BOSTON, Sep 03, 2008 (BUSINESS WIRE) -- Converted Organics Inc. (NASDAQ:COIN) announced today that its all-natural, organic soil amendment and fertilizer products are helping farmers in California's Central Valley to grow healthier food and improve local environmental quality.
"We have over 7,500 acres of conventional and organic produce, and my choices come down to what will give us the highest yields at the best price. Converted Organics' Liquid Concentrate has increased those yields and our income by over 20 percent in the past year and increased our pack-out rate," said Frank Perico, Farm Manager of Double D Farms in Coalinga, CA. "I've seen improved soil, better disease suppression, and greener, bigger plants. The environmental benefits are an added bonus, and Double D Farms feels good about reducing pesticide applications as well as using a product that diverts food waste from California's landfills." Double D Farms raises sweet corn, field corn, asparagus, cantaloupes, watermelon, lettuce, and a variety of tree nuts.
Converted Organics also reports that conventional and organic farmers alike are finding that sustainable products aren't just for small farms anymore.
"Eighty percent of the product that we sell is to conventional farmers," says Mike Gursky Sales Manager Western Region Agriculture of Converted Organics generally selling from the manufacturing facility located in Gonzales, CA. "Synthetic fertilizer prices are going through the roof due to high oil prices, which have really opened the door for organic products in the market. We wanted to prove that synthetic products weren't the only option out there for large farms, and so far Converted Organics' Liquid Concentrate has surpassed everyone's expectations."
"We are very pleased that conventional as well as organic growers have recognized the unique benefits of Converted Organics' all-natural soil amendment and fertilizer products, and that our products are having a positive impact on yield and the bottom line for these growers," said Edward J. Gildea, President of Converted Organics. "We are committed to continuing to provide products and services to meet growers' diverse agricultural needs."
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.
SOURCE: Converted Organics Inc.
PR Financial Marketing Jim Blackman, 713-256-0369 firstname.lastname@example.org
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