COIN.n Converted Organics Inc. Signs Exclusive Distribution Agreement With Maritime Turf Supplies for Eastern Canada
Friday, March 28 2008 - 6:00
COIN $0.0 $0.0 (%0.0)
BOSTON--(BUSINESS WIRE)--
Converted Organics Inc. (NASDAQ:COIN) announced today that Maritime Turf Supplies LTD of Fredericton, New Brunswick, Canada has been appointed as the exclusive distributor of Converted Organics' all-natural fertilizer products in Eastern Canada, including the provinces of Ontario, New Brunswick, Newfoundland, and Prince Edward Island. Converted Organics Inc.'s all-natural fertilizers are for use by homeowners, golf courses, resorts, and farmers.
Maritime Turf Supplies (MTS) has over 20 years of experience as a distributor of professional turf supplies, agriculture products, and residential lawn and garden materials. Converted Organics will sell and ship its organic fertilizer products directly to MTS. MTS will, in turn, re-sell those products to the company's extensive customer base throughout Eastern Canada, including golf courses and country clubs, municipalities, athletic fields and complexes, landscape businesses, agriculture producers, and retail distributors.
"Converted Organics is very pleased that our agreement with Maritime Turf Supplies extends our growing North American distribution and sales team to the promising Canadian market," said Edward J. Gildea, President and CEO of Converted Organics Inc. "This agreement, coupled with the Matosantos Commercial Corporation distribution arrangement for Puerto Rico which we announced yesterday, creates a Converted Organics distribution and sales network that blankets North America and part of the Caribbean."
"Converted Organics' all-natural fertilizers will be an excellent addition to MTS's extensive line of professional lawn care products and turf maintenance equipment," said Steven Boyd, President of Maritime Turf Supplies. "Use of and interest in organic fertilizers continues to grow in the Canadian fertilizer market. Converted Organics' 100% recycled, all-natural products provide the plant nutrition necessary for excellent commercial farm production, as well as healthy, vibrant and safe residential lawns and gardens."
MTS, which maintains warehouses in Moncton and Fredericton, New Brunswick; Halifax, Nova Scotia; and Toronto, Ontario, recently placed orders for 440 tons of Converted Organics' all-natural fertilizer products after a very positive reception from potential customers at the March Atlantic Turf Grass Research Conference & Trade Show in Halifax, Nova Scotia.
About Maritime Turf Supplies Ltd.
MTS is an established Distributor dedicated to the marketing and distribution of institutional and consumer products in Canada. MTS was established in 1987 as a distributor of Agricultural equipment and supplies, and has grown their business to include distribution and service to Professional Turf and Retail.
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. 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.
COIN-G
Source: Converted Organics Inc.
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