SOURCE: Purism

Purism

May 08, 2017 09:00 ET

Purism Becomes a Social Purpose Corporation

Premium-quality laptop and tablet manufacturer transitions from for-profit corporation to social purpose corporation to focus driving user rights to digital privacy

SAN FRANCISCO, CA--(Marketwired - May 08, 2017) - Purism, SPC (formerly Purism, Inc.) is pleased to announce that it has successfully become a social purpose corporation under the jurisdiction of the state of Washington. Its assembly operations center will remain in South San Francisco, Calif. The company's assets have been transferred from Purism, Inc. to Purism, SPC, and the company's operations will continue as usual, with the added reassurance that its mission and values will always be upheld by a strong set of bylaws, and the ability to seek external investment to facilitate growth without compromising on its values and mission.

On the reasons behind the change of status, Purism CEO Todd Weaver explained: "Typical corporations are by definition driven by one thing: maximizing profit. Yet, while Purism was incorporated in the traditional sense, profit maximization was not the purpose. On the other hand, it was not feasible to launch Purism as a non-profit organization: it sells products and has profit, and also needs to leverage lines-of-credit, accounts receivable, and investment vehicles, all which require a corporate status that charitable organizations do not have."

Thankfully, Purism learned through one of its advisors, Ben Trister, that a relatively new state classification perfectly matches its essence: a social purpose corporation (SPC), where Purism defines general and specific social purposes that sit above the purpose of making a profit, and bakes its social contract and philosophy into its incorporation documents. These articles of incorporation are practically immutable in that any change to the company's social purposes would require the support of those who collectively hold at least three-quarters of the voting shares. The company intends to have its social purposes remain in force for the lifetime of the company. This strong set of provisions ensure that Purism will continue its positive path of social purpose in the fight for digital rights of computer users.

On the transition to the Social Purpose Corporation status, Purism advisor Ben Trister said, "Moving from Purism, Inc. to Purism, SPC may seem like a tiny move to some, but it actually is a tremendous win for Purism's longevity as a social movement in addition to a great hardware and software manufacturer."

The articles of incorporation for Purism, SPC highlight its social contract and philosophy. Purism's social purpose, as stated in the articles of incorporation, can be found at https://puri.sm/about/social-purpose/

About Purism:
Purism is a Social Purpose Corporation devoted to bringing security, privacy, software freedom, and digital independence to everyone's personal computing experience. With operations based in San Francisco (California) and around the world, Purism manufactures premium-quality laptops and tablets, creating beautiful and powerful devices meant to protect users' digital lives without requiring a compromise on ease of use. Purism designs and assembles its hardware in the United States, carefully selecting internationally sourced components to be privacy-respecting and fully Free-Software-compliant. Security and privacy-centric features come built-in with every product Purism makes, making security and privacy the simpler, logical choice for individuals and businesses.

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