updated 11/2/2010 8:45:36 AM ET 2010-11-02T12:45:36

BOSTON, Nov. 2, 2010 (GLOBE NEWSWIRE) -- Converted Organics Inc., (Nasdaq:COIN) announced today that TerraSphere Systems, LLC has added a fourth patent to its intellectual property portfolio. Since its inception in 2003, TerraSphere has been developing industry-leading vertical farming technology and protecting its proprietary intellectual property to the fullest extent possible. TerraSphere's revolutionary technology provides an innovative and sustainable solution to the hunger crisis facing the world's growing population by making fresh, pesticide-free produce accessible to urban and remote communities, regardless of climate or location, year-round.

The effort to build the intellectual property portfolio has been led by Nick Brusatore, Co-founder of TerraSphere and inventor of the TerraSphere's technology. Mr. Brusatore stated, "Our four patents from the U.S. Patent and Trademark Office demonstrate the exceptionality of TerraSphere's vertical farming system and our most recently added patent helps to provide additional coverage for the several aspects of TerraSphere's technology. Applications for patents will continue to be filed both domestically and internationally as TerraSphere develops new and improved systems for vertical farming."

Jack Lynch, TerraSphere's IP Counsel, commented, "TerraSphere has been committed to building unique vertical farming systems and has had the foresight to protect its competitive edge with patents in the U.S., Canada and worldwide."

On July 6, 2010, Converted Organics Inc. entered into an agreement to acquire TerraSphere Systems, LLC. This acquisition was approved by Converted Organics' Shareholders on September 16, 2010 and is expected to close in mid-November 2010.

TerraSphere patents include: US 7,415,796; US 7,533,493; US 7,559,173 and US 7,818,917.

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 and agricultural 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 makes 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.


© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved


Discussion comments


Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 3.79%
$30K home equity loan FICO 4.99%
$75K home equity loan FICO 4.69%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.83%
Cash Back Cards 17.80%
Rewards Cards 17.18%
Source: Bankrate.com