Vancouver, British Columbia--(Newsfile Corp. - October 22, 2024) - Modern Plant Based Foods Inc (CSE: MEAT) ("Modern" or the "Company"), is pleased to announce that it has successfully completed the acquisition of AnimalKind, a plant-based pet food company based in Richmond, British Columbia. The acquisition was accomplished through the purchase of all outstanding securities of 1471394 B.C. Ltd. (operating as "AnimalKind").
AnimalKind specializes in sustainable, plant-based pet food products, including popular items such as "Blueberries," "Apple Chunks," and "Pumpkin" dog treats. The addition of AnimalKind to Modern's portfolio aligns with the Company's strategic expansion into plant-based sectors beyond human food, reflecting the increasing consumer demand for sustainable and ethical products across all categories.
Pursuant to the terms of the Share Exchange Agreement, Modern has issued an aggregate of 4,000,000 common shares from treasury to AnimalKind shareholders at closing, at a deemed price of $0.20 per share (the "Consideration Shares"). This transaction marks a significant milestone in Modern's growth strategy, positioning the Company as an emerging player in the rapidly evolving plant-based pet food industry.
Modern Plant Based Foods remains committed to driving innovation in plant-based markets, offering both consumers and their pets sustainable, healthy, and environmentally conscious alternatives.
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. 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. The company's 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:
"Avtar Dhaliwal"
Chief Executive Officer
investors@themodernmeat.com
604-395-0974
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/227474
SOURCE: Modern Plant Based Foods Inc.
