Converted Organics Reports Receipt Of Revenue From Its Industrial Wastewater Resources Division
BOSTON, March 22, 2011 (GLOBE NEWSWIRE) -- Converted Organics Inc. (Nasdaq:COIN) announced today that it has begun to receive revenue from the Company's Industrial Wastewater Resources (IWR) operation at the South Canyon Landfill in Colorado. "We are extremely excited that this project has generated immediate revenue for a project of this size, and at this stage of operation," says Rick McEwen, President and General Manager of Converted Organics Industrial Wastewater Resources. McEwen adds, "We look forward to the growing success of this project at the South Canyon Landfill as they continue to process increasing amounts of wastewater, and transition from traditional methods of treating wastewater to full use of our evaporator technology."
Converted Organics' IWR division currently operates an industrial wastewater concentrator on Glenwood Springs Landfill Enterprise's South Canyon Landfill in Glenwood Springs, CO as a result of an agreement signed in January of 2011. Under this agreement, Converted Organics is paid a per-gallon fee for the amount of industrial wastewater (IW) that is treated. This facility is designed to treat 15,000 gallons of aqueous waste per day and is fueled by the combustion of biomass diverted from disposal in the landfill. The expected annual volume of industrial wastewater to be treated is at this facility is 5,000,000 gallons.
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
CONTACT: Investor Contacts: George McIntyre CEOcast, Inc. 212-732-4300 Gmcintyre@ceocast.com firstname.lastname@example.org 617-624-0111 Jim Blackman, 713-256-0369 PR Financial Marketing email@example.com
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