Converted Organics Signs Agreement With South Canyon Waste Systems To Operate Company's First Waste Water Treatment Facility At The Glenwood Springs, Colorado Landfill
BOSTON, Jan. 10, 2011 (GLOBE NEWSWIRE) -- Converted Organics Inc. (Nasdaq:COIN) has signed an agreement with South Canyon Waste Systems, LLC, a waste management company providing operations management services to Glenwood Springs Landfill Enterprise's South Canyon Landfill, to operate an industrial wastewater (IWW) facility on the Landfill. Converted Organics agreed to purchase, operate and maintain an LM-HT Concentrator from Waste Systems, in return for which Waste Systems agreed to pay to Converted Organics 100% of all payments it receives from Enterprise for waste water services, less certain agreed upon reimbursements and deductions. The Converted Organics' facility will evaporate 15,000 gallons of waste water per day with zero-liquid-discharge. The transaction is expected to provide Converted Organics revenue beginning in January of 2011.
South Canyon Landfill is a municipally owned landfill and recycling center that serves the Glenwood Springs, CO community and surrounding areas, receiving approximately 6 million gallons of liquid waste annually. The Converted Organics facility will use its exclusively licensed flex-fuel™ system by deriving waste heat from biomass (wood waste) that has been diverted from traditional landfill disposal. The facility will treat a wide range of IWW's including septic, wash waters, process waters, man-camp waste waters and various wastewaters from oil and gas exploration.
"Waste Systems' choice to incorporate a Converted Organics facility into its already successful landfill contract demonstrates the green movement among landfill operators as our facility will evaporate off thousands of gallons of wastewater daily, and reduce the volume of waste to be buried, reducing green house gas production and extending the life of the Landfill," said Rick McEwen, President and General Manager of the Converted Organics' Industrial Wastewater Resources division.The IWW market has the potential to be a multi-billion dollar market and involves the treatment of waters that have been contaminated by industrial or commercial activities, prior to their reuse or release into the environment. While these projects would be cost-effective without subsidies, there is also a potential that the Company will receive carbon credits and grants for waste heat utilization. The Company's technology reduces carbon emissions when compared to traditional technologies by using waste heat and renewable energy as thermal fuel.
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