Converted Organics Reports Increases in Full Year and Fourth Quarter 2010 Company Sales From Gonzales, California Facility
February 03 2011 - 10:00AM
Company Reports Full Year Sales in California
Increased 43% Over 2009
Fourth Quarter Sales in California Increased 52%
Over the Same Quarter in 2009
Converted Organics Inc. (Nasdaq:COIN) reported sales increases for
both full year and fourth quarter of its all-natural, organic
fertilizer products produced out of its Gonzales, California
facility. Converted Organics of California, LLC reached full year
2010 sales of $3 million, a 43 percent increase over same-period
2009 sales. In the fourth quarter of 2010, the Company had sales
totaling $510,000, a 52 percent increase over same-period 2009
sales. The Company attributes the success of the California
facility to increasing recognition nationwide regarding the
efficacy of organic fertilizer products in agriculture. Sales out
of the Company's California facility represent 78 percent of total
sales and 100 percent of total sales in the fourth quarter
2010.
"Our continued sales growth is a reflection of the strength of
our line of fertilizer products and word spreading among customers
about the effectiveness of our products," said Edward J. Gildea,
President and CEO of Converted Organics. Gildea continues,
"The increased production capacity at the California facility is
undertaken in response to increasing demand for high quality
organic fertilizer products and should allow our Company to
continue to have record sales levels for organic fertilizers in
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. Forward-looking statements include the
ongoing customer demand for the Company's products and the
Company's ability to continue to become more efficient in its
operations. 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.
617-624-0111
info@convertedorganics.com
Jim Blackman, 713-256-0369
PR Financial Marketing
jim@prfmonline.com
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