Converted Organics Inc.

Converted Organics Announces New TerraSphere Licensee, Eco-Leaf Farms

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Source: Converted Organics Inc.

TerraSphere Facility to be Built in New Brunswick to Serve the Atlantic Provinces

BOSTON, July 6, 2011 (GLOBE NEWSWIRE) -- Converted Organics Inc. (Nasdaq:COIN) announced today that TerraSphere Systems, LLC continues to build momentum with its vertical farming business by signing a new licensee for the Atlantic Provinces (New Brunswick, Prince Edward Island, Nova Scotia, Newfoundland and Labrador). Under the agreement, Eco-Leaf Farms will take over the license previously sold to Regional Growth Systems and will own an expanded license to utilize TerraSphere's advanced vertical farming technology, with exclusive rights to a territory which includes New Brunswick and the remaining Atlantic Provinces, to grow fresh produce for local communities.

Nick Brusatore, Technical Director of TerraSphere Systems, comments, 'We're really excited about this new expanded Atlantic project. Eco-Leaf Farms plans to construct a facility with 30 vertical farming carousels, which, when completed, would make this TerraSphere's largest project, to date, in Canada.' 

John Walsh, Spokesperson for Eco-Leaf Farms adds, 'With a very short local growing season, most of the food we consume is picked days, weeks and, in some cases, months prior to being trucked several thousand miles fromCalifornia or Mexico. Vertical, urban farming is being discussed as a way to eliminate the cost and aging of produce at local markets across Canada. An investment of this magnitude puts New Brunswick at the forefront of this important industry.' Walsh continues, 'After an exhaustive review of vertical farming technology and support, Eco-Leaf Farms determined that TerraSphere offers the best system available.'

TerraSphere designs and builds super-efficient vertical farming systems that grow a variety of crops in pollutant-free environments. The technology is contained, which means crops can be grown year-round in any location, and at considerably higher yields than traditional growth methods. The result is an abundance of fresh, cost-competitive produce.

Vertical farming provides a valuable urban agricultural model that allows locally grown, fresh, pesticide-free produce to be cultivated closer to population centers, resulting in lower supply chain costs, as well as reduced carbon emissions and fuel costs associated with traditional production and distribution methods. These controlled growing environments protect crops from weather-related problems, eliminate the need for synthetic pesticides, herbicides and fungicides, reduce nitrate run-off and help preserve natural resources through a reduction in the need for additional farmland.

 

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