BOSTON, Oct 14, 2008 (BUSINESS WIRE) -- Converted Organics Inc. (NASDAQ:COIN) announced today that it has entered into a strategic relationship with Simplot Partners(TM), a major distributor of proprietary fertilizers and turf maintenance products to the golf marketplace, to distribute the Company's all-natural liquid and granular fertilizers and liquid soil amendment product to the professional turf market throughout the western United States.
"The professional turf market represents an enormous opportunity for Converted Organics, and the network of golf courses serviced by Simplot Partners(TM) is extensive," said Edward J. Gildea, President of Converted Organics. "Our relationship with Simplot Partners(TM) provides Converted Organics with the opportunity to sell our line of organic turf fertilizer and soil amendment products to a large customer base of approximately 2,500 golf courses through a well-established distributor known for providing high-quality products."
"What sets Simplot Partners(TM) apart from our competition is not only the expertise of our sales representatives and technical agronomists, who provide a wide range of services to golf course superintendents and others, but also the superior quality of the products we offer our customers," said John Maggiore, General Manager of Simplot Partners(TM). "Converted Organics' line of organic fertilizer for the professional turf market is a welcomed addition to our product line, and we are confident that the Converted Organics' products will be very well-received by our customers."
Converted Organics also supplies its organic fertilizer and soil amendment products to Simplot Grower Solutions, the agricultural division of J. R. Simplot Company, a privately held food andagribusiness corporation based in Boise, Idaho.
About Simplot Partners(TM)
Simplot Partners(TM)is a full-service distributor of proprietary plant nutrients, pest management, and turf maintenance products to the golf, lawn care and horticulture marketplace, operating from nine locations in the western United States. Simplot Partners(TM) is a distribution channel of the J.R. Simplot Company. The J.R. Simplot Company is a privately-held agribusiness firm with headquarters in Boise, Idaho. Principle operations include fertilizer manufacturing and distribution, farm service centers, food processing, farming, ranching and livestock production. The company's major operations are in the U.S., Canada, Mexico, Australia, and China. Simplot has over 10,000 employees world-wide and had revenues last year of $4 billion.
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.
SOURCE: Converted Organics Inc.
For Converted Organics Inc. Investor Contact: PR Financial Marketing Jim Blackman, 713-256-0369 email@example.com or Public Relations Contact: Sterling Communications Pat Fiaschetti, 908-996-7945 firstname.lastname@example.org
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