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BOSTON, Sep 10, 2007 (BUSINESS WIRE) --
Converted Organics Inc. (NASDAQ: COIN, COINW, COINZ) today announced the landlord responsible for the rehabilitation of the building that will become its recycling plant in Woodbridge, New Jersey, has received the necessary permission to enter into the final phase of work on the structure. Upon completion, the facility will use high temperature microbial digestion to facilitate waste management in the metropolitan New York / New Jersey area and produce a safe, all natural fertilizer.
Edward J. Gildea, President and CEO of Converted Organics Inc., said, "This permission marks a significant milestone in the rehabilitation of this structure and in the establishment of our first recycling facility. Coupled with the Class C Recycling Permit received from the New Jersey Department of Environmental Protection during Earth Week, we remain on track to start operations on schedule early next year. Once this phase is finished, the building will be ready for our equipment to be installed and turned on, and we expect to receive the appropriate permits for that in a timely fashion.
"At full capacity, our plant will recycle 500 tons of food waste a day and convert it into valuable organic fertilizer. The facility will derive revenue from tipping fees normally collected by landfills and from sales of the fertilizer we produce. The plant will generate local jobs, extend the life of landfills through diversion and reduce greenhouse gas (GHG) emissions."
About Converted Organics Inc.
Converted Organics (NASDAQ: COIN), based in Boston, MA, is a development stage company dedicated to producing a valuable all-natural, organic soil amendment or fertilizer product 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 or biostimulant in the retail, turf management, and agribusiness markets. As an environmentally sustainable alternative to landfills, the Company also derives a second source of revenue from tip fees.
Converted Organics biostimulants 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 runoff 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 biostimulants can be used on a standalone 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.
Converted Organics Inc. President and CEO Edward J. Gildea, 617-624-0111 or PORTER, LEVAY & ROSE, INC. Michael Porter, President Marlon Nurse, VP - Investor Relations Jeff Myhre, VP - Editorial 212-564-4700
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