When the markets rebounded from last week’s terrifying pounding, fertilizer and agricultural chemical stocks were the first to rebound Monday morning. Converted Organics Inc. (Nasdaq: COIN) was one to benefit from the rally as its shares recovered 53.4 percent, fueled by confidence on Wall Street and the company’s news of an established distribution agreement.
The company today announced it has entered into a deal with fertilizer distributor Simplot Partners to inject Converted Organics’ all-natural liquid and granular fertilizers and liquid soil amendment to the professional turf market, focusing on the western United States.
“The professional turf market represents an enormous opportunity for Converted Organics, and the network of golf courses serviced by Simplot Partners is extensive,” Edward J. Gildea, president of Converted Organics stated in the press release. “Our relationship with Simplot Partners provides Converted Organics with the opportunity to sell our line of organic turf fertilizer and soil amendment products to a large customer base of approximately 2,500 golf courses through a well-established distributor known for providing high-quality products.”
Converted Organics plans on targeting retail turf management and agribusiness markets through Simplot Partners’ established position in the golf marketplace.
“What sets Simplot Partners apart from our competition is not only the expertise of our sales representatives and technical agronomists, who provide a wide range of services to golf course superintendents and others, but also the superior quality of the products we offer our customers,” John Maggiore, general manager of Simplot Partners stated. “Converted Organics’ line of organic fertilizer for the professional turf market is a welcomed addition to our product line, and we are confident that the Converted Organics’ products will be very well-received by our customers.”
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