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"This financing for the Glenwood Springs IWW project is a seminal event in the Company's development of the Industrial Waste Resources division," says
South Canyon Landfill is a municipally owned landfill and recycling center that serves the Glenwood Springs, CO community and surrounding areas, receiving approximately 6 million gallons of liquid waste annually. The Converted Organics facility will use its exclusively licensed flex-fuel™ system by deriving waste heat from biomass (wood waste) that has been diverted from traditional landfill disposal. The facility will treat a wide range of IWW's including septic, wash waters, process waters, man-camp waste waters and various wastewaters from oil and gas exploration.
The IWW market has the potential to be a multi-billion dollar market and involves the treatment of waters that have been contaminated by industrial or commercial activities, prior to their reuse or release into the environment. While these projects would be cost-effective without subsidies, there is also a potential that the Company will receive carbon credits and grants for waste heat utilization. The Company's technology reduces carbon emissions when compared to traditional technologies by using waste heat and renewable energy as thermal fuel.
About
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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.
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CONTACT:Converted Organics Inc. investor@convertedorganics.com 617-624-0111
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