Converted Organics Granted 180-Day Extension by Nasdaq to Regain Compliance With Minimum Bid Price Requirement
January 03 2011 - 8:30AM
Converted Organics Inc. (Nasdaq:COIN) announced that it received a
letter dated December 28, 2010 from The Nasdaq Stock Market
notifying the company that it has been granted an additional
180-day grace period, or until June 27, 2011, to regain compliance
with the minimum $1.00 bid price listing requirement for continued
listing on The Nasdaq Capital Market.
During the 180-day grace period, if the company's common stock
closing bid price is at least $1.00 per share for a minimum of 10
consecutive business days, Nasdaq will notify the company that it
has regained compliance and that the matter is closed.
This notification from Nasdaq has no immediate effect on the
company's listing on The Nasdaq Capital Market nor on the trading
of the company's common stock.
About Converted Organics Inc.
Converted Organics (Nasdaq:COIN) (www.convertedorganics.com),
based in Boston, MA, 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 wastes into dry pellet and 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
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, 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: PR Financial Marketing
Investor Contact:
Jim Blackman
713-256-0369
jim@prfmonline.com
Converted Organics Inc.
Public Relations Contact:
(617)624-0111
info@convertedorganics.com
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