Vejii Holdings Ltd has announced that, in light of current market conditions and the cash needs of the company, its board of directors has approved management to initiate a process to identify, examine and pursue strategic alternatives to its current business.
Through the strategic review process, Vejii said, its 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.
"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 Vejii in a statement.
READ: Vejii Holdings sees 1Q revenue soar after finalizing acquisitions of Veg Essentials and VEDGEco USA
As part of the strategic review process, the company noted, its 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.
The company said it intends to consolidate its B2C business to operate under a single domain at VeganEssentials.com. ShopVejii.com will cease operations in the near future and all traffic will be directed to Vegan Essentials going forward.
Vejii cautioned 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 said it has not yet set a definitive schedule to complete the identification, examination and consideration of strategic alternatives.
Headquartered in Kelowna British Columbia, 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 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.
Vejii 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.
Contact the author at jon.hopkins@proactiveinvestors.com