The Vita Coco Company Releases Third-Annual Impact Report
NEW YORK, April 24, 2024 (GLOBE NEWSWIRE) -- The Vita Coco Company, Inc. (NASDAQ:COCO) ("Vita Coco" or the "Company") announced today the publication of its 2023 Impact Report.
In its third-annual report, The Vita Coco Company covers its Environmental, Social and Governance (ESG) strategy and provides an update on its 2023 impact progress since the publishing of the previous report.
"In 2023, we spent a lot of time focusing on ways that we can scale our impact -- and you'll see the results of that effort outlined throughout our latest Impact Report," Mike Kirban, Co-Founder and Executive Chairman of The Vita Coco Company said. "The great secret to our success to-date is collaboration. Our goal is to engage everyone along our supply chain to prioritize both profit and purpose, so that we can create value not only for shareholders but also for our communities and planet. We call this our ROI - ‘return on impact' - and every year our aim is to increase this value."
The Impact Report also details the recent work of the Vita Coco Project, which focuses on creating impact at the ground level in coconut sourcing communities.
Highlights of the 2023 report include:
Protecting Natural Resources:
- Vita Coco and its partners helped distribute over 400,000 seedlings in nearly 100 growing communities across the world. In Sri Lanka, the Company helped revitalize approximately 64% of an aging coconut tree population across 85 estates, independent farms, and smallholder farms.
- Vita Coco partnered with the Arbor Day Foundation and set a goal of planting 100,000 trees in forests of greatest need across the American Southeast and Pacific West.
- Vita Coco helped facilitate the training of over 12,000 farmers to date in regenerative agriculture principles across Sri Lanka and the Philippines, which includes the development of demonstration farms to showcase the value of implementing regenerative techniques that build ecosystem health and help communities thrive.
Building Thriving Communities:
- Vita Coco supported the completion of seven new classrooms for kindergarten to 6th grade students through partnerships in the Philippines and Sri Lanka. Since the inception of the Vita Coco Project, 36 total classrooms have served over 14,500 students and positively impacted more than 194,500 community members in Sri Lanka and the Philippines.
- Vita Coco awarded 12 new scholarships in 2023 to students in Sri Lanka – seven to 5th graders and five for higher education – to help them pursue academic paths and vocational training. The students chose to focus on fields including agricultural trade, biology, engineering, technology and commerce and management, helping to transform the future of agriculture in the country.
Championing Health & Wellness:
- In partnership with Sam's Club, Vita Coco donated the equivalent of up to 500,000 meals to Feeding America's hunger relief efforts.
- Additionally, the in-store program incentivized consumers to purchase Vita Coco products, unlocking a donation of up to $50,000.
In conjunction with the Impact Report, The Vita Coco Company also announced the launch of the Vita Coco Community Foundation (the "Foundation") which was seeded with a contribution from the Company. The Foundation's mission is to empower communities to build an enduring, resilient society to thrive for future generations.
Click here to read the full report.
ABOUT THE VITA COCO COMPANY
The Vita Coco Company is a family of brands on a mission to reimagine what's possible when brands deliver healthy, nutritious, and great tasting products that are better for consumers and better the world. This includes its flagship coconut water brand Vita Coco, sustainably packaged water Ever & Ever, and protein-infused water PWR LIFT. The Company was co-founded in 2004 by Michael Kirban and Ira Liran and is a public benefit corporation and Certified B Corporation. Vita Coco, the principal brand within the Company's portfolio, is the leading coconut water brand in the U.S. With electrolytes, nutrients, and vitamins, coconut water has become a top beverage choice among consumers after a workout, in smoothies, as a cocktail mixer, after a night out, and more. For digital media assets, see here, and for more information, please visit vitacoco.com.
CONTACTS
Investor:
Investors:
ICR, Inc.
[email protected]
Media:
Tim Biba
203-428-3222
[email protected]
FORWARD-LOOKING STATEMENTS
This press release and the 2023 Impact Report contain 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 and sustainability 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.
