Converted Organics (COIN) Announces Preliminary 65% Increase In Revenues, Removal Of Going Concern

Converted Organics (COIN) is popping with good volume this morning after announcing that 1st quarter 2010 revenues have increased 65% over the year ago quarter.  The company will announce official results in about a month.  They also announced that their independent public accountant has removed the “going concern” statement.

COIN Prez Ed Gildea commented:  “We are pleased with the significant progress our Company has demonstrated with our first quarter earnings and we are happy to report the elimination of the going concern qualification.  We expect to see this growth continue while our priorities remain increasing sales of our organic fertilizer products, expanding through acquisition opportunities, and increasing manufacturing efficiency.”

Shares are up nearly 20% today and pushing back above resistance of the 50 and 200 day moving averages.

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