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BOSTON, Nov 20, 2008 (BUSINESS WIRE) --
Converted Organics Inc. (NASDAQ:COIN) announced today that the Company and leading waste management firm Action Carting of Newark, N.J. have agreed to work together in the collection, processing and conversion of food waste from Action Carting's food service clients.
"Action Carting of Newark, N.J. is a leader in the food waste collection industry in New York City. Our clients want to do what is right by the environment, but it has to be cost-effective. Our relationship with Converted Organics is a great step in that direction. Their disposal facility in Woodbridge, N.J. is very well located and offers services beneficial to Action and our customers," said John Glauda of Action Carting. "We are focused on food waste recycling and the Converted Organics' facility will help us grow our customer base and improve service to existing clients. Given the price of fuel, the Metro New York City location, which allows us to better utilize our trucks, and a competitive tip fee, we are very happy with this long-term relationship with Converted Organics."
"The relationship with Action Carting is a tremendous fit for Converted Organics. This company is a leader and one of the biggest players in the food waste hauling business in New York City. They have a large and very important customer base," said Jack Walsdorf, Vice President of Converted Organics Inc. "Our High Temperature Liquid Composting (HTLC) process can help Action Carting work to its best advantage in New York City. We require source-separated food waste, and Action Carting is in a great position to meet this need."
About Action Carting of Newark, N.J.
Action Carting of Newark, N.J.'s (http://www.actioncarting.com) Action Carting Environmental Services, Inc. is the fastest growing, most innovative provider of non-hazardous waste management services for the city of New York, catering to a diverse range of industrial and commercial customers, including restaurants, medical facilities, building contractors, investment banks and most every other business in the city. From collection and recycling, to composting and disposal, Action Carting provides a comprehensive selection of environmentally responsible service offerings.
Action Carting is a proud corporate sponsor of both the Mets and Yankees organizations and is honored to have been chosen to service both Shea and Yankee stadiums. Other notable clients include New York Mercantile Exchange, Maimonides Medical Center and Bellevue Hospital Centers.
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 affects 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.
COIN-G
SOURCE: Converted Organics Inc.
Converted Organics Inc.
Investor Contact:
PR Financial Marketing
Jim Blackman, 713-256-0369
jim@prfmonline.com
or
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