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A little more than a year after it acquired the company, Converted Organics Inc. (Boston, MA) is planning to spin off TerraSphere Systems LLC by declaring a special stock dividend to its shareholders. “The board members and I believe that separating TerraSphere Systems from Converted Organics will benefit Converted Organics shareholders by reducing our cash outlays, and will enable TerraSphere Systems to pursue capital unencumbered with other unrelated Converted Organics businesses,” said Converted Organics President Edward Gildea. “We strongly believe in the viability of the TerraSphere business and in vertical urban agriculture in general. In the current capital markets it has been difficult raising funds to support TerraSphere, and we have been advised that TerraSphere may have more success in raising capital as a stand-alone unit,” he added. Converted Organics also noted that its board has approved a 1-for-10 reverse split of the company’s common stock.