PlantX Appoints Chef Matthew Kenney as Chief Culinary Officer, Announces Partnership with Matthew Kenney Cuisine, and Intention to Acquire Plant-Based Deli, LLC

Rhea-AI Summary

PlantX Life Inc. has appointed Matthew Kenney, a renowned plant-based chef, as its Chief Culinary Officer to enhance its culinary development. This role is part of a new five-year partnership with MK Cuisine Global LLC. The company has also signed a non-binding letter of intent to acquire Plant-Based Deli, LLC for approximately $1,569,999, subject to due diligence and approvals. Kenney aims to innovate in PlantX's meal delivery and product selection while promoting plant-based living.

Positive

• Appointment of Matthew Kenney as Chief Culinary Officer expected to enhance culinary offerings.
• Strategic partnership with MK Cuisine Global to expand product offerings and market reach.
• Acquisition of Plant-Based Deli may lead to increased revenue and brand presence.

Negative

• The acquisition is subject to due diligence and regulatory approvals, creating uncertainty.
• No assurance of transaction completion as planned, which may affect business expansion.

VANCOUVER, BC, April 13, 2021 /PRNewswire/ - PlantX Life Inc. (the "Company" or "PlantX") (CSE: VEGA) (Frankfurt: WNT1) (OTC: PLTXF) is pleased to announce that it has appointed Matthew Kenney, a leading plant-based chef, as its new Chief Culinary Officer. Kenney will combine his business acumen and vision for plant-based cuisine to revolutionize the culinary development at PlantX. Kenney's leadership role in the Company will be facilitated through a new five year partnership with MK Cuisine Global LLC ("MKC"), Kenney's plant-based lifestyle brand.

Further, the Company has entered into a non-binding letter of intent (the "LOI") dated April 12, 2021 pursuant to which the Company proposes to acquire all of the outstanding limited liability membership interests of MKC's Plant-Based Deli, LLC ("New Deli"). The LOI contemplates the acquisition of New Deli for an aggregate purchase price of US $1,569,999 and payable by a combination of cash and common shares of the Company (the "Transaction"). The Transaction is subject to, among other things, the negotiation and execution of a definitive purchase agreement, the completion of satisfactory due diligence, customary closing conditions, and the receipt of any applicable shareholder, regulatory and Canadian Securities Exchange ("CSE") approvals. The price and number of consideration shares to be issued will be determined during the course of negotiating the definitive purchase agreement and will be subject to the policies of the CSE. There can be no assurance that the Transaction will be completed as contemplated or at all.

As Chief Culinary Officer, Kenney will use his experience and expertise to lead PlantX's culinary development program by spearheading the meal delivery vertical. Kenney will also be responsible for product selection design in the Company's plant-based portfolio. Kenney is dedicated to recipe innovation and has a focus on culinary aesthetics, which will help refine menu items within PlantX's current repertoire. Kenney, with his business and operations experience, will also guide initiatives at the Company's previously announced brick-and-mortar locations in San Diego, California, Squamish, British Columbia and Tel Aviv, Israel.

"We are honored and humbled to have the godfather of vegan cuisine lead an important growth segment of PlantX," said PlantX Founder, Sean Dollinger. "Matthew will provide invaluable wisdom that should give PlantX a competitive edge in the fast-growing plant-based space."

New Deli is MKC's Venice Beach, California retail location. New Deli is a sustainable and plant-based neighborhood bodega offering practical, everyday retail goods that range from household supplies and personal hygiene products to frozen foods, pantry staples, snacks, beer and wine. New Deli's mission to bring conscious, sustainable and healthy products to their community aligns with the vision for the PlantX brick-and-mortar locations currently under development.

With this new partnership and upon the completion of the Transaction, the Company's brick-and-mortar stores will be launched as New Deli by PlantX locations, operated by MKC. MKC's experience will allow PlantX to focus on its e-commerce operations throughout North America and Europe. Kenney and MKC will also lead the Company's menu development and meal delivery programs as the offering expands globally.

"We are thrilled to have Matthew bring his cutting-edge vision and talent to PlantX," said Julia Frank, PlantX CEO. "In joining PlantX as Chief Culinary Officer, he will undoubtedly transform our culinary process."

Kenney, a renowned health and wellness educator, will help cultivate knowledge on plant-based living among PlantX customers. He will serve as an ambassador for PlantX sharing PlantX's mission, values and milestones with his dedicated audiences.

"My team and I are thrilled to work with PlantX and expand our presence through this partnership," said Kenney. "We are looking forward to sharing our passion and expertise with the PlantX community."

