updated 10/21/2010 10:16:44 AM ET 2010-10-21T14:16:44

  • TerraSphere to Submit License Application to the State of Rhode Island to Cultivate Medical Marijuana

BOSTON, Oct. 21, 2010 (GLOBE NEWSWIRE) -- Converted Organics Inc. (Nasdaq:COIN) announced today that on behalf of the Company, Nick Brusatore, Co-founder of TerraSphere Systems, will be presenting at The Marijuana Conference 2010, on October 25th and 26th, taking place at the Hilton New York, in New York City.  The conference is an unbiased forum for discussion of business, legal, and health issues related to the emerging legal marijuana industry.

Mr. Brusatore will be speaking on the panel, "Entrepreneurial Vision: The Business of Marijuana" from 2:00 – 3:00 PM, on Monday to discuss the issues related to investment in the growing, distribution, and sale of marijuana.  The panel will discuss the size of the market, the economics of dispensaries and other businesses, and how entrepreneurs can position themselves for profit as the market expands. Panelists also discuss the possibility of the industry becoming a major M&A opportunity.  CNBC anchor Trish Regan, Host of "Marijuana Inc: Inside America's Pot Industry", will be moderating the panel, and CNBC will cover this part of the conference as well. For more detailed information about The Marijuana Conference 2010, please visit http://www.themarijuanaconference.com/.

TerraSphere has been aggressively pursuing opportunities in the rapidly growing medical marijuana market, and plans to secure a license to cultivate medical marijuana in the State of Rhode Island. If granted the license, TerraSphere will employ its highly efficient vertical farming technology, which provides accelerated growing cycles, while using best green practices to produce pesticide, and chemical-free plant products.

"TerraSphere's patented technology and production expertise will allow us to produce medicinal marijuana in a controlled, reliable systematic environment, and will ensure that marijuana grown for medical purposes remains secure and does not find its way to non-patients or illicit markets," said Mark Gildea, CEO of TerraSphere Systems. Mr. Gildea continued, "The medical marijuana market is developing quickly, and TerraSphere Systems is poised to become the leader in cultivating cannabis in a safe and secure manner for state compassion centers."

The Medical Marijuana market is emerging as a significant business opportunity with 14 states already licensing Medical Marijuana and several others in the process of licensing compassion centers for the purpose of providing patients with access to this multi-purpose product. The State of Rhode Island estimates that it has issued over 2,600 Medical Marijuana use permits, with estimates that this number will double in the next 16 months. The Rhode Island Medical Marijuana program reaches 8 diseases and 5 qualifying conditions including: Alzheimer's, HIV/AIDS, Cancer, Crohn's, Epilepsy, Glaucoma, Hepatitis C, Multiple Sclerosis, or any debilitating, chronic condition that produces spasms, wasting, seizures or severe pain or nausea. Under the program, each patient is authorized to purchase up to 2.5 ounces of Medical Marijuana per month.

On July 6, 2010, Converted Organics Inc. entered into an agreement to acquire TerraSphere. This acquisition is expected to close in mid-November 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 Inc. (Nasdaq:COIN) ( www.convertedorganics.com ) 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 ( www.terraspheresystems.com ) 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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