BOSTON, Oct. 20, 2010 (GLOBE NEWSWIRE) -- Converted Organics Inc. (Nasdaq:COIN) reported record sales increases for both year-to-date and for the quarter, of its all-natural, organic fertilizer products. The Company reached record year-to-date sales of $3.6 million from January 1 – September 30, 2010, a 62 percent increase over same-period 2009 sales. In the third quarter of 2010, the Company had quarterly sales totaling $900,000, a 22 percent increase over same-period 2009 sales. The Company attributes its significant growth to the success of the Company's California facility, from which year-to-date sales represent 72% of total sales and sales in the third quarter 2010 represent 94% of total sales, as well as to targeted marketing efforts and to the increasing recognition nationwide regarding the efficacy of organic fertilizer products in lawncare, professional turf, and agricultural applications.
"Our sales growth is a reflection of the strength of our line of fertilizer products and word spreading among customers about the effectiveness of our products," said Edward J. Gildea, President and CEO of Converted Organics. "We produce high quality, competitively priced liquid fertilizers for both conventional and certified organic crop production, along with exceptional granular products that produce safe, effective results for our other primary markets, such as professional lawn care providers, and consumers. Our products are safe for both people and the environment, and as the demand for organic fertilizer programs continues to rise, we are confident that our business will continue to increase as well."
About Converted Organics
Converted Organics (Nasdaq:COIN) (www.convertedorganics.com) 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.
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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. Forward-looking statements include the ongoing customer demand for the Company's products and the Company's ability to continue to become more efficient in its operations. 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-K, 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.
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