Converted Organics Granted 180-Day Extension By Nasdaq To Regain Compliance With Minimum Bid Price Requirement
BOSTON, Jan. 3, 2011 (GLOBE NEWSWIRE) -- Converted Organics Inc. (Nasdaq:COIN) announced that it received a letter dated December 28, 2010 from The Nasdaq Stock Market notifying the company that it has been granted an additional 180-day grace period, or until June 27, 2011, to regain compliance with the minimum $1.00 bid price listing requirement for continued listing on The Nasdaq Capital Market.
During the 180-day grace period, if the company's common stock closing bid price is at least $1.00 per share for a minimum of 10 consecutive business days, Nasdaq will notify the company that it has regained compliance and that the matter is closed.
This notification from Nasdaq has no immediate effect on the company's listing on The Nasdaq Capital Market nor on the trading of the company's common stock.About Converted Organics Inc. Converted Organics (Nasdaq:COIN) ( www.convertedorganics.com ), based in Boston, MA, 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 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. 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. COIN-G
CONTACT: PR Financial Marketing Investor Contact: Jim Blackman 713-256-0369 email@example.com Converted Organics Inc. Public Relations Contact: (617)624-0111 firstname.lastname@example.org
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