Modern Meat Signs Letter of Intent to Acquire Brands from JDW Distributors that are Available at over 7,000 Retail Locations

October XX, 2020, Vancouver, BC – – Modern Meat Inc., (CSE: MEAT) (“ModernMeat”) or (the “Company”), a premier plant-based food manufacturer, is pleased toannounce it has signed a letter of intent to acquire brands from JDW Distributors LLC.(“JDW”). The Company has been actively seeking expansion opportunities into theUnited States and acquiring these brands from JDW will introduce a robust sales anddistribution network.

JDW has been focused on selling healthy, gourmet foods for 16 years, starting theirown line of vegan brands including the popular Snacks from the Sun® Popped PotatoCrisps and Sunflower Chips and Sunsations® Fruit Jellies, the last three years. JDW’sfocus on health and quality ingredients aligns with the philosophy of Modern Meat.

Snacks from the Sun® Popped Potato Crisps are light and airy crisps made from allnaturalpotatoes, whole grains and seasonings, then popped. The chips are vegan and free of gluten, cholesterol, and saturated fat. These vegan snacks come in four differentflavors: sour cream and onion, sea salt & cracked pepper, barbecue, and original seasalt. The brand was born in 2019 and now sells in over 5000 stores throughout theUnited States and Canada, at both food and non-food retailers.

Sunsations® are fruity vegan candies that are kosher and made free of gluten, fat andpeanuts. Currently, Sunsations® come in six different flavours: Blueberry, Grape,Orange, Apple, Lemon, and Cherry. These individually wrapped treats are all naturaland made of soft pectin, a healthy alternative to gelatin. Sunsations® can be found inover 2,500 stores across the US and Canada, in addition Sunsations® also offers aprivate label product that are currently selling across North America.

“We continue to make great strides towards our growth strategy and see strongconsumer demand for healthy vegan options,” said Tara Haddad, CEO of Modern Meat.“This acquisition will mark our entry into the US market and our first addition of a non“Modern” product. Modern Meat is a lifestyle brand encompassing more than just ourcore plant-based meat alternatives and we see tremendous potential to bring otherpremium vegan brands into the fold. We’ve identified business synergies with JDWwhich will allow us to accelerate our sales channels and propel the Company to newheights.”

In connection with the transaction, Modern Meat will own the distribution rights to theSnacks from the Sun® and Sunsations® brands and plans to continue to work JDW andits team, including food scientists, to support manufacturing, distribution and future R&Ddevelopments. The total purchase price for this acquisition is $450,000 USD payable incash. $225,000 USD is payable on closing and a further $225,000 USD is payable ifcertain revenue targets are met in the 12 months after closing, subject to certain clawback options.

“This acquisition will provide another catalyst towards long-term shareholder valuecreation. As we continue to scale by acquiring these brands from JDW, we take on acollection of vegan products that have had explosive growth and proven success in ashort period of time,” explained Campbell Becher, Head of Finance and Mergers andAcquisitions for Modern Meat. “Adding our back end/finance capabilities we feelconfident we can grow this platform significantly in the coming months. Furthermore, byadding its already robust distribution base throughout the US it gives us a great footholdinto our future M&A and expansion plans.”

The completion of this transaction is subject to conditions including the completion ofdefinitive documentation, approval of the Canadian Securities Exchange and othercustomary conditions. There is no certainty the transaction will be completed on theterms proposed or at all. Further details will be provided in subsequent news releases.

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About Modern Meat

Modern Meat is a Canadian food company based in Vancouver, British Columbia thatoffers a portfolio of plant-based meat products. Modern Meat recognizes the importanceof providing consumers nutritious and sustainable meat alternatives without sacrificingtaste. We are deliberate in choosing ingredients free of soy, gluten, nuts and GMO’s. Ourmission 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.

For further information, please contact:Tanya ToddCommunications [email protected]

Cautionary Statement Regarding Forward-Looking Information

This news release includes certain “forward-looking statements” and “forward-lookinginformation” 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 vegan products and the Modern Meat market share, Modern Meat sales growth, plans to increase production capacity, the completion of the transaction, future sales channels, future sales from the brands acquired, future M&A and expansion plans, 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, environmentaland 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 forwardlooking 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 willoccur 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.