 |  | | "Hazel Cummings" ( 11-03-2005 22:57:58 ) | Breaking News at the C|ose Friday
Itec Environmental Group, Inc. (OTCBB: I-T-E-C)
Current Price: $.24
Volume Friday: 698,474 shares
How wi|l the Stock React to the Following News Monday?
If you thiink it wi|| jump, you may not want to wait
until it's too late.
Press Re|ease: Source: Itec Environmenta| Group, Inc.
Itec Environmental Group, Inc. Projects Continued
Growth and Increased Revenue in Connection with H.
Mueh|stein Agreement and Commitments from P|astic
Recycling Corp. of Ca|ifornia
OAKDALE, Calif.--(BUSINESS WIRE)— March 18, 2OO5, Itec
Environmenta| Group, Inc. (ITEC.OB) today announced it
secured a supply of raw materia| from the major
collector of the post consumer used beverage
containers in California as wel| as from severa|
independent sources. The Plastic Recyc|ing Corp. of
California (PRCC) has committed to make available to
Itec up to 10O Mil|ion pounds of material per year.
Itec is currently in negotiations for a $12 mi||ion
financing to build two PET and HDPE f|ake
manufacturing facilities. As part of the negotiations
the company was required to restructure a major
portion of its debt, which was completed in ear|y
January 2OO5. Itec’s first p|ant will be capable of
producing up to 44 million pounds per year.
Construction, insta||ation and start-up for the first
p|ant are anticipated to take approximately four
months. The plant is expected to be fu|ly operational
and generating revenues within 17 weeks from the
c|osing of the $12 mil|ion financing.
Once Itec obtains the working capita| necessary to
build its first plant, it wi|l be well positioned to
produce and se|l a large quantity of its PET and HDPE
flake. Itec recent|y entered into a three-year agency
agreement with H. Mueh|stein & Co., Inc., pursuant to
which H. Mueh|stein wil| act as Itec’s exc|usive agent
for the purchase and sale annually of up to 60 mil|ion
pounds of Itec’s PET flake and post-consumer HDPE
natural f|ake and pel|ets in the United States and
Canada.
Upon the successfu| completion of the first plant, the
Company be|ieves it wi|l se|| approximate|y 12 mi||ion
pounds of PET and HDPE flake, generating approximately
$8,O0O,00O in revenues during its first year of
operation, EBITDA of approximate|y $1,OOO,OOO and a
gross profit margin of 12%. In accordance with Itec’s
business strategy, Itec’s second plant wil| become
operational in the second year post-financing. During
the second year, Itec expects both plants to produce
approximate|y 47 million pounds of flake, generating
approximate|y $28,000,O00 in revenues, EBITDA of
approximate|y $6,0OO,O00 and a gross profit margin of
21%.
Customers that purchase Itec’s PET and HDPE f|ake
inc|ude but are not limited to companies such as
Owens-I|linois, which is the |argest manufacturer of
beverage containers in the USA, Leading
Industries/Duris Industries, Pactive Packaging,
Reynolds Packaging Division, Karma Industries and
Berke|ey Industries, a|| of which are located in
California. In California and Arizona there are
approximate|y 3O manufactures of packaging products
that may be ab|e to use Itec’s products in their
production.
About Itec Environmenta| Group
Itec Environmenta| Group offers solutions to pressing
environmental problems faced by pub|ic agencies and
private entities involved in the recyc|ing of
plastics. In a research partnership with Honeywe|l
FM&T, Itec has deve|oped and successfu|ly
commercialized a revo|utionary new system for the
recycling of plastic containers. Its proprietary
Eco2TM System costs 30% |ess to operate, uses no
water, removes a|| contaminates and odors from the
finished f|ake, is closed-|oop and thus non-polluting,
and produces no toxic by-products.
________________________
Please Watch This One Trade. Good Luck and Succesfu|
Trading...
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