BOSTON, Sept. 30, 2010 (GLOBE NEWSWIRE) -- Converted Organics Inc. (Nasdaq:COIN) announced today that the company has entered into an agreement with Republic Services of Salinas to divert food waste from local landfills and receive the food waste at the company's Gonzales, CA facility. Converted Organics will receive tip fees per ton of waste delivered and, pursuant to the company's mission, will recycle the food waste into organic fertilizer products. The relationship between the company and Republic Services of Salinas was facilitated by the Salinas Valley Solid Waste Authority (SVSWA), an agency that works to eliminate the need for landfills.
The additional food waste at the California facility follows the completion of facility upgrades and the receipt of a Solid Waste Facility Permit, which allows the facility to receive and process up to 250 tons of food waste per day.
Converted Organics and the Salinas Valley Solid Waste Authority worked collaboratively to design a food waste recycling program and help divert food waste from Salinas Valley landfills. Under the agreement, Republic Services of Salinas will deliver weekly loads of clean, source separated food waste to Converted Organics' facility in Gonzales, CA, which the company will process into organic fertilizers to be sold into the agriculture market.
"By securing a steady source of food waste through our agreement with BFI Waste Services, Converted Organics will increase food waste recycling throughout the Salinas Valley community, and through the expansion of operations, will also increase revenue at our Gonzales facility, which will account for seventy-five percent of our revenue in 2010," Edward Gildea, President and CEO of Converted Organics comments. Mr. Gildea continues, "The vision of SVSWA to eliminate the need for landfills is invaluable to a sustainable future, and we hope that our partnership with BFI Waste Services is the first of many relationships the company will establish with the help of SVSWA."
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 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.
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About Republic Services of Salinas
Republic Services of Salinas, the second largest solid waste company in the nation, began working with the City of Salinas in July 2001. Republic Services provides residential, commercial, and industrial services to more than ten million customers in locations throughout the continental United States and Puerto Rico.
About Salinas Valley Solid Waste Authority
The Salinas Valley Solid Waste Authority (SVSWA) is a joint powers agency made up of the following local governments: Monterey County (eastern half of the unincorporated county), and the cities of Gonzales, Greenfield, King City, Salinas, and Soledad, whose vision is to reduce the amount of waste by promoting individual and corporate responsibility, to recover waste for its highest and best use while balancing rates and services, to transform our business from burying waste to utilizing waste as a resource and to eliminate the need for landfills.
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 ongoing customer demand for the Company's products and the Company's ability to continue to become more efficient in its operations. 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. 617-624-0111 info@convertedorganics.com PR Financial Marketing Jim Blackman 713-256-0369 jim@prfmonline.com