Submitted by: Alterrus Systems Inc.
Posted: Mar 25, 2013 – 05:22 PM EST
VANCOUVER, Mar. 25 /CSRwire/ - Alterrus Systems Inc. (CNSX: ASI & OTCQB: ASIUF) is pleased to announce that it has become the first publicly traded company to successfully complete B Corporation ("B Corp") certification. Alterrus began this process in 2012, and officially completed the certification at its Annual General Meeting on February 20th, 2013.
Alterrus’ Local Garden Vancouver opened in November 2012 and is the first VertiCrop high density farm in North America. This high density growing system is located on top of an underused EasyPark parking garage in downtown Vancouver. Local Garden leafy greens are distributed to retail and food service outlets throughout the city, directly replacing produce imported from over 1,500 kilometers away.
B Corp certification requires that a company demonstrate its proactive leadership in addressing social and environmental challenges. It is to sustainable business as fair trade certification is to coffee. The standard and certification are administered by the non-profit organization B Lab. Alterrus’ assessment score can be viewed at www.bcorporation.net/community/directory/alterrussystems.
“Alterrus’ B Corp certification demonstrates our commitment to a better way of growing, both in terms of our product and our company,” said CEO Chrisopher Ng. “We received points for our environmental performance, governance model, and for staffing our greenhouse from disadvantaged populations in the city. B Corp gives us the opportunity to tell our story to investors, stakeholders, and produce buyers.”
“Alterrus' certification as the first publicly traded B Corp is a huge step for the movement to redefine success in business,” said Jay Coen Gilbert, Cofounder B Lab. “By cementing their commitment to creating a positive impact, Alterrus sets an example for all businesses, so that one day every company competes to not only be the best in the world, but the best for the world."
Achieving B Corp certification required that Alterrus change its Articles of Incorporation through a special resolution approved by two thirds of its shareholders. This change makes explicit that the directors of the company consider the long-term interests of a broad range of stakeholders in governance decisions. While this extended director responsibility is already implicit for Canadian companies, Alterrus was the first public company to explicitly make the change.
“Our investors recognize that our social and environmental responsibility are core to our sustainable financial responsibility,” said Ng. “Our B Corp certification directly puts us onto the radar of investors and partners looking to work with trailblazing firms.”
About Alterrus Systems Inc. Alterrus is a publicly traded company (CNSX: ASI & OTCQB: ASIUF) headquartered in Vancouver, Canada. It is a world leader in the development, manufacturing, operation and integration of commercial VertiCrop technology for global markets. Alterrus has created a sustainable vertical growing system that grows fresh, nutritious, leafy green vegetables in urban environments where they are to be consumed. Using a fraction of the resources needed for traditional field agriculture, Alterrus’ VertiCrop system generates substantially higher yields than conventional farming and was selected by TIME MAGAZINE as one of the best inventions of 2009.
About B Lab B Lab is a nonprofit organization dedicated to using the power of business to solve social and environmental problems. B Lab drives systemic change through three interrelated initiatives: 1) building a community of Certified B Corporations to make it easier for all of us to tell the difference between “good companies” and just good marketing; 2) accelerating the growth of the impact investing asset class through use of B Lab’s GIIRS impact rating system by institutional investors; and 3) promoting legislation creating a new corporate form that meets higher standards of purpose, accountability and transparency. To earn certification, B Corporations must achieve a minimum score on the B Impact Assessment, which measures a company’s impact on its workforce, suppliers, consumers, community, and the environment, and are legally required to consider the interests of these stakeholders, not just shareholders, when making decisions. Learn more at bcorporation.net.
Safe Harbor for Forward Looking Statements: This press release may contain forward-looking information, in that it describes events and conditions which Alterrus Systems Inc. reasonably expects to occur in the future including opinions, assumptions and estimates. Forward-looking statements are not guarantees of future performance and are subject to a wide range of known and unknown risks and uncertainties. For all such forward-looking statements we claim safe harbor. The Company disclaims any obligation to update any forward-looking statements.