BOSTON, June 7, 2011 (GLOBE NEWSWIRE) -- Converted Organics Inc., (Nasdaq:COIN) announced today that on behalf of the Company, Nick Brusatore, Co-founder and Technical Director of TerraSphere Systems, and Chairman of British Columbia Institute of Technology's (BCIT) Centre for Applied Research and Innovation Advisory Committee, will be presenting at The Marijuana Conference 2011, on June 16 and 17, taking place at Hotel Nikko, in San Francisco, CA. Following the success of The Marijuana Conference last year in New York City, DealFlow Media is hosting this event in San Francisco. The conference is an unbiased forum for discussion of business, legal, and health issues related to the emerging legal marijuana industry.
Nick Brusatore will be speaking on the panel entitled "What Are the Legal Issues a Business Must Be Aware Of?" on Thursday, June 16th . Mr. Brusatore will join his fellow panelists in discussing the legal issues that business owners face in building a successful and sustainable medical marijuana business, as well as the importance of staying compliant with local and state laws, not only for business owners, but for the industry as a whole.
"TerraSphere's patented technology and production expertise will allow us to produce medical marijuana in a controlled, reliable systematic environment. As the medical marijuana market is developing quickly, TerraSphere Systems is poised to become the leader in cultivating cannabis in a safe and secure manner for state medical marijuana facilities," says Nick Brusatore.
TerraSphere continues to pursue opportunities in the rapidly growing medical marijuana market, and is currently participating in a Research Trial on behalf of PharmaSphere, LLC, a subsidiary of Converted Organics. The Research Trial is being conducted under the direction of 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.
The medical marijuana market is emerging as a significant business opportunity with 15 states already licensing medical marijuana and several others in the process of licensing medical marijuana facilities for the purpose of providing patients with access to this multi-purpose product.
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
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: Investor Contacts: George McIntyre, 212-732-4300 CEOcast, Inc. Gmcintyre@ceocast.com Jim Blackman, 713-256-0369 PR Financial Marketing firstname.lastname@example.org Converted Organics Inc. email@example.com 617-624-0111