BOSTON, Oct. 28, 2010 (GLOBE NEWSWIRE) -- Converted Organics Inc. (Nasdaq:COIN) announced today that TerraSphere Systems is strategically positioned to capitalize on California's Proposition 19, also known as the Regulate, Control and Tax Cannabis Act of 2010, and the business opportunities related to the emerging medical marijuana industry.
Co-Founder of TerraSphere, Nick Brusatore, after presenting at "The Marijuana Conference" ( www.TheMarijuanaConference.com ) this week in New York City, said, "TerraSphere will be in a leading position to benefit from the legalization in California or in the emerging medical marijuana industry. After speaking to thought leaders at the conference, I believe our technology could become the de facto standard in the anticipated legal marijuana growing business. Our patented technology and production expertise will allow us to mass produce marijuana in a controlled, reliable, safe and secure environment. Mr. Brusatore added, "As November 2nd approaches there is national exposure surrounding the legalization of marijuana in California. TerraSphere's Vertical Farming technology meets state requirements for secure and accountable source of marijuana. Marijuana presents a huge economic opportunity for the state of California, but regardless of the outcome of Prop 19, we are currently working with several states to utilize our secure and controlled growing system for medical marijuana."
"The emerging business of the medical marijuana market represents a significant business opportunity for the use of TerraSphere's technology, as 14 states are already licensing medical marijuana and several others are in the process of licensing compassion centers for the purpose of providing patients with access to this multi-purpose product," said Mark Gildea, President of TerraSphere. "TerraSphere will employ its highly efficient vertical farming technology, which provides accelerated growing cycles, while using best green practices to produce pesticide and chemical-free plant products to pursue that market," said Mr. Mark Gildea.
On July 6, 2010, Converted Organics Inc. entered into an agreement to acquire TerraSphere. This acquisition is expected to close in mid-November 2010. The transaction is expected to make a significant positive impact to the combined company and strengthen the collective market-strength of Converted Organics.
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 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
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 Prop 19
Proposition 19, also known as the Regulate, Control and Tax Cannabis Act of 2010, is a California ballot proposition which will be on the November 2, 2010 California statewide ballot. It legalizes various marijuana-related activities, allows local governments to regulate these activities, permits local governments to impose and collect marijuana-related fees and taxes, and authorizes various criminal and civil penalties. In March 2010, it qualified to be on the November statewide ballot. It requires a simple majority in order to pass, and would take effect the day after the election. Proponents of Proposition 19 argue that it would help with California's budget shortfall, cut off funding to violent drug cartels, and redirect law enforcement resources to more dangerous crimes, while opponents claim that it contains gaps and flaws that may have serious unintended consequences on public safety, workplaces, and federal funding.
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.
CONTACT: Converted Organics Inc. Investor Contacts: 617-624-0111 email@example.com PR Financial Marketing Jim Blackman 713-256-0369 firstname.lastname@example.org