Veji Announces Closing of Sale of VeganEssentials.com

VANCOUVER BC / ACCESSWIRE / October 17, 2022 / Veji Holdings Ltd.(CSE:VEJI)(OTCQB:VEJIF) (the "Company'' or "Veji") announces that it has completed its previously announced sale of its domain, VeganEssentials.com, and certain associated intellectual property and assets (the "Transaction") to a wholly owned subsidiary of PlantX Life Inc. ("PlantX").

In accordance with the terms of the Transaction, the Company received an aggregate purchase price of $893,000 (the "Purchase Price"). The Purchase Price consisted of a cash payment of $143,000 and 1,071,428 common shares of PlantX issued at a deemed price of $0.70 per common share. The common shares of PlantX issued as part of the Purchase Price are subject to a statutory hold period expiring February 15, 2023.

Further to the Company's July 29, 2022 press release, its board of directors previously approved management to initiate a strategic process with respect to its assets. As part of this strategic process, the Company is now considering its next steps with respect to its B2B wholesale platform, VEDGEco and will provide an update once further information becomes available.

About Veji Holdings Ltd.

The Company 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

For more information please visit VejiHoldings.com.

ON BEHALF OF THE BOARD OF DIRECTORS:

Kory Zelickson

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 process and the future of its B2B wholesale platform, VEDGEco. 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 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.

SOURCE: Veji Holdings Ltd.