Converted Organics Inc., (Nasdaq:COIN) announced today that
TerraSphere Systems, LLC has entered into a co-development
agreement with the British Columbia Institute of Technology (BCIT).
Under the agreement, TerraSphere will work with BCIT to build a
framework for development of quality standards for botanical drugs,
in particular government licensed medicinal Cannabis sativa. Both
organizations will strictly adhere to the required governmental
licenses and permit processes and the necessary security protocol
required to support the planned research.
Paula Brown, Director of BCIT's Integrative Bioscience Research
Cluster, has supported the natural health and food product industry
for over a decade by conducting applied research on product
quality, safety and efficacy. Says Brown, "Cannabis sativa is
approved for medicinal use in Canada and several states. We will be
working with TerraSphere on a novel approach to develop quality
standards for its botanical material. TerraSphere's technology has
potential for application in cultivation across a wide variety of
medicinal plants."
Nick Brusatore, Technical Director and Co-Founder of
TerraSphere, adds, "Working with Paula Brown and the BCIT team
is an honor and it is a great opportunity for Converted Organics
and TerraSphere to build a complete and comprehensive business
model for medical Cannabis sativa. Ultimately, our work with BCIT
will indicate to Federal Governments in Canada and the U.S. that
the medicinal botanical industry can be operated with the highest
level of quality, security, and control."
On July 6, 2010, Converted Organics Inc. entered into an
agreement to acquire TerraSphere Systems, LLC. This acquisition was
approved by Converted Organics' Shareholders on September 16, 2010
and is expected to close in mid-November 2010.
About Converted Organics Inc.
Converted Organics Inc. (Nasdaq:COIN),
(www.convertedorganics.com) is dedicated to producing high-quality,
all-natural, organic soil amendment and fertilizer products through
food and agricultural 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 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.
The Converted Organics Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=7431
About TerraSphere Systems, LLC
TerraSphere Systems (www.terraspheresystems.com) is dedicated to
building highly efficient systems for growing organic fruits and
vegetables in a controlled indoor environment. TerraSphere's
clean technology helps to promote the sustainable consumption of
natural resources by accelerating plant production and maximizing
crop yields, while improving environmental footprints through the
reduction of carbon emissions and fuel use associated with
traditional crop production and distribution. TerraSphere's unique,
environmentally and socially-responsible business model helps to
facilitate job creation and diverse, community-based
workforces. TerraSphere believes its technology can
potentially revolutionize access to organic produce for both remote
and urban communities, alleviate land management issues for
agricultural producers, and ease hunger crises for the world's
growing population.
About British Columbia Institute of
Technology
Established in 1964, the British Columbia Institute of
Technology is British Columbia's second largest post-secondary
institution with over 48,000 students. BCIT has five campuses
offering a wide-range of programs in technologies and trades, and
credentials up to and including master's degrees, applied research,
international activities, and partnerships with business. The vast
array of programs are known for their applied, hands-on learning
approach in the areas of engineering, business, media, computing,
health, trades, and apprenticeships. BCIT prides itself on a
hands-on approach to learning while providing graduates with
job-ready skills applicable to a diverse range of industry sectors.
BCIT facilitates life-long learning for career progression and
career change; BCIT is integral to the economic, social, and
environmental prosperity of British Columbia.
With Paula Brown as the Director of BCIT's Integrative
Bioscience Research Cluster, BCIT has established a
multi-disciplinary research facility supporting the natural health
product industry through the entire continuum, from seed to shelf,
ensuring product integrity is maintained. Brown is a Fellow of the
AOAC International having served five years as General Referee, six
years on the Dietary Supplement Task Force, participated on seven
Expert Review Panels, and directed three collaborative studies. In
2009, Brown was appointed Chair of NSF's Joint Committee for
Dietary Supplements and to the Advisory Committee of the American
Botanical Council. She is currently serving her second term as
Director of Emerging Sectors for the Investment Agriculture
Foundation of BC, is a member of the NHP Program Advisory Committee
for Health Canada, and Chair of their Product Testing Working
Group. Brown is the "Quality Focus" columnist for Nutraceuticals
World.
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 makes 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.
COIN-G
CONTACT: Converted Organics Inc.
Investor contact
617-624-0111
info@convertedorganics.com
PR Financial Marketing
Investor contact
Jim Blackman
713-256-0369
jim@prfmonline.com
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