• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

Converted Organics Inc. Creates Organic Fertilizer From Pacific Choice Seafood Company's Fish By-Products

Posted on: Tuesday, 15 April 2008, 09:00 CDT

Converted Organics Inc. (NASDAQ:COIN) has begun processing seafood by-products supplied by Pacific Choice Seafood, a Pacific Seafood Group company, based in Eureka, CA. Converted Organics will sell and distribute the fish-based organic fertilizer products for use in commercial, retail, industrial and recreational lawn care in the United States, Eastern Canada and Puerto Rico.

Utilizing food waste in a sustainable and valued way is a shared vision between the two companies. Peter Townsley of Converted Organics and Rick Harris of Pacific Choice Seafood led the efforts to bring the seafood by-product processing operations to fruition. The relationship will save thousands of pounds of by-product annually from entering the waste management system in the United States.

"We are very excited to begin processing operations in such a timely fashion, and anticipate having two all-natural organic fertilizers that incorporate Pacific Seafood Group's fish by-products available for sale and distribution by April 2008," said Edward J. Gildea, President and CEO of Converted Organics Inc. "We are very optimistic about the potential success of these new products."

"At Pacific Seafood, we pride ourselves on continuous improvement and innovation to maximize the use of our resources," said Tim Horgan, Chief Operating Officer of Pacific Seafood Group. "We are thrilled with the opportunity to team with Converted Organics and look forward to working together to realize our shared vision for success."

About Pacific Seafood Group

The Pacific Seafood Group is a family-owned, vertically integrated seafood company based in the Western United States. The Pacific Seafood Group processes West Coast products from Alaska to Mexico and owns and operates distribution facilities and distributes in Washington, Idaho, Montana, Oregon, California, Nevada and Utah. The Pacific Seafood Group exports products throughout Asia, Europe and the Middle East, as well as imports products from many of these areas.

About Converted Organics Inc.

Converted Organics (NASDAQ:COIN), based in Boston, 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 affects 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: Business Wire

More News in this Category