Converted Organics Inc. Declares Fourth Quarter Stock Dividend
December 18 2007 - 6:00AM
Business Wire
Converted Organics Inc. (NASDAQ: COIN, COINW, COINZ) today declared
a quarterly common stock dividend of one (1) share of common stock
for each twenty (20) shares of common stock outstanding, payable to
all holders of record of the common stock on the last day of
December 2007. No fractional shares will be issued in connection
with this stock dividend program. This dividend will be payable on
January 14, 2008 to all shareholders of record on December 31,
2007. About Converted Organics Inc. Converted Organics
(NASDAQ:COIN), based in Boston, MA, is a development stage company
dedicated to producing a valuable all natural, organic soil
amendment or fertilizer product 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 or biostimulant in the retail,
turf management, and agribusiness markets. As an environmentally
sustainable alternative to landfills, the Company also derives a
second source of revenue from tip fees. Converted Organics
biostimulants 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 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 biostimulants 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
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