BOSTON, Oct. 11, 2011 (GLOBE NEWSWIRE) -- Converted Organics Inc. (OTCBB:COIN) announced today that 2011 year-to-date sales for the Company totaled $2,856,000 compared to $2,511,000 for the same period in 2010. Sales for the quarter ended September 30, 2011 were $699,000 compared to the sales for the same period in 2010, of $789,000 (Comparative Sales results for 2010 exclude $833,000 for the nine month period and $105,000 for the quarter from discontinued operations).
"We are pleased with sales for 2011 overall, and with our progress in developing our businesses. The Industrial Waste Water business continues to contribute to sales, and it was able to secure financing this quarter for the Colorado facility. Our organic fertilizer sales were not what we anticipated in the quarter due to a combination of wet weather early in the period and competitive activity in the later part of the quarter. Some growers elected to convert from organic to conventional fields and some of our organic fertilizer competitors have a broader product line, which was more attractive to certain growers," said Edward Gildea, President & CEO of Converted Organics. Gildea continued, "We expect to modify our product offerings in 2012 and believe some of the new products will help us improve our opportunity for growth."
About Converted Organics
Converted Organics' (OTCBB:COIN) mission is to promote, develop and operate profitable innovative clean technologies that contribute to the improvement of our environment by use of sustainable business practices and the judicious use of natural resources. Converted Organics Inc. is currently composed of three primary lines of business at the intersection of Agriculture, Water and Waste Recycling. Each business contributes to our mission and uses sustainable business practices that protect and value the environment. The three lines of business are Organic Fertilizer (Converted Organics), Vertical Farming (TerraSphere Systems - www.terraspheresystems.com), and Industrial Wastewater Treatment (Industrial Wastewater Resources).
The Converted Organics Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7431
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 TerraSphere transaction being in the long-term interest of the Company and that TerraSphere make significant contributions to the combined company going forward. 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-K, 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.
CONTACT: Converted Organics Inc. firstname.lastname@example.org 617-624-0111
Source: Converted Organics Inc.
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