Converted Organics Announces New TerraSphere Licensee, GoLocalProduceRI, LLC
December 01 2010 - 9:45AM
Converted Organics Inc., (Nasdaq:COIN) announced today that
TerraSphere Systems, LLC, signed a term sheet with
GoLocalProduceRI, LLC to construct a TerraSphere facility in the
state of Rhode Island. Under the agreement, GoLocalProduceRI, LLC
will own a license to utilize TerraSphere's advanced vertical
farming technology, with exclusive rights to the territory of Rhode
Island, to grow fresh produce for local communities.
Erin Carroll, Spokesperson for GoLocalProduceRI, LLC
comments, "With a very short local growing season, most of the food
we consume is picked days, weeks and, in some cases, months prior
to being trucked several thousand miles from California or south of
our border. Across America, vertical, urban farming is being
discussed as a way to eliminate the cost and aging of produce at
local markets, and an investment of this magnitude puts Rhode
Island at the forefront of this important industry." Carroll
continues, "After an exhaustive review of vertical farming
equipment and support, GoLocalProduceRI has determined that
TerraSphere offers the best system available."
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 world-wide.
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.
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 Contact:
617-624-0111
info@convertedorganics.com
PR Financial Marketing
Investor Contact:
Jim Blackman
713-256-0369
jim@prfmonline.com
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