Converted Organics to Build and Operate Vertical Farming Facility in Rhode Island
January 06 2011 - 9:00AM
- Company acquires majority interest in GoLocalProduceRI
in all stock transaction
- Will produce $1 million accretive revenue in
2011
- First TerraSphere vertical farming facility in the
U.S.
Converted Organics Inc. (Nasdaq:COIN) announced today that the
Company purchased the majority ownership interest of the vertical
farming entity, GoLocalProduceRI, LLC marking its entrance into the
vertical farming industry as owners and operators of what is
expected to be the first TerraSphere facilities in the United
States.
"The opportunity in Rhode Island is exciting in that it provides
both an opportunity to deliver $1 million in sales in 2011 and
close to $3 million in 2012 to Converted Organics, and the
opportunity to control the project to ensure the prompt development
of the TerraSphere business model," says Edward J. Gildea,
president and CEO of Converted Organics. "We have to sacrifice some
license fee income in 2011 by acquiring the business, but we will
more than make up for that with produce sales from the
facility."
Erin Carroll, local operator of GoLocalProduceRI, LLC, adds,
"The addition of Converted Organics as majority owner of our
project is a great addition to our company. We are confident that
their expertise and the additional resources they bring will
enhance our ability to offer top quality produce to the New England
market."
Approximately 73% of the lettuce consumed in the United States
travels an average of 1,500 miles from either Arizona or
California, before it reaches the dinner table. Constructing a
TerraSphere facility in the Northeast, which will produce various
types of lettuces, will eliminate harmful carbon emissions caused
by extensive transportation while providing a year-round supply of
fresh, local and sustainable produce to New Englanders. The
GoLocalProduceRI vertical farm will be a flagship facility for
TerraSphere Systems in the United States, and is expected to be
operational in June of 2011.
About Converted Organics Inc.
Converted Organics' (Nasdaq:COIN) mission is to promote,
develop and operate profitable innovative clean technologies that
contribute to the improvement of our environment by use of
sustainable business practices and the judicious use of natural
resources. Converted Organics Inc. is currently composed of
three primary lines of business at the intersection of Agriculture,
Water and Waste Recycling. Each business contributes to our
mission and uses sustainable business practices that protect and
value the environment. The three lines of business are Organic
Fertilizer (Converted Organics), Vertical Farming (TerraSphere
Systems - www.terraspheresystems.com), and Industrial Wastewater
Treatment (Industrial Wastewater Resources).
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: Converted Organics Inc.
Investor Contact:
Jim Blackman, 713-256-0369
PR Financial Marketing
jim@prfmonline.com
Public Relations Contact:
info@convertedorganics.com
(617)624-0111
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