Converted Organics Inc. (NASDAQ:COIN) announced today that the
stockholders at the Company’s Annual Meeting of Stockholders, held today
in Boston, voted to reelected Edward J. Gildea to be a member of the
Company’s Board of Directors, ratified the appointment of CCR LLP as
Converted Organics’ independent public accountant and voted to amend the
Company’s Certificate of Incorporation to increase the number of
authorized shares of common stock that the Company may issue from
40,000,000 to 75,000,000.
Mr. Gildea, Chairman of the Board and President of the Company, was
first elected to the Board of Directors in January 2006. CCR LLP has
served as Converted Organics’ independent public accountant since 2005.
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, and a third is under development in Johnston,
Rhode Island. 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.
