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BOSTON, Oct 28, 2008 (BUSINESS WIRE) -- Converted Organics Inc. (NASDAQ:COIN) announced today that the Company has received notice from The Home Depot(R), the world's largest home improvement retailer, that its organic fertilizer product will be carried in The Home Depot(R) stores in Massachusetts, New Hampshire, Connecticut and New York for the spring 2009 season.
"The Home Depot(R) opportunity represents a tremendous chance to expand the availability of high-quality organic fertilizer to consumers," said Edward J. Gildea, President of Converted Organics. "That The Home Depot(R) would agree to carry our Lawn and Turf fertilizer is a significant event for Converted Organics. We are completing the steps necessary to enable our product to be carried in 64 stores in the northeast, and we expect to receive a completed order for product in January of 2009. We are committed to ensuring that this is the beginning of a long-term relationship with The Home Depot(R)."
The Home Depot(R) stores that will carry Converted Organics' Lawn and Turf fertilizer are located in an area of the country where consumers have consistently shown strong support for organic lawn care.
"The northeast is one of the most active organic markets in the United States," said Mr. Gildea. "We are very excited about having our all-natural fertilizer product available to consumers through one of the most visible home improvement retailers in the world."
Converted Organics produces organic liquid and solid fertilizers and soil amendment products through the Company's proprietary High Temperature Liquid Composting (HTLC) process. The HTLC system is a proven, state-of-the-art microbial digestion technology that processes various biodegradable food waste products into liquid and solid organic-based fertilizer.
About Home Depot(R)
The Home Depot(R) is the world's largest home improvement specialty retailer, with 2,260 retail stores in all 50 states, the District of Columbia, Puerto Rico, U.S. Virgin Islands, Guam, 10 Canadian provinces, Mexico and China. In fiscal 2007, The Home Depot had sales of $77.3 billion and earnings from continuing operations of $4.2 billion. The Company employs more than 300,000 associates. The Home Depot's stock is traded on the New York Stock Exchange (NYSE: HD) and is included in the Dow Jones industrial average and Standard & Poor's 500 index. HDG
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, professional turf/golf, and agriculture 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.
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SOURCE: Converted Organics Inc.
For Converted Organics Inc. Investor Contact: PR Financial Marketing Jim Blackman, 713-256-0369 jim@prfmonline.com or Public Relations Contact: Sterling Communications Pat Fiaschetti, 908-996-7945 sterling.pf@att.net
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