Converted Organics Inc. (NASDAQ: COIN) Shareholders Approve TerraSphere

Converted Organics, based in Boston, MA., is a company dedicated to producing a valuable all-natural soil amendment or fertilizer product through food waste recycling. Converted uses proven, state-of-the-art technologies to create a product that helps grow healthier food and improve environmental quality. Converted sells and distributes its environmentally-friendly fertilizer, also known as biostimulant, to the retail, turf management and agribusiness markets. The company has landed itself on our radar recently with a few pieces of news: the proposed acquisition of of TerraSphere, a company who made small-cap headlines this week with the shipment of the first lettuce crop and with Converted Organic's CEO, Edward J. Gildea, announcing he will be presenting at the Agriculture 2.0 Global Investments Conference. Converted Organics continues to remain in the headlines, this time thanks to the Shareholder Approval Of TerraSphere Acquisition. The company today announced that the 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 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. The confidence boosting announcement will help increase the morale of the beaten down shareholders who watched the stock slip some 64% since May. It's still not quite clear whether this announcement has gained any traction with any institutional or major player investors. Shares of Converted Organics are trading down $ .01 or 2.27% on less than half of the average volume at $ .43 a share. Undoubtedly, the company is consolidating its position in the market after some challenges this year. The news will further strengthen the much relieved top management to continue its corporate reformation. The long-term ROE of Converted Organics is expected to improve with the acquisition, and Mr. Gildea himself has said that the goals of TerraSphere align perfectly with the goals and mission of Converted Organics.