BOSTON, Sep 19, 2007 (BUSINESS WIRE) --
Converted Organics Inc. (NASDAQ: COIN, COINW, COINZ) today announced it has retained the professional services of Dr. William A. Torello of Professional Turfgrass Consulting, Inc. Dr. Torello is being retained on a long-term basis in an advisory capacity in connection with product research and development, marketing, sales and general business development.
Dr. Torello, age 56, is an internationally recognized turfgrass management agronomist who brings over 30 years' experience in the green industry with specific focus upon research and development in the organic fertilizer/amendment arena. He is Professor Emeritus from the Plant and Soil Science Department at the University of Massachusetts, where he spent over 25 years teaching, doing research and developing outreach programs as well as heading the turfgrass management program.
Dr. Torello is co-Founder of EcoOrganics, Inc., a company that provides ecologically appropriate products in the areas of organic fertilizers, soil microbial stimulants and biological control systems in soil and aquatic environments. He holds several patents related to novel organic fertilizers and organic pest control products and has recently initiated and developed an organic fertilizer product line for the Archer, Daniels, Midland Co. in Decatur, Il.
Edward J. Gildea, President and CEO of Converted Organics Inc., said, "I am looking forward to the advice and scientific insight that Bill can bring to Converted Organics. We intend to produce a revolutionary new product that has the potential to change how we increase the fertility of the soil. His academic and business experience in this field is world-class, and he will help us continue to improve our product beyond our initial production expected in Spring 2008."
Dr. Torello said, "Converted Organics represents a completely new approach to recycling organic waste which has an exceptional 'fit' into the overall goals of the rapidly evolving green initiatives seen nationwide. Our scientific understanding is constantly advancing and evolving, and it will be my mandate to ensure that Converted Organics stays on the cutting edge in this field. I am very excited to be involved in what I am sure will become a unique and standard product line in the green industry."
About Converted Organics Inc.
Converted Organics (NASDAQ: COIN), based in Boston, MA, is a development stage company dedicated to producing a valuable all-natural, organic soil amendment or fertilizer product through food waste recycling. The company uses proven, state-of-the-art technologies to create a product that helps grow healthier food and improve environmental quality. Converted Organics plans to sell and distribute its environmentally-friendly fertilizer or biostimulant in the retail, turf management, and agribusiness markets. As an environmentally sustainable alternative to landfills, the Company also derives a second source of revenue from tip fees.
Converted Organics biostimulants will be produced in both a dry pellet and liquid concentrate. Converted Organics products have been tested in numerous field trials for more than a dozen crops with the result that, on average, the net value of the farmer's crop increased 11-16% depending on the particular crop and product application. This is due in part to the disease suppression characteristics of the product which reduce or eliminate the need for other costly, often toxic, crop protection applications. Increased use of nitrogen in commercial agriculture and turf grass applications such as golf courses has reduced the soil's ability to absorb nitrogen and other nutrients. Using the products produced by Converted Organics helps restore the soil by replenishing these micronutrients. This reduces the amount of nitrogen required in a virtuous cycle that benefits from long-term use. As a result, use of the product will reduce chemical runoff to streams, ponds and rivers, an objective with significant long-term benefits to the environment.
The products have a long shelf life compared to many other organic fertilizers. In a number of lab and field trials, the liquid product has been shown to be effective in mitigating powdery mildew, a leaf fungus that affects most plants and grasses and restricts the flow of water and nutrients to the plant. The company's biostimulants can be used on a standalone basis or in combination with more traditional fertilizers and crop protection products. Converted Organics expects to benefit from increased regulatory focus on organic waste processing and on environmentally-friendly growing practices.
This press release contains forward-looking statements that are subject to risks and uncertainties. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans and objectives. In some cases, you may identify forward-looking statements by words such as "may," "should," "plan," "intend," "potential," "continue," "believe," "expect," "predict," "anticipate" and "estimate," the negative of these words or other comparable words. These statements are only predictions. One should not place undue reliance on these forward-looking statements. The forward-looking statements are qualified by their terms and/or important factors, many of which are outside the Company's control, involve a number of risks, uncertainties and other factors that could cause actual results and events to differ materially from the statements made. The forward-looking statements are based on the Company's beliefs, assumptions and expectations of our future performance, taking into account information currently available to the Company. These beliefs, assumptions and expectations can change as a result of many possible events or factors, including those events and factors described in "Risk Factors" in the prospectus, not all of which are known to the Company. Neither the Company nor any other person assumes responsibility for the accuracy or completeness of these statements. The Company will update the information in this press release only to the extent required under applicable securities laws. If a change occurs, the Company's business, financial condition, liquidity and results of operations may vary materially from those expressed in the aforementioned forward-looking statements.
SOURCE: Converted Organics Inc.
Converted Organics Inc. Edward J. Gildea, 617-624-0111 President and CEO or PORTER, LEVAY & ROSE, INC. Michael Porter, President Marlon Nurse, VP - Investor Relations Jeff Myhre, VP - Editorial 212-564-4700
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