BOSTON, Aug. 30, 2010 (GLOBE NEWSWIRE) -- Converted Organics Inc. (Nasdaq:COIN) today announced that it has not received enough votes on the proposal to acquire TerraSphere Systems LLC to constitute a quorum and as such, has postponed its Special Meeting of Shareholders that had been scheduled for August 31, 2010. The Company has rescheduled the Special Meeting for Thursday, September, 16, 2010 at 9:30 AM. For the Special Meeting to be duly convened, a quorum of voters must be reached. To reach a quorum, a majority of stock issued and outstanding as of the date of record must vote.
The Company encourages Shareholders to vote their shares prior to the rescheduled meeting date and as soon as possible. If you are a Shareholder and wish to vote, but have not received or are no longer in possession of the proxy materials, please contact your broker and ask for your control number. Upon receipt of the control number, please visit to vote your shares.
On July 6, 2010, Converted Organics Inc. entered into an agreement to acquire TerraSphere. This acquisition is expected to close in September 2010, pending approval of Converted Organics' Shareholders on September 16, 2010. The transaction is expected to make a significant positive impact to the combined company and strengthen the collective market-strength of Converted Organics.
About Converted Organics Inc.
Converted Organics (Nasdaq:COIN) () 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
About TerraSphere Systems, LLC
TerraSphere Systems () is dedicated to building highly efficient systems for growing organic fruits and vegetables in a controlled indoor environment. TerraSphere's clean technology helps to promote the sustainable consumption of natural resources by accelerating plant production and maximizing crop yields, while improving environmental footprints through the reduction of carbon emissions and fuel use associated with traditional crop production and distribution. TerraSphere's unique, environmentally and socially-responsible business model helps to facilitate job creation and diverse, community-based workforces. TerraSphere believes its technology can potentially revolutionize access to organic produce for both remote and urban communities, alleviate land management issues for agricultural producers, and ease hunger crises for the world's growing population
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 TerraSphere transaction being in the long-term interest of the Company and that TerraSphere make significant contributions to the combined company going forward. 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.
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CONTACT: The Piacente Group, Inc. Investor Contact: Investor Relations Lee Roth 212-481-2050 COIN@tpg-ir.com PR Financial Marketing Investor Contact: Jim Blackman 713-256-0369 jim@prfmonline.com