Nice turn up at the end of the day!
Unbelievable, up over 3% in the face of near 5% declines across the board. This has to be one of the strongest stocks in America now.
The company had previously announcedthat their complete line of organic granular fertilizers will be available for retail purchase at hundreds of independent garden centers, nurseries and specialty stores across the country. Through a partnership with the co-operative organization of distributors called Gro Group, Inc., Converted Organics' products will be sold in every region of the contiguous United States.
"Converted Organics' partnership with Gro Group will be instrumental in satisfying the nationwide consumer demand for our organic fertilizer products for the spring 2009 growing season," said Richard P. Aleo, Executive Vice President of Sales and Marketing for Converted Organics. "Our relationship with Gro Group Distributors provides Converted Organics with access to an important group of independent retailers and their extensive customer base."
"Gro Group believes it is critical to meet our customers' increasing demands for quality organic fertilizer products, and we are confident that Converted Organics' all-natural granular fertilizers are the ideal option to offer homeowners for lawn and garden use," said Robert Siegel, Vice President of Merchandising for Gro Group, Inc. "We are pleased that our relationship with Converted Organics will enable us to satisfy this clearly-demonstrated need."
Independent garden center owners recently viewed Converted Organics' products for the first time at Gro Group Regional Distributor trade shows held all over the country. The reaction to the new line was overwhelmingly positive.
"There is no doubt in my mind that Converted Organics' fertilizers will be well-received by our garden center customers and consumers alike. In addition to providing high-quality organic fertilizer, Converted Organics has created phenomenal product packaging that plays to the interests of both groups," said John Bruntzel, Sales Manager of Gard'n-Wise(R) Distributors, Inc., a Gro Group Distributor located in Wichita, Kansas. "Another reason that Converted Organics' products will be a homerun with retailers in the mid-west is because the idea of 'going green' has exploded here over the past year, and the garden centers I have spoken to love the idea of organic fertilizer being made from recycled food waste."
Purchase orders for Converted Organics' granular fertilizer products were written by individual garden centers, nurseries and specialty store representatives at the Regional Distributor shows over the last two months. The products will be shipped by Gro Group Distributors after the New Year, for the traditional early spring delivery of fertilizer. A store-finder application will be posted soon on
www.convertedorganics.com that will display the nearest retail locations to anyone interested in purchasing Converted Organics' products. Customers will simply enter their zip code, and the closest retail location carrying Converted Organics' products will be listed, along with directions to the store.....
I don't want to enter a million zip codes but we might do is enter some of the bigger areas in the midwest, west and east and get some feel for exactly how many contracts were written at that trade show.. The facts are a little murky here.
As to the dividend yes that's why so many small investors have loaded up the boat. Three (3) shares of common stock will be given out for each twenty (20) shares of common stock outstanding, payable to all holders of record of the common stock on November 17, 2008.
This dividend will be paid on approximately December 1, 2008 to all shareholders of record on November 17, 2008.
"Converted Organics believes that the current price of its common stock does not reflect the long-term value of the Company, and that the recent turmoil in the world's capital markets has had a burdensome, negative impact on the shareholders of the Company,â said Edward J. Gildea, President of Converted Organics. âTherefore, the Board of Directors has authorized the Company to issue this special 15 percent dividend to our shareholders.â
It is unclear how dillutive this will be to shareholders it's hardly a 2 for 1 split! & There are warrants being turned in that complicate the matter... net net I see this as favorable.
~stoney
