Converted Organics Announces Additional Production Capacity At Its California Fertilizer Facility
BOSTON, Jan. 25, 2011 (GLOBE NEWSWIRE) -- Converted Organics Inc. (Nasdaq:COIN) announced today that the Company has purchased additional fertilizer manufacturing equipment for its Gonzales, California facility to increase production capacity. The new equipment will enable Converted Organics of California, LLC to take advantage of additional production capacity for its existing organic fertilizer products, as well as to introduce a specialty fertilizer product line for its customers. After adding the production capacity, the production capacity will increase by over 25%.
Mr. Edward Gildea, President and CEO of Converted Organics, stated, "Our organic fertilizer business has seen consistent record growth over the past year and increasing production capacity will allow the company to continue to have record sales levels in 2011. Providing organic specialty fertilizer products is our direct response to certain customer desires, and we will continue to strive to best meet our customers' demands."
About Converted OrganicsConverted 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. 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
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