updated 5/23/2011 10:17:14 AM ET 2011-05-23T14:17:14

BOSTON, May 23, 2011 (GLOBE NEWSWIRE) -- Converted Organics Inc. (Nasdaq:COIN) announced today that PharmaSphere, LLC, a subsidiary of Converted Organics, has commenced a Research Trial with Dr. Andrew Riseman, Associate Professor, Agroecology, Faculty of Land and Food Systems and the Centre for Plant Research, University of British Columbia for the production of cannabis using TerraSphere's controlled environment production systems. The study will utilize TerraSphere's proprietary vertical farming system and will focus on expanding the cultivation and availability of cannabis for medicinal use. Under the direction of Dr. Riseman, the Trial will develop methods for cannabis production within the controlled environment.  Dr. Riseman, in his capacity as an independent consultant, will oversee all aspects of the trial and produce a final report detailing the results, including production parameters, yields and biochemical profiles. 

Said Dr. Riseman, "I'm eager to conduct this study using TerraSphere's highly controlled growing technology. Using a secure and highly developed technology is important for conducting research involving medical marijuana. I am familiar with TerraSphere's advanced technology and secure growing environment and anticipate this study will yield positive results and help lead the industry towards commercial scale growth."

"We are excited to work with such an esteemed partner as Dr. Riseman. We offer a safe and secure process to produce medical marijuana that is pesticide free and the results of the Trial will help us ensure that our growing practices and procedures meet, and even exceed, both quality and safety standards," said Nick Brusatore, Co-founder and Technical Director of TerraSphere Systems. Brusatore added, "As more and more states in the U.S. continue to pass legislation to legalize the use of medical marijuana, it is apparent that there needs to be a controlled system for its cultivation and harvesting. PharmaSphere believes it can address this need using TerraSphere's technology, and the results of this study will provide further verification."

TerraSphere's patented design utilizes an indoor plant production system, known as vertical farming, to grow pesticide-free plants on a year-round basis, irrespective of location, external climate or other environmental factors.  PharmaSphere's use of TerraSphere's patented technology ensures that medicinal marijuana will be produced in a controlled, secure, and reliable systematic environment yielding consistent and uniform product.

The study is underway and the first trial is expected to be completed within three (3) months. Crops will be harvested and weighed to determine yield per square foot. Dr. Riseman will evaluate the growing technique and overall quality of the product including characteristics such as root structures, leaf number, bud number, and leaf size. Tissue analyses will determine the levels of THC and the detection of any heavy metals or pesticides.

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.

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

About The University of British Columbia Faculty of Land and Food Systems

UBC's Faculty of Land and Food Systems ( http://www.landfood.ubc.ca/ ) uses student-centered learning to educate new generations of scientists equipped to solve the most fundamental issues faced by society — those focused around human health, a sustainable food supply and the responsible use of finite land and water resources.

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.


CONTACT: Investor Contacts:
         George McIntyre, 212-732-4300
         CEOcast, Inc.
         Converted Organics Inc.

© 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