Converted Organics Inc. (NASDAQ:COIN)
announced today that the Company received its first shipment of solid
food waste this morning at its flagship Woodbridge, New Jersey
manufacturing facility.
“Converted Organics is very pleased to report
that the initial shipment of source-separated food waste was accepted in
Woodbridge today,” said Edward J. Gildea,
President of Converted Organics. “The delivery
of this first shipment of solid food waste allows us to continue
commissioning equipment that will enable the plant to be fully
operational by year end, fill current customer orders in a timely
fashion, and meet growing market demand for Converted Organics’
products for the spring 2009 season.”
Royal Waste Services, Inc. of Queens, New York delivered the first
shipment of solid food waste to the Woodbridge plant. Royal Waste
Services provides waste management services to industrial and commercial
customers throughout New York City. Royal Waste Services and Converted
Organics have agreed to cooperate in the collection, processing and
conversion of food waste from Royal Waste Services’
food service clients.
About Converted Organics Inc.
Converted Organics (NASDAQ:COIN), based in Boston, MA, 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.