Converted Organics Inc. (NASDAQ: COIN) announced today that the Company has entered into an exclusive licensing agreement with Heartland Technology Partners (HTP), LLC to utilize HTP’s patented LM-HT™ Concentrator technology in the U.S. industrial wastewater (IWW) market. The IWW market involves the treatment of waters that have been contaminated by anthropogenic industrial or commercial activities, prior to their reuse or release into the environment. A breakthrough wastewater treatment process, the LM-HT™ Concentrator reduces carbon emissions compared to traditional technologies by using waste heat and renewable energy as thermal fuel.
Rick McEwen, former Co-owner and Vice President of Heartland Technology Partners, has been retained by Converted Organics as General Manager and President of the Company’s new IWW market division.
“Licensing HTP’s LM-HT™ Concentrator technology is the most recent step Converted Organics has taken to strategically expand our core business of converting waste materials into high-grade, environmentally-beneficial products. We believe the opportunity and scalability for this unique technology in the IWW market is enormous, and that pursuing it compliments our core business of developing high-quality organic fertilizer from organic food waste,” said Edward J. Gildea, President of Converted Organics. “We are fortunate to have Rick McEwen directing the growth and development of Converted Organics’ new IWW division. As a 30-year veteran of the solid and industrial waste industries, Rick’s business relationships, contacts and experience are extensive, and will allow us to hit the ground running in this promising new market.”
“Use of the LM-HT™ Concentrator offers significant environmental benefits, as well as certain federal financial incentives, thereby making the technology appealing to prospective customers in a variety of industries, including petrochemical, pharmaceutical, manufacturing, metal processing, food preparation, transportation and energy production,” said Mr. McEwen. “Converted Organics is uniquely positioned to provide industry-differentiating technology for the treatment of industrial wastewater. The flexible fuel source and zero liquid discharge aspects of the LM-HT™ Concentrator technology enable it to be placed in strategic locations of a company’s choosing, potentially eliminating transportation costs and reducing associated greenhouse gases emissions. I look forward to helping Converted Organics become a major player in the IWW market.”