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Modern Meat Signs Letter of Intent to Expand Operations to Australia and Begin the Testing Phase for Producing Modern Meat Products

VANCOUVER, BC, Nov. 28, 2020 /CNW/ - Modern Meat Inc., (CSE: MEAT) ("Modern Meat") or (the "Company") is pleased to announce a non-binding letter of intent with SPQR HOLDINGS PTY LTD. (SPQR), a distributor and co-packer based in Adelaide, Australia to launch its portfolio of 100% plant-based meat alternative products.
Modern Meat Signs Letter of Intent to Expand Operations to Australia and Begin the Testing Phase for Producing Modern Meat Products
SPQR has an operational team with over 180 years of experience in Food Manufacturing, Sales, Marketing, and Business Development. Currently, the company produces ready meals, pasta and protein, cakes and pastries, gelati, coffee, sandwiches, salads, panini, and breads, which are already distributed to almost major supermarket retailers in Southern Australia including IGA, Foodland, Coles, and Woolworths. SPQR is a facility of approximately 21,000sq/ft with a full production staff. SPQR will be onboarding Modern Meat into its production facility as well as its distribution platform to likely increase its distribution to major national grocers. As Modern Meat's sales grow, SPQR may decide to retrofit their existing facility to accommodate production needs. Currently, the facility is certified with HACCP and in-house QC, and QA specialist to confirm product consistency."Having grown up and worked in Australia early in my career and later at the Macquarie Group, I feel qualified to state that there is a significant growth opportunity in this market. I believe that there is a demand for quality plant-based products such as Modern Meat in the country and we look forward to filling that void. Working with SPQR, I feel we have the right team and expertise to ensure that Modern Meat is distributed across the country and begin our global launch program." States Craig Wallace, Head of Global Acquisitions for Modern Meat.
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