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BOSTON, Mar 18, 2009 (BUSINESS WIRE) -- Converted Organics Inc. (NASDAQ:COIN) announced today that the Company, Organic Diversion, LLC and McCaffrey's Market will work together to collect, process and convert food waste from McCaffrey's Princeton, New Jersey store into organic fertilizer that will be available for sale this spring at McCaffrey's Market. McCaffrey's Market launched this program in its Princeton supermarket and plans to extend it shortly to its West Windsor, New Jersey, and Yardley, Pennsylvania locations.
"McCaffrey's is dedicated to being a good neighbor in the communities we serve, as well as a good environmental steward in Princeton and our surrounding area. Our commitment to the environment is advanced by partnering with Converted Organics and Organic Diversion, LLC to recycle food waste from our market into Converted Organics' all-natural fertilizers, and make these products available for sale at our markets," said Jim McCaffrey, President and CEO of McCaffrey's Market. "This partnership creates a win-win-win situation; the environment wins because landfill deposits and resulting methane emissions are reduced, McCaffrey's wins because we have a more effective waste disposal system than ever before, and our community wins because the use of synthetic fertilizers is reduced."
"This is the ideal sustainable solution to the challenge of food waste disposal," said Jack Walsdorf, Vice President of Waste Management for Converted Organics. "By recycling McCaffrey's food waste into our organic fertilizer and then making our products available for sale at McCaffrey's, Converted Organics and McCaffrey's create a self-sufficient, closed-loop system that turns food waste into environmental treasure."
About McCaffrey's Market
McCaffrey's is an independent, family-owned and operated supermarket, with stores in Princeton and West Windsor, New Jersey and Yardley, Pennsylvania. Converting food waste is only one of many steps the small chain has taken to help the environment. McCaffrey's Market recycles cardboard and plastic bags as well.
About Organic Diversion, LLC
Organic Diversion, LLC (www.organicdiversion.com) of Marlton, NJ provides waste analysis, operational planning, training, collection and hauling of food and organic waste. The Company has long term experience in both the food service industry and in organics collections and hauling. Organic Diversion is focused on superior training, operational efficiency and maximum diversion rates resulting in lower disposal costs. Organic Diversion, LLC offers multi-state organic recycling solutions for food waste generators.
About Converted Organics Inc.
Converted Organics (NASDAQ:COIN, www.convertedorganics.com), based in Boston, MA, is dedicated to producing high-quality, all-natural, organic soil amendment and fertilizer products through food waste recycling. The Company uses its proprietary High Temperature Liquid Composting (HTLC) system, a proven, state-of-the-art microbial digestion technology, to process various biodegradable food wastes into dry pellet and liquid concentrate organic fertilizers that help grow healthier food and improve environmental quality. Converted Organics sells and distributes its environmentally-friendly fertilizer products in the retail, professional turf management, and agribusiness markets.
Converted Organics' flagship manufacturing facility is located in Woodbridge, New Jersey. A second manufacturing site is located in Gonzales, California, and a third is under development in Johnston, Rhode Island. 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 percent, 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. In a number of lab and field trials, Converted Organics' 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. Increased use of nitrogen in commercial agriculture and turf grass applications, such as on 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 reduces chemical run-off to streams, ponds and rivers, an objective with significant long-term benefits to the environment.
Converted Organics' products have a long shelf life compared to many other organic fertilizers. 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. Forward-looking statements include the Company's ability to improve the efficiency and productivityof the Woodbridge plant.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 the "Risk Factors" section in the Company's most recently filed annual report on Form 10-KSB, as updated in the Company's quarterly reports on Form 10-Q filed since the annual report, 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.
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