BOSTON, May 3, 2011 (GLOBE NEWSWIRE) -- Converted Organics Inc. (Nasdaq:COIN) announced today that organic fertilizer sales from its Gonzales, CA facility for the quarter ended March 31, 2011 were $564,000, relatively flat compared to the prior year. However, the Company reported record sales for the month of April 2011 of $464,000, a $159,000 or 52% increase over sales in April 2010. For the four month period ended April 30, 2011, sales of organic fertilizer were $1,028,000, a $129,000 or 14% increase over the same period in 2010.
The Company attributes its continued growth to broader coverage of the Western U.S. agriculture market, including Idaho and the Pacific Northwest, as well as deeper penetration of its core California and Arizona market. "We continue to see strong growth not only in the USDA Certified Organic Crop Production market, but also in the conventional market, where leading agriculture retailers are blending our fertilizers with synthetic fertilizers to significantly improve yields for a wide variety of conventionally-grown crops. The return on investment for growers using our fertilizers is very attractive and that word is getting out," says Edward J. Gildea, President and CEO of Converted Organics Inc.
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.
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CONTACT: Investor Contacts: George McIntyre CEOcast, Inc. 212-732-4300 Gmcintyre@ceocast.com Jim Blackman, 713-256-0369 PR Financial Marketing jim@prfmonline.com Converted Organics Inc. info@convertedorganics.com 617.624.0111
