VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 4, 2013) - Alterrus Systems Inc. (CNSX:ASI)(OTCQB:ASIUF)
Provides an update on the status of the company by Christopher Ng, CEO.
"We have been on an exciting and challenging journey over the past two plus years. Much has been accomplished and we are very proud of these achievements. The value we have begun to create in our brand, Local Garden, is extraordinarily exciting and the market place confirms our belief. Virtually everything we produce is sold. Our current status can be summarized as follows:
- We have launched a brand that can be embraced for local, sustainable, fresh, and nutritious. It has attracted considerable market place and media interest;
- We have generated worldwide interest in the VertiCrop™ technology for solutions to food production constraints, food safety concerns, and reduction in carbon footprint;
- We have substantially completed and commissioned our first urban, high density vertical farm here in Vancouver with the support of the City of Vancouver and Vancity Capital;
- We have recently received a Purchase Order to provide a VertiCrop™ system for a major international entertainment enterprise;
- We have successfully completed trials for The Birds Eye Iglo Group in the UK and have begun meetings to determine how the positive trial results can be scaled up to positively impact their current supply chain;
- We have achieved a listing on the CNSX stock exchange;
- We have substantially reduced non essential expenditures and re-structured operations to align with our mission statement;
- We have assembled a strong management and operational team who are committed to the vision and goals of the Company;
- We are the first publicly traded company to earn B Corp certification, affirming our commitment to being a social enterprise and environmentally responsible;
- Commenced financial restructuring activities to enable the Company to effectively capitalize on our achievements;
Our management team has directly invested considerable personal time and finances. We find ourselves now, however, at a point where we think it is appropriate to step up the pace of corporate development but are constrained due to a lack of funds. This has been exacerbated over the past 30 to 60 days by production issues, legacy issues and a lack of balance sheet strength to fund operations at a pace consistent with the opportunities we can envision.
We maintain a passion and belief in the prospects for this world leading technology and the team we have put in place. We will be seeking, over the next several months, to fund the Company more aggressively to enable us to continue more efficiently and evolve Local Garden from a post R&D, pre-production facility to a full-scale food production enterprise. This will require additional capital, patience, perseverance and a sustained belief in the mission and goals of Alterrus."
For more information visit: www.alterrus.ca.
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 generates substantially higher yields than conventional farming and was selected by TIME MAGAZINE as one of the best inventions of 2009.
Safe Harbor for Forward Looking Statements: This press release contains forward-looking information, in that it describes events and conditions which Alterrus Systems Inc. reasonably expects to occur in the future, and statements including opinions, assumptions and estimates. Forward-looking statements include information that does not relate strictly to historical or current facts. When used in this document, the words "seeks", "anticipate", "believe", estimate", "expect", "forecast", "intent", "may", "project", "plan", "potential", "should" and similar expressions are intended to be among the statements that identify forward-looking statements. Forward-looking statements are not guarantees of future performance and are subject to a wide range of known and unknown risks and uncertainties, including inability to complete sales in process or develop positive cash flow from anticipated product sales, and although the Company believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized. We have attempted to identify important factors that could cause actual results, performance or achievements to vary from those current expectations or estimates expressed or implied by the forward-looking information. The risks and uncertainties that could affect future events or the Company's future financial performance are more fully described in the Company's quarterly reports (on Form 6-K filed in the US and the financial statements and Form 51-102F1 filed in Canada), the Company's annual reports (on Form 20-F filed in the US and the financial statements and Form 51-102F1 filed in Canada) and the other recent filings in the US and Canada. These filings are available at www.sec.gov in the US and www.sedar.com in Canada. For all such forward-looking statements, we claim the safe harbor for forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company disclaims any obligation to update any forward-looking statements.