Converted Organics Reports Receipt of Revenue From Its Industrial Wastewater Resources Division
March 22 2011 - 11:00AM
Converted Organics Inc. (Nasdaq:COIN) announced today that it has
begun to receive revenue from the Company's Industrial Wastewater
Resources (IWR) operation at the South Canyon Landfill in Colorado.
"We are extremely excited that this project has generated immediate
revenue for a project of this size, and at this stage of
operation," says Rick McEwen, President and General Manager of
Converted Organics Industrial Wastewater Resources. McEwen adds,
"We look forward to the growing success of this project at the
South Canyon Landfill as they continue to process increasing
amounts of wastewater, and transition from traditional methods of
treating wastewater to full use of our evaporator technology."
Converted Organics' IWR division currently operates an
industrial wastewater concentrator on Glenwood Springs Landfill
Enterprise's South Canyon Landfill in Glenwood Springs, CO as a
result of an agreement signed in January of 2011. Under this
agreement, Converted Organics is paid a per-gallon fee for the
amount of industrial wastewater (IW) that is treated. This facility
is designed to treat 15,000 gallons of aqueous waste per day and is
fueled by the combustion of biomass diverted from disposal in the
landfill. The expected annual volume of industrial wastewater to be
treated is at this facility is 5,000,000 gallons.
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:
George McIntyre
CEOcast, Inc.
212-732-4300
Gmcintyre@ceocast.com
info@convertedorganics.com
617-624-0111
Jim Blackman, 713-256-0369
PR Financial Marketing
jim@prfmonline.com
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