|By Marketwired .||
|November 23, 2012 09:30 AM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/23/12 -- It has come to the attention of Alterrus Systems Inc. (CNSX:ASI)(OTCQB:ASIUF) that inaccurate comments about the company's financial position have been made public.
The company wishes to set the record straight.
Alterrus has just completed the first vertical, urban greenhouse in North America that uses its proprietary VertiCrop technology. Local Garden Vancouver Inc. - a wholly owned subsidiary of Alterrus - has developed and is operating this facility located on top of an underused, city-owned parking garage in downtown Vancouver.
This is the first of what Alterrus believes will be many commercial Local Garden installations.
Alterrus has invested extensively in research and development in the creation of its unique, proprietary system. The 6,000-square-foot greenhouse produces leafy greens and herbs under the Local Garden brand for distribution to some of Vancouver's leading food retailers and restaurants.
Contrary to public comments suggesting otherwise, Local Garden Vancouver Inc. is fully financed with private-sector funding and has successfully secured sales commitments for all of its produce.
In building on an underused parkade roof, Local Garden has already created over $500,000 in local construction activity and five to seven permanent jobs on what was previously an empty slab of concrete. Local Garden Vancouver Inc.'s lease generates secure, multi-year revenue for the City of Vancouver to the benefit of all of its taxpayers.
Local Garden Vancouver Inc. is a business with a mandate to supply Vancouver with healthy, locally-grown produce while creating jobs, generating further economic activity and providing shareholder value.
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.
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.
The CNSX has neither approved nor disapproved the contents of this press release. The CNSX does not accept responsibility for the adequacy or accuracy of this release.
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