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MEDIA CONTACTS:
Converted
Organics Inc.
Jim
Blackman: 713-256-0369
jim@prfmonline.com
Pacific
Seafood Group
Becky Emmett
: 503.546.7874
becky@lanepr.com
CONVERTED ORGANICS
INC. TO RECYCLE FISH WASTE FROM PACIFIC CHOICE SEAFOOD COMPANY INTO
ORGANIC FERTILIZER
BOSTON
and Portland, Ore., March 26, 2008 -- Converted Organics Inc.
(NASDAQ: COIN) has entered into a two-year contract with Pacific
Choice Seafood , a Pacific Seafood Group company, to manufacture,
distribute and sell two organic, fish-based fertilizers that will be
developed using fish by-products.
Converted Organics will accept delivery of
the fish by-products at Pacific Choice Seafood’s
Eureka
,
Calif.
, processing facility, where Converted Organics will partially process
the products using new equipment and storage tanks that Pacific Choice
Seafood will install on-site. Converted
Organics will subsequently deliver the partially treated product to
its plant in
Gonzales
,
Calif.
, where the manufacturing process will be completed.
“We are very pleased to have a company as
reputable and quality-driven as Pacific Choice Seafood supplying such
an essential ingredient for Converted Organics' all-natural organic
fertilizer products," said Edward J. Gildea, President and CEO of
Converted Organics Inc. "Our partnership to recycle Pacific
Choice Seafood's fish by-products will have the added benefit of
diverting many tons of organic waste from local landfills annually.
“Converted Organics’ commitment to
excellence compliments that of Pacific Seafood Group and we are
confident that this joint venture will prove successful for both
organizations and result in superior organic fertilizer products while
limiting our impact on the environment,” said Tim Horgan, chief
operating officer, Pacific Seafood Group.
About
Pacific Seafood Group
The Pacific Seafood Group is a family owned,
vertically integrated seafood company based in the
Western United States
. The Pacific Group
processes West Coast products from
Alaska
to
Mexico
and owns and operates distribution facilities and distributes in
Washington
,
Idaho
,
Montana
,
Oregon
,
California
,
Nevada
and
Utah
. The Pacific Group
exports products throughout Asia, Europe and the
Middle East
, as well as imports products from many of these areas.
About
Converted Organics Inc.
Converted
Organics (NASDAQ:COIN), based in
Boston
, is dedicated to producing valuable all-natural, organic soil
amendment or fertilizer products through food waste recycling. The
company uses proven, state-of-the-art technologies to create a product
that helps grow healthier food and improve environmental quality.
Converted Organics plans to sell and distribute its environmentally
friendly fertilizer products in the retail, turf management, and
agribusiness markets.
Converted Organics' fertilizer products will be produced in both a dry
pellet and liquid concentrate. 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%, 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. Increased use of nitrogen in
commercial agriculture and turf grass applications, such as 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 will reduce chemical
run-off to streams, ponds and rivers, an objective with significant
long-term benefits to the environment.
The products have a long shelf life compared to many other organic
fertilizers. In a number of lab and field trials, the liquid product
has been shown to be effective in mitigating powdery mildew, a leaf
fungus that effects most plants and grasses and restricts the flow of
water and nutrients to the plant. 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
"Risk Factors" in the prospectus, 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.
SOURCE: Converted Organics Inc.
COIN-G
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