BOSTON, Nov. 11, 2010 (GLOBE NEWSWIRE) -- Converted Organics Inc., (Nasdaq:COIN) announced today that TerraSphere Systems, LLC has entered into a co-development agreement with the British Columbia Institute of Technology (BCIT). Under the agreement, TerraSphere will work with BCIT to build a framework for development of quality standards for botanical drugs, in particular government licensed medicinal Cannabis sativa. Both organizations will strictly adhere to the required governmental licenses and permit processes and the necessary security protocol required to support the planned research.
Paula Brown, Director of BCIT's Integrative Bioscience Research Cluster, has supported the natural health and food product industry for over a decade by conducting applied research on product quality, safety and efficacy. Says Brown, "Cannabis sativa is approved for medicinal use in Canada and several states. We will be working with TerraSphere on a novel approach to develop quality standards for its botanical material. TerraSphere's technology has potential for application in cultivation across a wide variety of medicinal plants."
Nick Brusatore, Technical Director and Co-Founder of TerraSphere, adds, "Working with Paula Brown and the BCIT team is an honor and it is a great opportunity for Converted Organics and TerraSphere to build a complete and comprehensive business model for medical Cannabis sativa. Ultimately, our work with BCIT will indicate to Federal Governments in Canada and the U.S. that the medicinal botanical industry can be operated with the highest level of quality, security, and control."
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.
About Converted Organics Inc.
Converted Organics Inc. (Nasdaq:COIN), () 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 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
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.
About British Columbia Institute of Technology
Established in 1964, the British Columbia Institute of Technology is British Columbia's second largest post-secondary institution with over 48,000 students. BCIT has five campuses offering a wide-range of programs in technologies and trades, and credentials up to and including master's degrees, applied research, international activities, and partnerships with business. The vast array of programs are known for their applied, hands-on learning approach in the areas of engineering, business, media, computing, health, trades, and apprenticeships. BCIT prides itself on a hands-on approach to learning while providing graduates with job-ready skills applicable to a diverse range of industry sectors. BCIT facilitates life-long learning for career progression and career change; BCIT is integral to the economic, social, and environmental prosperity of British Columbia.
With Paula Brown as the Director of BCIT's Integrative Bioscience Research Cluster, BCIT has established a multi-disciplinary research facility supporting the natural health product industry through the entire continuum, from seed to shelf, ensuring product integrity is maintained. Brown is a Fellow of the AOAC International having served five years as General Referee, six years on the Dietary Supplement Task Force, participated on seven Expert Review Panels, and directed three collaborative studies. In 2009, Brown was appointed Chair of NSF's Joint Committee for Dietary Supplements and to the Advisory Committee of the American Botanical Council. She is currently serving her second term as Director of Emerging Sectors for the Investment Agriculture Foundation of BC, is a member of the NHP Program Advisory Committee for Health Canada, and Chair of their Product Testing Working Group. Brown is the "Quality Focus" columnist for Nutraceuticals World.
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.
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CONTACT: Converted Organics Inc. Investor contact 617-624-0111 info@convertedorganics.com PR Financial Marketing Investor contact Jim Blackman 713-256-0369 jim@prfmonline.com