NEW YORK, April 12, 2022 (GLOBE NEWSWIRE) -- Today, The Vita Coco Company (NASDAQ: COCO) released its first-ever annual Impact Report. The report covers the results of the company’s sustainable and social impact programming from 2020-2021 and includes the company’s ambition to map its coconut carbon footprint, from the farm all the way to retail and product disposal, by the end of 2022.
“Today, as our company grows, so does our ability to partner and grow with key people and organizations who help create a shared community where everyone wins — from our growers around the world, to our employees, to the small businesses and bodega owners who stock our products,” Mike Kirban, the CEO of The Vita Coco Company said. “I’m proud of the work we’ve done so far, and I can’t wait to see how far we’ll go.”
The Impact Report details three pillars which together form the company’s Environmental, Social and Governance framework. They include protecting the planet’s natural resources, championing health and wellness in society, and building thriving communities within the company’s grower network and beyond.
The report describes the company’s plan to establish future metrics for its ESG work so that it can track what it calls its “Return on Impact.”
The report also details the work of The Vita Coco Project, the company’s commitment to positively influence the lives of 1 million people in coconut farming communities around the world. Since its inception, The Vita Coco Project has:
- Built 30 classrooms in communities where the company sources coconuts and other materials
- Planted more than 69,000 seedlings to replace aging trees and promote biodiversity
- Trained 7,000 farmers in regenerative and agronomic best practices
Taken together, this work measurably affected more than 30,000 people within the communities where the company sources coconuts and other materials.
The company has also donated over 6.5 million meals and an additional $2.1 million worth of in-kind products and financial contributions to local communities.
The Vita Coco Company’s 2021 Impact Report also details the company’s current workforce demographics and its ambition to build a workforce that reflects the diverse identities of its consumers.
In 2021, The Vita Coco Company incorporated as a Public Benefit Corporation, which requires the company’s board of directors and management to balance the impact of their decisions not only on shareholders but also on the company’s other stakeholders and to consider the social and environmental consequences of the company’s decisions. The Vita Coco Company also recently became a Certified B Corporation™. The report includes a breakdown of the company’s B Impact Assessment™ score, which was reviewed by B Lab™ in 2020-21.
The full report is available on the company’s investor relations website, https://investors.thevitacococompany.com/
ABOUT THE VITA COCO COMPANY
The Vita Coco Company was co-founded in 2004 by co-CEO 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.
The company is a B Corp™ and is incorporated as a Public Benefit Corporation.
PRESS CONTACT
Tim Biba
Solebury Trout
tbiba@soleburytrout.com
+1 (203) 428-3222
FORWARD-LOOKING STATEMENTS
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 ESG initiatives and commitments, workforce objectives and the operation of business. 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 Report on Form 10-K for the fiscal year ended December 31, 2021 filed with the U.S. Securities and Exchange Commission (“SEC”) on March 14, 2022, and our other filings with the 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.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/79bbf503-3df3-4e12-af23-5ca40977ba49
