VANCOUVER BC, July 29, 2022 – Veji Holdings Ltd. (CSE: VEJI) (OTC: VEJIF) (the “Company” or “Veji“), a North American online marketplace for plant-based and sustainable products, announces today the Company’s board of directors, in light of current market conditions and the cash needs of the Company, has approved management to initiate a process to identify, examine and pursue strategic alternatives to the Company’s current business (the “Strategic Review Process”). Through the Strategic Review Process, management will focus on evaluating options which it believes are in the best interest of the Company and in charting the most accretive path forward to maximize shareholder value.
As part of the Strategic Review Process, management has begun and will continue to pursue opportunities, including, but not limited to, equity/debt investment from a strategic partner, the potential sale of all or a material portion of the Company’s assets, operating businesses and wholly-owned subsidiaries, as well as pursuing M&A opportunities, with the goal of identifying the best opportunity and entering into a definitive agreement to complete a transaction. “I’m very proud of the business that we’ve built, and in light of the current market conditions, the Company’s valuation and need for capital, we will be focused on identifying opportunities that are in the best interest of the Company and our shareholders.”, said Kory Zelickson, CEO of Veji.
This Company intends to consolidate its B2C business to operate under a single domain at VeganEssentials.com (“Vegan Essentials”). ShopVeji.com will cease operations in the near future and all traffic will be directed to Vegan Essentials going forward.
The Company cautions that there can be no assurances that the Strategic Review Process will result in the Company entering into a transaction or, if a transaction is undertaken, as to the terms or timing of such transaction. The Company has not yet set a definitive schedule to complete the identification, examination, and consideration of strategic alternatives.
About Veji Holdings Ltd.
Headquartered in Kelowna B.C, Veji is a unified digital marketplace and fulfillment platform featuring thousands of plant-based and sustainable-living products from a growing list of hundreds of vendors. The platform offers an easy-to-use, omnichannel experience for both vendors and buyers, leveraging big data and artificial intelligence to elegantly connect brands with a targeted consumer base, both organically and through specialized marketing programs. Dynamic fulfillment services empower brands to offer tier-one service, with ongoing engagement being driven through features like smart lists, subscription programs, reordering functions, sampling programs, and more.
The Company also owns and operates the US.-based Veg Essentials LLC (VeganEssentials.com), a staple of the plant-based community. Vegan Essentials was established in 1997 and contributed to more than 20 years of consumer insight, data, and buying power. VeganEssentials.com was awarded best online vegan store from 2005-2018, as well as best online vegan grocery from 2018-2021 by VegNews Magazine.
The Company also owns and operates VEDGEco USA Inc. (VEDGEco.com). Headquartered in Kailua, Hawaii, and launched in 2020, VEDGEco is the first nationwide plant-based foodservice distributor, providing restaurants with high-quality plant-based options. With the goal of bringing the freedom of food choice to all restaurants and businesses, VEDGEco distributes plant-based products in bulk to the restaurant and wholesale food industry, as well as to consumers across the US.
For more information please visit VejiHoldings.com
ON BEHALF OF THE BOARD OF DIRECTORS:
Director and CEO
For investor inquiries or further information, please contact: IR@VejiHoldings.com
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No securities regulatory authority has either approved or disapproved of the contents of this news release.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS This press release contains certain forward-looking statements within the meaning of applicable securities laws with respect to the Company. These forward-looking statements generally are identified by words such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” and similar expressions. Forward-looking statements in this press release relate to, without limitation, the Strategic Review Process and any transactions that may result from such process. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release including, without limitation, the risk that the Company will not be successful in identifying an equity/debt investment from a strategic partner, the potential sale of all or a material portion of the Company’s assets, operating business and wholly-owned subsidiaries, or a suitable M&A opportunity and risk factors described in the Company’s management discussion and analysis for the year ended December 31, 2021. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements included in this news release are expressly qualified by this cautionary statement. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable laws.