"Our new partnership with Matthew and MKC opens the doors to a myriad of opportunities," said Alex Hoffman, PlantX CMO. "The partnership will also catalyze our brand awareness in the plant-based community and beyond." 

To learn more about the Company's new partnership with Matthew Kenney and MKC, please join our news conference at 10:30 a.m. EST on April 13, 2021. To join the news conference, click here.

About PlantX Life Inc.
As the digital face of the plant-based community, PlantX's platform is the one-stop-shop for everything plant-based. With its fast-growing category verticals, the Company offers customers across North America more than 10,000 plant-based products. In addition to offering meal and indoor plant deliveries, the Company currently has plans underway to expand its product lines to include cosmetics, clothing, and its own water brand — but the business is not limited to an e-commerce platform. The Company uses its digital platform to build a community of like-minded consumers, and most importantly, provide education. Its successful enterprise is being built and fortified on partnerships with top nutritionists, chefs and brands. The Company eliminates the barriers to entry for anyone interested in living a plant-based lifestyle and thriving in a longer, healthier and happier life.

About Matthew Kenney Cuisine
Matthew Kenney Cuisine is an integrated, California-based lifestyle company. The brand provides innovative, high quality products, services and experiences in the culinary art and wellness markets throughout several business segments: hospitality, education, media, products, licensing and services. MKC currently operates in multiple global cities across 5 continents, with more than 40 restaurants either open or in development. MKC has a vision of minimally processed, unrefined plant-based cuisine accessible to the masses, cultivated through proprietary techniques and a forward-thinking, innovative approach to the consumer market. Aligned with a world rapidly embracing the need for a healthier diet and an increase in plant-based food consumption, MKC is Crafting the Future of Food^®.

About Matthew Kenney
Matthew Kenney is a renowned plant-based chef, entrepreneur, culinary educator, best-selling author and founder and CEO of Matthew Kenney Cuisine. A graduate of the French Culinary Institute, Kenney opened a number of successful restaurants in New York and the eastern United States, which earned Kenney numerous awards, including being named one of America's Best New Chefs by Food and Wine Magazine. Kenney received two nominations as a Rising Star Chef by the James Beard Foundation. He has appeared on numerous food and talk shows, and regularly lectures on the subject of food and health, including two TEDx talks. With a future-oriented approach to business, Kenney guides initiatives in education, media, hospitality, services and licensing that continue to pioneer a more sustainable and ethical way of life for the next generation.

The Company website is http://investor.PlantX.com/.

To visit the Company's YouTube channel, click here.

Forward Looking-Information

This press release contains "forward-looking information" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as "may", "will", "expect", "likely", "should", "would", "plan", "anticipate", "intend", "potential", "proposed", "estimate", "believe" or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen, or by discussions of strategy. The forward-looking information contained herein includes, without limitation, the Company's partnership with MKC, the acquisition of Plant-Based Deli, LLC and the completion of the Transaction, the Company's menu and product development, the Company's brick-and-mortar locations, the expansion of the Company's meal delivery program, and the business and strategic plans of the Company.

By their nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this press release including, without limitation: the negotiation and execution of a definitive agreement for the purchase of Plant-Based Deli, LLC, the receipt of all necessary corporate, shareholder and regulatory approvals for the Transaction, the Company's ability to comply with all applicable governmental regulations including all applicable food safety laws and regulations; impacts to the business and operations of the Company due to the COVID-19 epidemic; a limited operating history, the ability of the Company to access capital to meet future financing needs; the Company's reliance on management and key personnel; competition; changes in consumer trends; foreign currency fluctuations; and general economic, market or business conditions.

Additional risk factors can also be found in the Company's continuous disclosure documents which have been filed on SEDAR and can be accessed at www.sedar.com. Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information. The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.

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SOURCE PlantX Life Inc.

FAQ

What is the role of Matthew Kenney at PlantX Life Inc.?

Matthew Kenney has been appointed as Chief Culinary Officer to lead culinary development and innovation.

What is the value of the acquisition proposed by PlantX?

PlantX proposes to acquire Plant-Based Deli, LLC for approximately $1,569,999.

What are the expected benefits of the partnership with MK Cuisine Global LLC?

The partnership aims to enhance product offerings and expand market presence in the plant-based sector.

What challenges does PlantX face regarding the acquisition of Plant-Based Deli?

The acquisition is subject to due diligence and regulatory approvals, creating potential delays and uncertainties.

How will Matthew Kenney contribute to PlantX's meal delivery program?

Kenney will lead menu development and product selection, focusing on recipe innovation and culinary aesthetics.