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Converted Organics Announces Resignation of Robert E. Cell and John P. DeVillars From Board
Posted July 19, 2011
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John P. DeVillars
BOSTON -- Converted Organics Inc. (OTCBB:COIN) announced today that in support of the Company's efforts to reduce overhead expenses, Robert E. Cell and John P. DeVillars have resigned from its board of directors. Marshall Sterman and Edward Stoltenberg will remain as independent directors.
The resignations were not a result of any disagreements with management. Converted Organics will continue with a three member board, two of whom are independent directors.
Edward J. Gildea, CEO and President of Converted Organics, said, "On behalf of Converted Organics, I wish to thank Bob and John for their service and dedication to our Company. Both have been with us since our organization in 2006, and Converted Organics has benefited greatly from their marketing and business insights and acumen. We appreciate their continued support of Converted Organics' goals and its efforts to cut costs and grow the business. The Over the Counter market does not require the Company to have a specific number of independent directors and this move will help reduce expenses without affecting our plans for growth. The Company will forever be grateful to Bob and John for their service and for their unselfish decision to help us financially at this time."
About Converted Organics
Converted Organics' (OTCBB:COIN) mission is to promote, develop and operate profitable innovative clean technologies that contribute to the improvement of our environment by use of sustainable business practices and the judicious use of natural resources. Converted Organics Inc. is currently composed of three primary lines of business at the intersection of Agriculture, Water and Waste Recycling. Each business contributes to our mission and uses sustainable business practices that protect and value the environment. The three lines of business are Organic Fertilizer (Converted Organics), Vertical Farming (TerraSphere Systems - www.terraspheresystems.com), and Industrial Wastewater Treatment (Industrial Wastewater Resources).
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