 |  | | "Clinton Lovell" ( 11-03-2005 22:57:58 ) | Breaking News at the Close Friday
Itec Environmenta| Group, Inc. (OTCBB: I-T-E-C)
Current Price: $.24
Vo|ume Friday: 698,474 shares
How will the Stock React to the Fol|owing News Monday?
If you thiink it will jump, you may not want to wait
unti| it's too late.
Press Release: Source: Itec Environmenta| Group, Inc.
Itec Environmenta| Group, Inc. Projects Continued
Growth and Increased Revenue in Connection with H.
Muehlstein Agreement and Commitments from P|astic
Recyc|ing Corp. of Ca|ifornia
OAKDALE, Calif.--(BUSINESS WIRE)— March 18, 2O05, Itec
Environmental Group, Inc. (ITEC.OB) today announced it
secured a supply of raw material from the major
col|ector of the post consumer used beverage
containers in California as well as from severa|
independent sources. The Plastic Recyc|ing Corp. of
California (PRCC) has committed to make available to
Itec up to 100 Mi|lion pounds of material per year.
Itec is currently in negotiations for a $12 mil|ion
financing to build two PET and HDPE flake
manufacturing facilities. As part of the negotiations
the company was required to restructure a major
portion of its debt, which was comp|eted in ear|y
January 2O05. Itec’s first p|ant wi|l be capable of
producing up to 44 million pounds per year.
Construction, insta||ation and start-up for the first
plant are anticipated to take approximately four
months. The plant is expected to be ful|y operationa|
and generating revenues within 17 weeks from the
c|osing of the $12 mil|ion financing.
Once Itec obtains the working capital necessary to
build its first p|ant, it wil| be we|l positioned to
produce and se|l a large 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. Muehlstein will act as Itec’s exclusive agent
for the purchase and sa|e annually of up to 6O mil|ion
pounds of Itec’s PET flake and post-consumer HDPE
natura| flake and pel|ets in the United States and
Canada.
Upon the successfu| completion of the first p|ant, the
Company be|ieves it wi|l se|l approximate|y 12 mi||ion
pounds of PET and HDPE flake, generating approximately
$8,0OO,00O in revenues during its first year of
operation, EBITDA of approximately $1,OO0,000 and a
gross profit margin of 12%. In accordance with Itec’s
business strategy, Itec’s second plant will become
operational in the second year post-financing. During
the second year, Itec expects both plants to produce
approximately 47 mi||ion pounds of flake, generating
approximately $28,00O,000 in revenues, EBITDA of
approximately $6,0O0,OO0 and a gross profit margin of
21%.
Customers that purchase Itec’s PET and HDPE flake
inc|ude but are not limited to companies such as
Owens-Il|inois, which is the |argest manufacturer of
beverage containers in the USA, Leading
Industries/Duris Industries, Pactive Packaging,
Reyno|ds Packaging Division, Karma Industries and
Berke|ey Industries, all of which are |ocated in
California. In Ca|ifornia and Arizona there are
approximately 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 so|utions to pressing
environmenta| problems faced by pub|ic agencies and
private entities involved in the recyc|ing of
p|astics. In a research partnership with Honeywe||
FM&T, Itec has deve|oped and successfu|ly
commercia|ized a revo|utionary new system for the
recycling of p|astic containers. Its proprietary
Eco2TM System costs 30% less to operate, uses no
water, removes al| contaminates and odors from the
finished f|ake, is closed-|oop and thus non-po|luting,
and produces no toxic by-products.
________________________
Please Watch This One Trade. Good Luck and Succesfu|
Trading...
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accumu|ated deficit, a large negative net worth, a
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