added preservatives making them a heathier option compared to many traditional canned soups. “We have been focused on our profitability and scalability over the last year and are now able to push forward in a financially responsible way without having to put a cost burden onto our customers,” states Joni Berg, CEO of kitskitchen Health Foods Inc.
Grand View Research reports: The global soup market size was valued at USD 16.1 billion in 2018 and is expected to grow at a compound annual growth rate (CAGR) of 3.0% from 2019 to 2025. The industry is driven by increasing demand for convenience food and growing awareness regarding health benefits of soups. Soups are rich in vitamins, minerals, nutrients, and protein. Changing consumer lifestyle and rising inclination towards consumption of healthy food products are expected to propel the overall demand over the next few years.
Kitskitchen has continually received an increased demand for its soup products in the fall and winter months based on seasonal consumption habits. Year after year, kitskitchen has had to short orders during peak season as it has not been set up with the volume capabilities to produce enough product, resulting in a lower revenue. After receiving consistent demand for the products from its existing loyal customer base while gaining new retail partnerships over the last year, kitskitchen actively worked to increase production. The management team successfully secured new manufacturing resulting in a crucial increase the production capacity and reduction of costs before this fall season.
Kitskitchen’s production facility has Canadian Food Inspection Agency (CFIA) staff on premise to ensure top quality compliance standards. The large-scale facility has enabled kitskitchen to produce up to 20,000kg per day and the opportunity to work with larger retail grocery chains such as Loblaws.
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.
For further information, please contact:
Cassidy McCord
Chief Corporate Officer
604-395-0974
MODERN PLANT BASED FOODS INC.
700 W Georgia St #2500,
Vancouver, BC V7Y 1B3
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.
