BOSTON--(Business Wire)--
Converted Organics Inc. (NASDAQ:COIN) announced today that the Company and waste
management firm IESI, a division of IESI-BFC Ltd. (NYSE: BIN), one of the
largest, non-hazardous solid waste management companies in North America, have
begun to work together in the collection, processing and conversion of food
waste from IESI clients, including Hearst Corporation, Google (NASDAQ: GOOG),
Chipotle Mexican Grill (NYSE: CMG), and Just Food.
"IESI has a very impressive roster of clients, and a well-regarded reputation in
the waste hauling industry," said Jack Walsdorf, Vice President of Waste
Management for Converted Organics. "Incorporating IESI into our extensive waste
hauling network provides Converted Organics with another source of high-quality
organic waste for the manufacture of our all-natural organic fertilizers."
"IESI`s guiding principles include environmental stewardship and community
involvement, and we purposely seek relationships that support this philosophy,"
said Charles J. Mahoney, Sales Manager of IESI. "IESI is impressed with
Converted Organics` commitment to these principles, and we are confident that
our clients will appreciate the dual benefits of re-directing their waste from
traditional landfills and using that waste to create an
environmentally-friendly, organic fertilizer."
About IESI-BFC Ltd.
IESI-BFC Ltd., through its subsidiaries, is one of North America's largest
full-service waste management companies, providing non-hazardous solid waste
collection and landfill disposal services for commercial, industrial, municipal
and residential customers in five provinces and ten U.S. states. Its two brands,
IESI and BFI Canada, are leaders in their respective markets and serve over 1.8
million customers with vertically integrated collection and disposal assets. The
Company's shares are listed on the New York and Toronto Stock Exchanges under
the symbol BIN. To find out more about IESI-BFC Ltd., visit www.iesi-bfc.com.
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.
Converted Organics` flagship manufacturing facility is located in Woodbridge,
New Jersey. A second manufacturing site is located in Gonzales, California.
Converted Organics' products have been tested in numerous field trials for more
than a dozen crops with the result that, on average, the net value of the
farmer's crop increased 11-16 percent, depending on the particular crop and
product application. This is due, in part, to the disease suppression
characteristics of the product, which reduce or eliminate the need for other
costly, often toxic, crop protection applications. In a number of lab and field
trials, Converted Organics` liquid product has been shown to be effective in
mitigating powdery mildew, a leaf fungus that affects most plants and grasses
and restricts the flow of water and nutrients to the plant. Increased use of
nitrogen in commercial agriculture and turf grass applications, such as on golf
courses, has reduced the soil's ability to absorb nitrogen and other nutrients.
Using the products produced by Converted Organics helps restore the soil by
replenishing these micronutrients. This reduces the amount of nitrogen required
in a virtuous cycle that benefits from long-term use. As a result, use of the
product reduces chemical run-off to streams, ponds and rivers, an objective with
significant long-term benefits to the environment.
Converted Organics` products have a long shelf life compared to many other
organic fertilizers. The Company's fertilizer products can be used on a
stand-alone basis or in combination with more traditional fertilizers and crop
protection products. Converted Organics expects to benefit from increased
regulatory focus on organic waste processing and on environmentally-friendly
growing practices.
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 described in the "Risk Factors" section in the Company`s most
recently filed annual report on Form 10-KSB, 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.
COIN-G
PR Financial Marketing
Investors:
Jim Blackman, 713-256-0369
jim@prfmonline.com
or
Sterling Communications
Public Relations:
Pat Fiaschetti, 908-996-7945
sterling.pf@att.net
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