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BOSTON, Jul 21, 2008 (BUSINESS WIRE) -- Converted Organics Inc. (NASDAQ:COIN) announced today that the company has formed an innovative partnership with the city of Gonzales, CA and the Gonzales Unified School District to recycle food waste from local school cafeterias into all-natural organic fertilizer for application on Gonzales school fields, city parks and public spaces. The recycling program will begin in mid-August to coincide with the start of the school year. The fertilizer will be made using Converted Organics' proprietary technology and process known as High Temperature Liquid Composting (HTLC).
"This unique public-private partnership will bring to life Converted Organics' founding commitment to sustainable development; utilizing the natural capital of food waste to create a product that benefits the environment without generating additional waste," said Ed Gildea, President of Converted Organics. "We applaud the city of Gonzales and the Gonzales Unified School District's foresight for bringing the process of waste generation full circle by creating and using an environmentally-sound product that will enhance their children's recreation areas. We are confident that their vision will serve as a model for other communities across America."
The partnership between Converted Organics, the city of Gonzales and the Gonzales Unified School District was developed through the city's "Gonzales Grows Green" initiative, which was spearheaded by city and school employees, Harold Wolgamott and Trini Zavala. In addition to using local waste to create a high-quality product for local use, the program also saves the school district money, as the disposal fee to Converted Organics is 20 percent less than that to the local landfill.
"This program is a win-win-win situation," said Rene Mendez, City Manager, Gonzales, CA. "The school district wins because its garbage will be used to create a product that benefits Gonzales students, while teaching them important lessons about recycling. The city wins because taxpayers' dollars will be conserved, waste will be diverted from the city landfill, and public areas will be improved through Converted Organics' innovative technology. The environment wins because reduced landfill deposits will result in reduced methane emissions, and synthetic chemical fertilizers will be replaced with Converted Organics' all-natural organic fertilizer."
In order to reinforce the importance of environmental stewardship, Converted Organics will offer Gonzales High School environmental studies students the opportunity to track this program as a class project throughout the school year. Students will conduct ongoing research about the benefits of recycling the district's source-separated food waste from semester to semester, and Converted Organics will sponsor community service hours for Gonzales students who volunteer as food waste diversion coordinators during the lunch hour at all three local schools.
"Our recycling partnership with Converted Organics is the most recent example of the Gonzales Unified School District's longstanding commitment to innovative educational programming," said Liz Modena, Superintendent, Gonzales Unified School District. "This program will not only help our community achieve state-mandated goals for food waste diversion, it will also educate our children about making the right decisions regarding where to divert not only food waste but other recyclable products. Converted Organics is to be commended for their commitment to environmental sustainability and the education of tomorrow's environmental stewards."
About Converted Organics Inc.
Converted Organics (NASDAQ:COIN), based in Boston, MA, is dedicated to producing valuable all-natural, organic soil amendment or fertilizer products 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 products in the retail, turf management, and agribusiness markets.
Converted Organics' fertilizer products 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 run-off 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 effects most plants and grasses and restricts the flow of water and nutrients to the plant. The Company's fertilizer products can be used on a stand-alone 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.
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SOURCE: Converted Organics Inc.
PR Financial Marketing Jim Blackman, 713-256-0369 jim@prfmonline.com
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