Converted Organics is Growing Up: Company Announces the Acquisition of Vertical Farming Pioneer, TerraSphere Systems
November 15 2010 - 9:00AM
- Acquisition and Restructuring Increases Shareholder Equity by
$23.4 million
- Pro-forma 2010 Combined Revenues up over 100%
- Shareholder Conference Call will now be held on Tuesday,
November 16 at 10:00 a.m. EST
BOSTON, Mass., Nov. 15, 2010 (GLOBE NEWSWIRE) -- Converted
Organics Inc., (Nasdaq:COIN) announced today that the Company has
closed on the acquisition of 95% of the membership interests in
TerraSphere Systems, LLC, a rapidly growing pioneer in the vertical
farming market. Converted Organics Inc. entered into an agreement
to acquire TerraSphere Systems, LLC on July 6, 2010. This
acquisition was approved by Converted Organics' Shareholders on
September 16, 2010 and closed on November 12, 2010. The completion
of this all stock transaction is the Company's largest acquisition
to date.
TerraSphere designs, builds and operates highly efficient and
scalable growing systems, featuring a patented, proprietary
technology that utilizes vertically-stacked modules to house rows
of plants, which are then placed perpendicular to an interior light
source to grow pesticide-free organic fruits and vegetables. Due to
a controlled, indoor environment, the system generates fresh
produce year-round in any location or climate worldwide.
"The acquisition of TerraSphere expands the Company's portfolio
of sustainable, environmentally-friendly green assets and is a
continuation of our strategy to grow our business through accretive
acquisitions," said Edward Gildea, President and CEO of Converted
Organics. Gildea continued, "On a pro-forma basis, TerraSphere
contributed more revenues than Converted Organics in 2010, and the
combined companies are expected to accelerate our growth in 2011
and beyond. "
Vertical farming provides a valuable urban agricultural model
that allows locally grown, fresh, pesticide-free produce to be
cultivated closer to population centers, resulting in lower supply
chain costs, as well as reduced carbon emissions and fuel costs
associated with traditional production and distribution methods.
These controlled growing environments protect crops from weather
related problems, eliminate the need for synthetic pesticides,
herbicides and fungicides, reduce nitrate run-off and help preserve
natural resources through a reduction in the need for additional
farmland.
As a result of the closing of the TerraSphere acquisition, the
Company will now host the Shareholder Conference call to discuss
its quarterly results on Tuesday, November 16, 2010 at 10:00 a.m.
EST instead of today at 10:00 a.m. as originally
scheduled. The purpose of this change is to include in the
call a discussion of both the Company's results for the third
quarter, which it expects to file today in its Quarterly Report on
Form 10 Q, and the impact on the results of the TerraSphere
acquisition.
Shareholders who wish to participate in the conference call may
telephone (888) 428-7458 from the U.S. or (210) 604-5177 from
international locations, approximately 15 minutes prior to the
call. A digital replay will be available via a live webcast on the
Converted Organics website at www.convertedorganics.com under the
Investors tab and Events & Presentations submenu.
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.
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 Contacts:
617-624-0111
info@convertedorganics.com
PR Financial Marketing
Jim Blackman
713-256-0369
jim@prfmonline.com
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