Converted Organics Press Release today

Converted Organics Inc. (Nasdaq:COIN) today announced that its Shareholders have voted to approve the acquisition of 100% of the interests of TerraSphere Systems LLC pursuant to the terms of an agreement dated July 6, 2010 (the "Agreement").

The Company expects the acquisition to close in mid-November 2010, subject to closing conditions, which include the restructuring of certain of Converted Organics' debt to the satisfaction of TerraSphere's majority holders.

"We are pleased that our shareholders have approved the acquisition of TerraSphere and look forward to the closing of the transaction," said Edward J. Gildea, President of Converted Organics. "The acquisition of TerraSphere and its vertical farming technology would provide Converted Organics and our shareholders with an important new growth engine and would give the Company access to a market that we believe holds tremendous potential. We believe we are well positioned to continue developing TerraSphere's technology and expanding this business through the addition of new partnerships and licensees, while advancing the Company's position in this nascent market."