Boston-Converted Organics is aggressively expanding business opportunities by acquiring a new line of poultry-based organic fertilizer products that the company believes will boost annual fertilizer sales by up to 45 percent in 2010. The company also agreed to work with Acme Smoked Fish Corp., one of the largest processors of smoked herring and other fish in the United States, in the collection, processing, and conversion of food waste from Acme. Recently an exclusive licensing agreement was obtained with Heartland Technology Partners LLC for acquiring technology in the U.S. industrial wastewater market, which the company believes will compliment its core business of producing organic fertilizer from food waste. The move also involved retaining Rick McEwen, former co-owner and vice president of Heartland, as general manager and president of the company’s new industrial waste water market division. In addition, the company is raising money by entering into a definitive agreement with a single institutional investor on April 20 to raise gross proceeds of approximately $2,544,000, before placement agent’s fees and other offering expenses, in a registered direct offering. Under the terms of the transaction, the company will issue to the investor 2,400,000 shares of its common stock and five-year warrants to purchase 1,163,362 shares of the company’s common stock at an exercise price of $1.06 per share. The warrants may be exercised at any time on or following a date one year after the date of issuance, and will expire five years from the date of issuance. In other news, on April 22 the company said it shipped a new order of its Converted Organics?äó Lawn & Turf 8-1-4 fertilizer to its newest customer, Simply Safer Premium Lawn Care Inc. of Wrentham, Mass. An existing customer, Matosantos Commercial Corp., the company’s exclusive distributor to Walmart in the Caribbean, has also reordered product.
Transparency Across the Fertilizer Value-Chain