Converted Organics Reports Increases In Full Year And Fourth Quarter 2010 Company Sales From Gonzales, California Facility
Company Reports Full Year Sales in California Increased 43% Over 2009
Fourth Quarter Sales in California Increased 52% Over the Same Quarter in 2009
BOSTON, Feb. 3, 2011 (GLOBE NEWSWIRE) -- Converted Organics Inc. (Nasdaq:COIN) reported sales increases for both full year and fourth quarter of its all-natural, organic fertilizer products produced out of its Gonzales, California facility. Converted Organics of California, LLC reached full year 2010 sales of $3 million, a 43 percent increase over same-period 2009 sales. In the fourth quarter of 2010, the Company had sales totaling $510,000, a 52 percent increase over same-period 2009 sales. The Company attributes the success of the California facility to increasing recognition nationwide regarding the efficacy of organic fertilizer products in agriculture. Sales out of the Company's California facility represent 78 percent of total sales and 100 percent of total sales in the fourth quarter 2010."Our continued sales growth is a reflection of the strength of our line of fertilizer products and word spreading among customers about the effectiveness of our products," said Edward J. Gildea, President and CEO of Converted Organics. Gildea continues, "The increased production capacity at the California facility is undertaken in response to increasing demand for high quality organic fertilizer products and should allow our Company to continue to have record sales levels for organic fertilizers in 2011." About Converted Organics Inc. 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 ongoing customer demand for the Company's products and the Company's ability to continue to become more efficient in its operations. 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.
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