VANCOUVER BC, February 23rd, 2022 – Veji Holdings Ltd. (CSE:VEJI) (OTC:VEJIF) (the “Company” or “Veji”), a North American online marketplace for plant-based and sustainable products announced today that it had record unaudited consolidated revenues of approximately $513K in January of 2022, which represents an achievement of 1,158% growth compared to the same period last year.
After the commencement of commercial sales on Nov 19, 2020, and in just over 1 year, Veji has built out its marketplace to offer more than 3,500 products from over 500 brands in the CPG space. The Company has bolted on two strategic acquisitions of Veg Essentials LLC (VeganEssentials.com) and its newly acquired B2B division, VEDGEco USA Inc (VEDGEco.com). Today, the combined Company has six points of distribution in North America and plans to add more in key strategic locations. In January 2022, Veji saw total unaudited consolidated revenues of approximately $513K with a gross profit of approximately $189K representing a 37% gross margin. This represents approximately 1,158% growth over 2021 revenues for the same period. January 2022 marks the highest revenue achieved by the Company in any single month of reporting since inception.
“We believe the continued revenue growth shows the synergies of our M&A strategy and the growth of our organic business. Veji’s platform offers brands the ability to go direct-to-consumer at a time when speed to market is key for brands, using Veji Fulfillment Services. We allow brands to list on our marketplace, with Veji providing pick, pack, and shipping directly to consumers. This service lets brands get their products to market quickly and allows Veji to continue expanding its product offering while maintaining its capital-light model. Expanded product selection and direct delivery on B2B and B2C are leading our growth” commented Darren Gill, President & COO of Veji.
“We have been able to achieve tremendous growth in 14 short months since launching. We have continued to expand our footprint, customer base, and brand partnerships. We have gained a lot of traction within the industry, having onboarded hundreds of brands from innovative start-ups to multinational organizations. I am confident that with a continued focus on execution and increased brand awareness, our metrics will continue to improve” said Kory Zelickson, CEO of Veji.
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, a staple of the plant-based community. Vegan Essentials was established in 1997 and contribute 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. 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
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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 Company’s future performance, including increased revenues and improved metrics.. 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, risk factors described in the Company’s final long form prospectus dated October 25, 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.