(nasd) COIN Converted Organics Inc. Appoints William A. Torello, Ph.D. as Director of Product Research and Development
Wednesday, April 30 2008 - 7:00
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BOSTON--(BUSINESS WIRE)--
Converted Organics Inc. (NASDAQ:COIN) announced today that it has appointed William A. Torello, Ph.D., as its new Director of Product Research and Development. Mr. Torello, who holds three patents in organic fertilizers and biological control products and methodology, has over three decades of expertise in all facets of plant and agronomic product research, including the development and evaluation of organic fertilizers, organic amendments, turfgrass species and varieties, and organic pest control materials.
"Bill's very impressive breadth of industry and academic experience make him exceptionally well-qualified to direct Converted Organics' cutting-edge research and development program," said Edward J. Gildea, President and CEO of Converted Organics Inc. "His expertise in turfgrass management and organic product development will enable him to make a tremendous contribution to the Company and accelerate our product pipeline."
"Joining Converted Organics is significant to me on both a professional and a personal level," said Bill Torello. "Since Converted Organics' core technology is focused on the rapid thermal composting of food waste, the global growth potential for this waste solution and the unique organic fertilizer products it generates is phenomenal. The fact that this technology also reduces land fill deposits and corresponding methane and carbon dioxide emissions fulfills my desire to see a rapid solution to an important environmental problem."
Dr. Torello, age 57, is a former Professor Emeritus in the Department of Plant and Soil Sciences at the University of Massachusetts, Amherst, where he directed the university's turfgrass management, research, teaching and outreach programs. In this capacity, Mr. Torello developed an extensive field and laboratory research program that encompassed turfgass variety evaluations, fertilizer and organic amendment trials, soil nitrogen fate, turfgrass biotechnology, and environmental stress projects. He also developed the first self-contained golf green system to recycle fertilizer and irrigation water, while eliminating any possible chemical contaminations.
Dr. Torello is also the founder and former Executive Vice President of EcoOrganics, Inc., a product development, testing and marketing company that patented a novel, new species of bacteria with strong anti-fungal activity, as well as a unique delivery system of bacteria and organic media via porous ceramic particles. Mr. Torello is the Senior Editor of the Journal of Turfgrass Management, as well as a widely published author, with over 100 agronomy-related scientific and industry publications to his credit. He is also the former President of Professional Turfgrass Consulting, a private consulting company focused upon the professional sport, lawn care and private estate markets.
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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