New testing on the attributes of these products will take place in early 2010 at Rutgers University and Penn State University, while Cornell University and the University of Florida will initiate a second phase of research begun in 2008.
BOSTON--(BUSINESS WIRE)--Converted Organics Inc. (NASDAQ:COIN) announced today that the Company is expanding and intensifying its research and development program to facilitate ongoing examination of the disease suppression and unique nitrogen nutritional characteristics of its Liquid Concentrate™ 1-1-1 and Turf Blend™ 6-0-0 liquid organic fertilizers for the professional golf and lawn care markets. New testing on the attributes of these products will take place in early 2010 at Rutgers University and Penn State University, while Cornell University and the University of Florida will initiate a second phase of research begun in 2008.
“Numerous previous tests performed at Cornell University, the University of Florida, the University of Rhode Island and the University of Illinois confirmed the strong disease suppression achieved with Converted Organics’ Liquid Concentrate™ 1-1-1 and Turf Blend™ 6-0-0. This attribute has been reported by virtually all golf courses, lawn care companies and agricultural distributors that have used these products over the past several years,” said William A. Torello, Ph.D., Director of Product Research and Development for Converted Organics. “Our Liquid Concentrate™ 1-1-1 has performed at a level that independent researchers indicate could result in a savings of up to 75 percent of fungicide budgets. Our Turf Blend™ 6-0-0, which is a combination of Liquid Concentrate™ 1-1-1 and the Lysine technology developed by Archer Daniels Midland, has shown this same level of disease suppression, along with the unique capability of providing complete nitrogen nutrition from a 100 percent organic liquid fertilizer product.”
“Our newly expanded research and development effort will add depth and breadth to Converted Organics’ data set regarding the fertility and disease suppression benefits of these products in key markets,” continued Dr. Torello. “Our previous and newly planned research programs are considered to be one of the most thorough and expansive research efforts in the organic fertilizer industry.”
In addition to upcoming testing at Rutgers University, Penn State University, Cornell University and the University of Florida, Converted Organics’ Liquid Concentrate® 1-1-1 and Turf Blend™ 6-0-0 will be further evaluated by 25 U.S. golf courses, including Beth Page Green, for the 2010 growing season.
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. 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. This reduces the amount of nitrogen required in a virtuous cycle that benefits from long-term use. As a result, use of the product reduces chemical run-off to streams, ponds and rivers, an objective with significant long-term benefits to the environment.
Converted Organics’ products have a long shelf life compared to many other organic fertilizers. 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. 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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