The Vita Coco Company Releases Second Annual Impact Report
NEW YORK, April 05, 2023 (GLOBE NEWSWIRE) -- The Vita Coco Company, Inc. (NASDAQ: COCO) (“Vita Coco” or the “Company”) today announced the release of its second annual Impact Report.
The report, which is entitled Cultivating Change; Growing Good: Our 2022 Impact Report, outlines the public benefit corporation’s investments and global work in protecting natural resources, building thriving communities, and championing health and wellness. It also summarizes the Company’s progress on its public benefit corporation mission to “harness, while protecting, the environment and nature’s resources by producing ethical, sustainable, and nourishing beverage and consumer goods products.”
“Since day one, The Vita Coco Company has been about far more than just growth and financial success — though we’ve been more successful and grown faster than I ever imagined,” Mike Kirban, co-founder and executive chairman of The Vita Coco Company said. “It’s also about building a business model that is responsible and makes a difference in the lives of our community partners everywhere.”
The Impact Report outlines the Company’s work building impact programs like The Vita Coco Project, which is focused on empowering the communities from which it sources coconuts. It also highlights the Company’s impact in communities across the United States.
Key outcomes include:
Protecting Natural Resources:
- 22,956 seedlings distributed in growing communities to replace aging trees, totaling over 90,000 seedlings and trees since the program began.
- Training 1,050 farmers in regenerative agricultural practices promoting a more biodiverse ecosystem.
Building Thriving Communities:
- Constructing three new classrooms in 2022, now totaling 36 classrooms and schools built in coconut growing communities, and positively impacting more than 71,000 people.
Championing Health & Wellness:
- Donating more than two million meals to communities experiencing food insecurity, raising the total number of meals donated to over 8.75 million since the program began in 2020.
As part of the Impact Report release, the Company also launched its newest initiative in product transparency—a new section of vitacoco.com that highlights the work with its farmers, coconut sourcing regions, and the coconut water production process for its Farmers Organic product.
Each carton of Vita Coco Farmers Organic produced in the Philippines will feature a QR code that will allow consumers to explore the site, featuring highlights including a tour of USDA certified-organic farm in the Philippines.
The full report is available on the investor relations page of the Company’s website, Vitacoco.com/investors
As a public benefit corporation, the Company is required by Delaware law to provide a biennial statement on our promotion of the public benefits identified in our certificate of incorporation and of the best interests of those materially affected by the Company’s conduct. The second annual Impact Report is intended to be such biennial statement.
ABOUT THE VITA COCO COMPANY
The Vita Coco Company, Inc. was co-founded in 2004 by Michael Kirban and Ira Liran. Pioneers in the functional beverage category, The Vita Coco Company’s brands include the leading coconut water, Vita Coco; clean energy drink, Runa; sustainable enhanced water, Ever & Ever; and protein-infused water, PWR LIFT. With its ability to harness the power of people and plants, and balance purpose and profit, The Vita Coco Company has created a modern beverage platform built for current and future generations.
This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, including statements with respect to future plans for the Company’s impact programs, and its environmental, social, and governance (“ESG”) initiatives. We caution that these statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements involve a number of risks, uncertainties or other factors beyond the control of the company. These factors include, but are not limited to factors discussed under the caption “Risk Factors” in our Annual Reports on Form 10-K, our Quarterly Reports of Form 10-Q and our other filings with the Securities & Exchange Commission (“SEC”) as such factors may be updated from time to time and which are accessible on the SEC’s website at www.sec.gov and the Investor Relations page of our website at investors.thevitacococompany.com. Any forward-looking statements contained in this press release speak only as of the date hereof and we disclaim any obligation or undertaking to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law.