Converted Organics Reports Record Increases in Year-to-Date and October Sales
November 17 2010 - 10:00AM
Converted Organics Inc. (Nasdaq:COIN) today reported record sales
increases for both year-to-date and for the month of October 2010,
of its all-natural, organic fertilizer products. The Company
reached record year-to-date sales of $3.8 million from January 1 –
October 31, 2010, a 64% increase over same-period 2009 sales. In
October of 2010, the Company had sales totaling $155,000, a 44%
increase over same-period 2009 sales. The Company attributes its
significant growth to the success of the Company's California
facility, from which year-to-date sales represent 75% of total
sales, as well as to targeted marketing efforts and to the
increasing recognition nationwide regarding the efficacy of organic
fertilizer products.
"Our high-quality, organic fertilizer products remain a staple
for the Company, and the sales of our fertilizer products continues
to steadily grow," says Edward J. Gildea, President and CEO of
Converted Organics. Gildea adds, "We expect the Company's revenues
to increase significantly in 2011, when the revenues from the
recently acquired TerraSphere business, and our Industrial Waste
Water division will begin in earnest."
About Converted Organics Inc.
Converted Organics (Nasdaq:COIN) (www.convertedorganics.com) 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 and agricultural
wastes into liquid 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
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,
without limitation, the Company's ability to continue to meet
market demand for its organic fertilizer products throughout the
reorganization, to allow it to improve its competitiveness within
the organic fertilizer market, and to better pursue growth through
acquisitions. 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, not all of which are known to the company,
described most recently in the "Risk Factors" section in the
Company's most recently filed annual report on Form 10-K. 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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