BOSTON, Sept. 7, 2010 (GLOBE NEWSWIRE) -- Converted Organics Inc., (Nasdaq:COIN) is pleased to announce that TerraSphere Systems, LLC has received positive test results on tissue samples from its first crop of Vertically Farmed Parris Island Romaine lettuce. The tests were conducted by Maxxam Analytics, Canada's leading and largest independent analytical laboratory services company, whose testing results are recognized by several Canadian government agencies.
Mark Gildea, TerraSphere's President, commented, "We tested for over 300 pesticides, herbicides and heavy metals and the test results showed no detectable amounts of these substances. These positive results set the stage for our next phase of growth which begins with shipping our lettuce to Choices Market, British Columbia's leading gourmet and organic food grocer."
These results are not surprising to Nick Brusatore, inventor of TerraSphere's technology, who said, "Maxxam's testing methods and results are trusted and relied upon throughout Canada. These outstanding test results that show that TerraSphere's lettuce is pure and contains no chemicals. This validation from such a highly respected laboratory substantiates TerraSphere's ability to produce all-natural, organic fruits and vegetables."
On July 6, 2010, Converted Organics Inc. entered into an agreement to acquire TerraSphere. This acquisition is expected to close in September 2010, pending approval of Converted Organics' Shareholders on September 16, 2010. The transaction is expected to make a significant positive impact to the combined company and strengthen the collective market-strength of Converted Organics.
The Company has scheduled a Special Meeting of Shareholders for September 16, 2010 to vote on the proposed acquisition, and encourages all Shareholders to vote their shares prior to the meeting date. If you are a Shareholder and wish to vote, but have not received or are no longer in possession of proxy materials, please contact your broker and ask for your control number. Upon receipt of the control number, please visit www.proxyvote.com to vote your shares.
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 Inc.
Converted Organics (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 Maxxam Analytics
Maxxam Analytics is Canada's largest independent analytical laboratory services company. With thirty laboratory and service centre locations across Canada, Maxxam Analytics is also the leading and most scientifically diverse non-medical analytical laboratory in the country. Maxxam offers expertise in environmental laboratory services, petroleum services, food safety and sciences, and pharmaceutical, forensic and DNA services. Maxxam test results are accredited by MDDEP [Ministry of Sustainable Development, Environment and Parks], SCC [Standards Council of Canada] and/or CALA [Canadian Association for Laboratory Accreditation] (for specified tests), certified by RTI [Research Triangle Institute] or licensed by the MOE [Ministry of the Environment]
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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