Converted Organics Signs Agreement With South Canyon Waste Systems to Operate Company's First Waste Water Treatment Facility at
January 10 2011 - 9:00AM
Converted Organics Inc. (Nasdaq:COIN) has signed an agreement with
South Canyon Waste Systems, LLC, a waste management company
providing operations management services to Glenwood Springs
Landfill Enterprise's South Canyon Landfill, to operate an
industrial wastewater (IWW) facility on the
Landfill. Converted Organics agreed to purchase, operate and
maintain an LM-HT Concentrator from Waste Systems, in return for
which Waste Systems agreed to pay to Converted Organics 100% of all
payments it receives from Enterprise for waste water services, less
certain agreed upon reimbursements and deductions. The Converted
Organics' facility will evaporate 15,000 gallons of waste water per
day with zero-liquid-discharge. The transaction is expected to
provide Converted Organics revenue beginning in January of 2011.
South Canyon Landfill is a municipally owned landfill and
recycling center that serves the Glenwood Springs, CO community and
surrounding areas, receiving approximately 6 million gallons of
liquid waste annually. The Converted Organics facility will
use its exclusively licensed flex-fuel™ system by deriving waste
heat from biomass (wood waste) that has been diverted from
traditional landfill disposal. The facility will treat a wide
range of IWW's including septic, wash waters, process waters,
man-camp waste waters and various wastewaters from oil and gas
exploration.
"Waste Systems' choice to incorporate a Converted Organics
facility into its already successful landfill contract demonstrates
the green movement among landfill operators as our facility will
evaporate off thousands of gallons of wastewater daily, and
reduce the volume of waste to be buried, reducing green house
gas production and extending the life of the Landfill," said Rick
McEwen, President and General Manager of the Converted Organics'
Industrial Wastewater Resources division.
The IWW market has the potential to be a multi-billion dollar
market and involves the treatment of waters that have been
contaminated by industrial or commercial activities, prior to their
reuse or release into the environment. While these projects would
be cost-effective without subsidies, there is also a potential that
the Company will receive carbon credits and grants for waste heat
utilization. The Company's technology reduces carbon emissions when
compared to traditional technologies by using waste heat and
renewable energy as thermal fuel.
About Converted Organics
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: Investor Contacts:
Jim Blackman, 713-256-0369
PR Financial Marketing
jim@prfmonline.com
or
info@convertedorganics.com
617-624-0111
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