Vejii
Provides Corporate Update and 2022 Guidance
VANCOUVER, British Columbia,
January 26, 2022 – InvestorsHub NewsWire -- Vejii Holdings Ltd.
(CSE:VEJI) (OTCQB:VEJIF) (the "Company'' or "Vejii"), a North
American online marketplace for plant-based and sustainable
products, is pleased to announce that is has started integrating
the teams and operations of Veg Essentials LLC ("Vegan Essentials"
or "VeganEssentials.com")
and VEDGEco USA, Inc. ("VEDGEco" or "VEDGEco.com"),
its recent acquisitions, and based on the Company's 2022 business
plans, Vejii anticipated annual revenues of C$10 to C$12 million,
and expects gross margins for the consolidated business to be
between 35-40%.
M&A and Integration Update
Since going public, Vejii
acquired Vegan Essentials and VEDGEco, bringing together a complete
business-to-business (B2B) and business-to-consumer (B2C) platform
for its brand partners. The Company has begun consolidating
operations for improved margins and operational efficiencies. This
includes key synergies like warehouse consolidation, inventory
rationalisation and cross-selling of products across Vejii's
platform, helping drive improved margins, increased basket prices,
reductions in shipping and third party costs and improved purchase
pricing through scales of economy.
"As we start 2022, Vejii and
its new expanded team have started working on key synergies and
developing a consolidated business plan to push toward operational
profitability, and I am pleased with the plan that the team has put
together, as these are the first steps towards leveraging our new
size and scale," said Kory Zelickson, CEO of Vejii.
2022 Revenue Guidance
The company is pleased to
provide consolidated revenue guidance for the 2022 fiscal year to
be between C$10 to C$12 million, and anticipated gross margins to
be between 35-40%.
"With the closing of our two
acquisitions and organic growth through our marketplace and sales
channels, we feel that we are well-positioned for strong
performance through 2022 as a unified company,'' said Darren Gill,
President, and COO of Vejii.
About
Vejii Holdings Inc.
Headquartered in Kelowna
B.C, Vejii 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 contributes
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, visit
VejiiHoldings.com
ON BEHALF OF THE BOARD OF
DIRECTORS:
Kory Zelickson, Director and
CEO
For investor inquiries or
further information, please contact:
IR@VejiiHoldings.com
Find Vejii on Social Media:
on Instagram, Facebook, Twitter and LinkedIn
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 include statements relating to the
Company's anticipated performance through 2022, including the
Company's anticipated annual revenues and gross margins for 2022,
and the Company's anticipated synergies from consolidating the
operations of Vegan Essentials and VEDGEco with Vejii and the
anticipated results of these synergies. 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, failure to achieve the
Company's anticipated performance through 2022, including the
Company's anticipated annual revenues and gross margins for 2022,
and failure of the Company to achieve its anticipated synergies
from consolidating the operations of Vegan Essentials and VEDGEco
with Vejii and the anticipated results of these synergies. 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.
