More good news, but will it be enough push the pps up?
BOSTON, Sep 30, 2010 (GlobeNewswire via COMTEX) -- Converted Organics Inc. (COIN, Trade ) announced today that the company has entered into an agreement with Republic Services of Salinas to divert food waste from local landfills and receive the food waste at the company's Gonzales, CA facility. Converted Organics will receive tip fees per ton of waste delivered and, pursuant to the company's mission, will recycle the food waste into organic fertilizer products. The relationship between the company and Republic Services of Salinas was facilitated by the Salinas Valley Solid Waste Authority (SVSWA), an agency that works to eliminate the need for landfills.
The additional food waste at the California facility follows the completion of facility upgrades and the receipt of a Solid Waste Facility Permit, which allows the facility to receive and process up to 250 tons of food waste per day.
Converted Organics and the Salinas Valley Solid Waste Authority worked collaboratively to design a food waste recycling program and help divert food waste from Salinas Valley landfills. Under the agreement, Republic Services of Salinas will deliver weekly loads of clean, source separated food waste to Converted Organics' facility in Gonzales, CA, which the company will process into organic fertilizers to be sold into the agriculture market.
"By securing a steady source of food waste through our agreement with BFI Waste Services, Converted Organics will increase food waste recycling throughout the Salinas Valley community, and through the expansion of operations, will also increase revenue at our Gonzales facility, which will account for seventy-five percent of our revenue in 2010," Edward Gildea, President and CEO of Converted Organics comments. Mr. Gildea continues, "The vision of SVSWA to eliminate the need for landfills is invaluable to a sustainable future, and we hope that our partnership with BFI Waste Services is the first of many relationships the company will establish with the help of SVSWA."
