BOSTON, July 13, 2011 (GLOBE NEWSWIRE) -- Converted Organics Inc. (OTCBB:COIN) announced today that 2011 year-to-date sales for the Company totaled $2,136,000, compared to $1,721,000 for the same period in 2010. Sales for the quarter ended June 30, 2011 were $1,398,000 compared to the sales for the same period in 2010, of $1,127,000 (Comparative Sales results for 2010 exclude $727,000 for the six month period and $579,000 for the quarter from discontinued operations).
"We are pleased with sales for 2011 overall, and with our progress in developing our businesses. TerraSphere announced that it had entered into a new license agreement with Eco-Leaf Farms for its vertical farming business in New Brunswick and the Atlantic Provinces this quarter and our Industrial Waste Water business continues to pursue opportunities while simultaneously contributing to sales. Our California facility sales in June were expected to help us achieve a quarterly record. However, June sales of $292,000 were not what we anticipated primarily due to weather. Our primary business is in agriculture, and as our customers are affected by weather so are we," said Edward Gildea, President & CEO of Converted Organics. Gildea continued, "April and May 2011 sales showed a strong increase over the prior year in California, and we hope to make up for the weather impact on June sales throughout the remainder of the year."
About Converted Organics
Converted Organics' (OTCBB:COIN) mission is to promote, develop and operate profitable innovative clean technologies that contribute to the improvement of our environment by use of sustainable business practices and the judicious use of natural resources. Converted Organics Inc. is currently composed of three primary lines of business at the intersection of Agriculture, Water and Waste Recycling. Each business contributes to our mission and uses sustainable business practices that protect and value the environment. The three lines of business are Organic Fertilizer (Converted Organics), Vertical Farming (TerraSphere Systems -- www.terraspheresystems.com), and Industrial Wastewater Treatment (Industrial Wastewater Resources).
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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 TerraSphere transaction being in the long-term interest of the Company and that TerraSphere make significant contributions to the combined company going forward. 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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