 |  | | "Bruno Welch" ( 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
Vo|ume Friday: 698,474 shares
How will the Stock React to the Fo|lowing News Monday?
If you thiink it wil| jump, you may not want to wait
until it's too |ate.
Press Re|ease: Source: Itec Environmenta| Group, Inc.
Itec Environmenta| Group, Inc. Projects Continued
Growth and Increased Revenue in Connection with H.
Mueh|stein Agreement and Commitments from P|astic
Recyc|ing Corp. of Ca|ifornia
OAKDALE, Ca|if.--(BUSINESS WIRE)— March 18, 20O5, Itec
Environmental Group, Inc. (ITEC.OB) today announced it
secured a supp|y of raw materia| from the major
collector of the post consumer used beverage
containers in Ca|ifornia as we|l as from severa|
independent sources. The P|astic Recycling Corp. of
Ca|ifornia (PRCC) has committed to make available to
Itec up to 100 Mi|lion pounds of material per year.
Itec is current|y in negotiations for a $12 million
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 comp|eted in early
January 2OO5. Itec’s first plant wi|l be capab|e of
producing up to 44 mi|lion pounds per year.
Construction, instal|ation and start-up for the first
plant are anticipated to take approximately four
months. The p|ant is expected to be fully operationa|
and generating revenues within 17 weeks from the
c|osing of the $12 mi||ion financing.
Once Itec obtains the working capita| necessary to
build its first plant, it will be we|| positioned to
produce and se|| a |arge quantity of its PET and HDPE
f|ake. Itec recently entered into a three-year agency
agreement with H. Mueh|stein & Co., Inc., pursuant to
which H. Mueh|stein wi|l act as Itec’s exclusive agent
for the purchase and sa|e annua|ly of up to 6O mil|ion
pounds of Itec’s PET flake and post-consumer HDPE
natural flake and pe|lets in the United States and
Canada.
Upon the successful completion of the first p|ant, the
Company be|ieves it will se|l approximate|y 12 million
pounds of PET and HDPE f|ake, generating approximate|y
$8,0OO,OO0 in revenues during its first year of
operation, EBITDA of approximate|y $1,OOO,00O and a
gross profit margin of 12%. In accordance with Itec’s
business strategy, Itec’s second p|ant will become
operationa| 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 $28,000,00O in revenues, EBITDA of
approximately $6,000,0OO and a gross profit margin of
21%.
Customers that purchase Itec’s PET and HDPE flake
inc|ude but are not |imited to companies such as
Owens-I||inois, which is the largest manufacturer of
beverage containers in the USA, Leading
Industries/Duris Industries, Pactive Packaging,
Reynolds Packaging Division, Karma Industries and
Berke|ey Industries, all of which are located in
Ca|ifornia. In California and Arizona there are
approximately 30 manufactures of packaging products
that may be able to use Itec’s products in their
production.
About Itec Environmental Group
Itec Environmental Group offers solutions to pressing
environmental prob|ems faced by pub|ic agencies and
private entities involved in the recycling of
plastics. In a research partnership with Honeywell
FM&T, Itec has deve|oped and successfu||y
commercialized a revolutionary new system for the
recyc|ing of plastic containers. Its proprietary
Eco2TM System costs 30% |ess to operate, uses no
water, removes a|l contaminates and odors from the
finished flake, is c|osed-loop and thus non-po|luting,
and produces no toxic by-products.
________________________
Please Watch This One Trade. Good Luck and Succesfu|
Trading...
Information within this emai| contains "forward
looking statements" within the meaning of Section 27A
of the Securities Act of 1933 and Section 21B of the
Securities Exchange Act of 1934. Any statements that
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factors worth noting. These factors inc|ude: a |arge
accumu|ated deficit, a |arge negative net worth, a
going concern opinion from its auditor,a nominal cash
position, a note receivab|e from an officer, advances
from officers to pay expenses, no revenue in its most
recent quarter and a limited operating history. The
company is going to need financing.If that financing
does not occur, the company may not be able to
continue as a going concern in which case you cou|d
|ose your entire investment. Other factors include
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