BOSTON, Oct. 25, 2010 (GLOBE NEWSWIRE) -- Converted Organics Inc., (Nasdaq:COIN) is pleased to announce the upcoming speaking engagement of Nick Brusatore, Co-founder of TerraSphere Systems, on behalf of Converted Organics (Nasdaq:COIN), at "The Marijuana Conference" in New York City.
The Marijuana Conference (www.themarijuanaconference.com/">www.TheMarijuanaConference.com), organized by Dealflow, will take place October 25th & 26th at The Hilton New York. It is being called "the first non-biased event in the industry." It will cover all of the business and investment issues, and the pros and cons of legalization, offering in-depth analysis from a wide array of experts. This panel discusses the size of the market, the economics of dispensaries and other businesses, and how entrepreneurs can position themselves for profit as the market expands. Panelists also discuss the possibility of the industry becoming a major M&A opportunity.
Film crews from CNBC, Discovery Channel and National Geographic will be in attendance, and will be filming and using footage from the event in upcoming documentaries about the industry. CNBC anchor Trish Regan will participate as moderator for our panel discussion "Entrepreneurial Vision: The Business of Marijuana." Ms. Regan is the creator and host of the CNBC documentary "Marijuana Inc: Inside America's Pot Industry" and "Marijuana USA" which will premier on December 8th. Her book "Joint Ventures: Inside America's Almost Legal Marijuana Industry" is being released in April 2011.
Mr. Brusatore noted, "It is with great pleasure that I can participate on this panel. As November 2 approaches, this conference will help bring national exposure to the legalization of medical marijuana. TerraSphere's Vertical Farming technology meets state requirements for secure and accountable source of Medical Marijuana. Our controlled environment results in desired plant growth, maximum production, and year-round growth. Medical Marijuana presents a huge economic opportunity, and we are currently working with several states to utilize our secure and controlled growing system."
Other speakers include:
- Senator Joshua Miller (D), Rhode Island State Senate
- Andrea Barthwell, Former Deputy Director for Demand Reduction, Executive Office of The President
- Stephen D'Angelo, Executive Director, Harborside Health Center
- Lester Grinspoon, MD, Associate Professor Emeritus of Psychiatry, Harvard Medical School
- Jill Lamoureux, Boulder County Caregivers & CDS Management Services
- Jeffrey A. Miron, Director of Undergraduate Studies, Department of Economics, Harvard University
- David E. Smith MD. Founder, Haight Ashbury Free Medical Clinic
On July 6, 2010, Converted Organics Inc. entered into an agreement to acquire TerraSphere. This acquisition is expected to close in November 2010, and was approved by Converted Organics' Shareholders on September 16, 2010. The transaction is expected to make a significant positive impact to the combined company and strengthen the collective market-strength of Converted Organics.
About Converted Organics Inc.
Converted Organics Inc. (Nasdaq:COIN) (www.convertedorganics.com) 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.
The Converted Organics Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7431
About TerraSphere Systems, LLC
TerraSphere Systems (www.terraspheresystems.com) is dedicated to building highly efficient systems for growing organic fruits and vegetables in a controlled indoor environment. TerraSphere's clean technology helps to promote the sustainable consumption of natural resources by accelerating plant production and maximizing crop yields, while improving environmental footprints through the reduction of carbon emissions and fuel use associated with traditional crop production and distribution. TerraSphere's unique, environmentally and socially-responsible business model helps to facilitate job creation and diverse, community-based workforces. TerraSphere believes its technology can potentially revolutionize access to organic produce for both remote and urban communities, alleviate land management issues for agricultural producers, and ease hunger crises for the world's growing population
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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