BOSTON, Nov. 17, 2010 (GLOBE NEWSWIRE) -- Converted Organics Inc. (Nasdaq:COIN) today reported record sales increases for both year-to-date and for the month of October 2010, of its all-natural, organic fertilizer products. The Company reached record year-to-date sales of $3.8 million from January 1 – October 31, 2010, a 64% increase over same-period 2009 sales. In October of 2010, the Company had sales totaling $155,000, a 44% increase over same-period 2009 sales. The Company attributes its significant growth to the success of the Company's California facility, from which year-to-date sales represent 75% of total sales, as well as to targeted marketing efforts and to the increasing recognition nationwide regarding the efficacy of organic fertilizer products.
"Our high-quality, organic fertilizer products remain a staple for the Company, and the sales of our fertilizer products continues to steadily grow," says Edward J. Gildea, President and CEO of Converted Organics. Gildea adds, "We expect the Company's revenues to increase significantly in 2011, when the revenues from the recently acquired TerraSphere business, and our Industrial Waste Water division will begin in earnest."
About Converted Organics Inc.
Converted Organics (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 and agricultural wastes into liquid 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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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, without limitation, the Company's ability to continue to meet market demand for its organic fertilizer products throughout the reorganization, to allow it to improve its competitiveness within the organic fertilizer market, and to better pursue growth through acquisitions. Forward-looking statements include, the TerraSphere transaction being in the long-term interest of the Company and that TerraSphere makes 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, 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: Converted Organics Inc. Investor Contact: 617-624-0111 email@example.com PR Financial Marketing Investor Contact: Jim Blackman 713-256-0369 firstname.lastname@example.org