subject: Converted Organics (NASDAQ: COIN) Two Paths for Growth [print this page] Converted Organics announced today that TerraSphere Systems, LLC, a company Converted is in the process of acquiring, has shipped its first crop of lettuce under the Eco Spirit label for its licensee, the Squamish Nation, to Choices Markets, Western Canada's largest natural and organic grocer.
The TerraSphere shipment contained 71.3 pounds of fresh romaine lettuce which travelled from the TerraSphere facility in Surrey, British Columbia, to local Choices Markets, providing fuel efficiency and reduced shipping costs. Following the announcement there was an immediate upward swing of 8% in shares of Converted today. Currently, the stock is trading up $.02 or about 5% at $.43 a share.
For all the green investors out there, here is more good news to cheer about- Converted CEO Edward J. Gildea was among eight "green executives" selected to present at the Agriculture 2.0 Global Investments Conference on September 14, 2010 in New York City.
Mr. Gildea will discuss Converteds proprietary agricultural technology and TerraSphere's vertical farming systems on the Agriculture 2.0 Investment Opportunities panel at 2:00 p.m. EDT. Converted will also have an informational display table at the event.
Despite the share of Converted hitting a new low for the year at $.37 a share and some bearish sentiment prevailing among the wires, the shares could be poised for a dramatic rebound. The Company has scheduled a Special Meeting of Shareholders for September 16, 2010 to vote on the proposed acquisition of TerraSphere, and encourages all shareholders to vote regardless of their attendance. It will be interesting to see the response to the proposal and should the acquisition be approved, perhaps finally boost some investor's confidence.
Lastly, the company released some details of an accounting and restructuring modifications last July. The proposal will help Converted reduce operating expenses by $2.1M per year, or more. Converted can still manage the aggressive growth path if it can materialize the proposed acquisition along with the reorganization.
