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BOSTON, Dec 17, 2008 (BUSINESS WIRE) --
Converted Organics Inc. (NASDAQ:COIN) announced today that the Company has entered into an agreement with Maine-based Purely Organic Lawn Care for the purchase of Converted Organics' liquid and granular all-natural organic fertilizer and soil amendment products. Purely Organic Lawn Care services over 1,000 residential customers throughout northern New England, as well as a variety of commercial turf customers, including country clubs, colleges, school districts, municipalities, and a minor league baseball team.
"Purely Organic Lawn Care is an emerging authority in the New England turf management arena. Their current customer base in northern New England strengthens Converted Organics' existing presence in this market, and their plans for expansion throughout the rest of New England and into the Mid-Atlantic states over the next two years offer exciting future growth opportunities," said Richard P. Aleo, Executive Vice President of Sales and Marketing for Converted Organics. "We look forward to a long-term relationship with Purely Organic Lawn Care."
"Purely Organic Lawn Care is committed to providing our customers with outstanding service and products as we expand our operations to become a nationally-recognized leader in both the residential and commercial turf care markets," said Jim Reinertson, founder of Purely Organic Lawn Care. "We are very excited to offer our customers Converted Organics' high-quality organic products, and thrilled that their all-natural liquid soil amendment product is compatible with our uniquely designed lawn service vehicles."
Purely Organic Lawn Care is a proud member of the New England Sports Turf Managers Association and the New England Park Association. Purely Organic Lawn Care's commercial customers include the New Hampshire Fisher Cats minor league baseball team, University of New Hampshire, Bowdoin College, Exeter (N.H.) School District, North Hampton (N.H.) School District, Sanford Country Club, Abenakee Country Club, Exeter (N.H.) Parks and Recreation, and the towns of Cohasset, MA; York, ME; West Newbury, MA; Malden, MA; Yarmouth, ME; South Portland, ME; and Marblehead, MA.
About Purely Organic Lawn Care
Purely Organic Lawn Care, www.purelyorganiclawncare.com, is an organic lawn care company devoted to providing the highest level of customer service and satisfaction possible. Our company incorporates over twenty years of turf grass experience. We have the knowledge, equipment and experience to make your turf look its finest throughout the entire season. We guarantee every customer's complete satisfaction and encourage you to take a look and see what we have to offer. Purely Organic Lawn Care uses a combination of NOFA practices and OMRI & USDA organic products, creating a greener, healthier landscape while increasing ecological health and eliminating environmental risks.
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. 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.
COIN-G
SOURCE: Converted Organics Inc.
PR Financial Marketing
Jim Blackman, 713-256-0369 (Investor)
jim@prfmonline.com
or
Sterling Communications
Pat Fiaschetti, 908-996-7945 (Public Relations)
sterling.pf@att.net
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