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Vejii Holdings Ltd. announced a non-binding Letter of Intent (LOI) to acquire Frozenly Limited Inc., aiming to expand its distribution into the UK plant-based market. The acquisition, valued at £2 million, involves Vejii paying £1 million in shares at closing and another £1 million based on financial performance over three years. Frozenly operates MightyPlants.com, a D2C platform for plant-based foods. This move is anticipated to leverage synergies between Vejii and Frozenly, enhancing market presence and profitability.
Vejii Holdings Ltd. (CSE: VEJI) reported significant growth for Q4 and full-year 2021, achieving revenue of $938,404 for Q4, a staggering 3,589% increase from $25,441 in Q4 2020. Full-year revenue reached $1,721,640, up from $25,441 in 2020. Key highlights included acquiring Vegan Essentials and VEDGEco, boosting operational efficiencies with a gross margin of 44.0% in Q4. However, the company reported a net loss of $12.25 million for 2021, attributed mainly to startup costs and a non-cash loss on warrant liability.
Vejii Holdings Ltd. (CSE: VEJI) announced a distribution and marketing agreement with VFC Foods Ltd. to promote VFC fried Chick*n products in the U.S. market. VFC will leverage Vejii's online platforms, ShopVeji.com and VEDGEco.com, for retail and food service distribution. The plant-based chicken market is surging at nearly 18% growth compared to 4% for animal-based poultry. Vejii's recent acquisitions and expanded distribution centers enhance its capabilities, providing brands access to a national audience of ethically-conscious consumers.
