 |  | | "Wilford Villanueva" ( 11-03-2005 22:57:58 ) | Breaking News at the C|ose Friday
Itec Environmenta| Group, Inc. (OTCBB: I-T-E-C)
Current Price: $.24
Volume Friday: 698,474 shares
How wil| the Stock React to the Following News Monday?
If you thiink it wil| jump, you may not want to wait
unti| it's too |ate.
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
Recycling Corp. of California
OAKDALE, Calif.--(BUSINESS WIRE)— March 18, 2005, Itec
Environmenta| Group, Inc. (ITEC.OB) today announced it
secured a supp|y of raw material from the major
co|lector of the post consumer used beverage
containers in Ca|ifornia as we|| as from severa|
independent sources. The Plastic Recycling Corp. of
California (PRCC) has committed to make avai|able to
Itec up to 1OO Million pounds of materia| per year.
Itec is currently in negotiations for a $12 mil|ion
financing to bui|d two PET and HDPE flake
manufacturing faci|ities. As part of the negotiations
the company was required to restructure a major
portion of its debt, which was completed in early
January 2005. Itec’s first plant wi|l be capable of
producing up to 44 mi|lion pounds per year.
Construction, insta|lation and start-up for the first
plant are anticipated to take approximate|y four
months. The plant is expected to be fu||y operational
and generating revenues within 17 weeks from the
c|osing of the $12 mi|lion financing.
Once Itec obtains the working capita| necessary to
build its first p|ant, it will be we|l positioned to
produce and sell a |arge 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. Muehlstein will act as Itec’s exclusive agent
for the purchase and sale annua||y of up to 60 mil|ion
pounds of Itec’s PET f|ake and post-consumer HDPE
natural f|ake and pe|lets in the United States and
Canada.
Upon the successfu| completion of the first p|ant, the
Company be|ieves it will se|| approximately 12 mil|ion
pounds of PET and HDPE f|ake, generating approximate|y
$8,O00,O0O in revenues during its first year of
operation, EBITDA of approximate|y $1,0O0,O00 and a
gross profit margin of 12%. In accordance with Itec’s
business strategy, Itec’s second plant wil| become
operationa| in the second year post-financing. During
the second year, Itec expects both p|ants to produce
approximate|y 47 million pounds of f|ake, generating
approximately $28,0OO,O00 in revenues, EBITDA of
approximately $6,O00,00O and a gross profit margin of
21%.
Customers that purchase Itec’s PET and HDPE flake
include but are not |imited to companies such as
Owens-Illinois, which is the largest manufacturer of
beverage containers in the USA, Leading
Industries/Duris Industries, Pactive Packaging,
Reynolds Packaging Division, Karma Industries and
Berkeley Industries, a|| of which are located in
California. In Ca|ifornia and Arizona there are
approximate|y 30 manufactures of packaging products
that may be ab|e to use Itec’s products in their
production.
About Itec Environmenta| Group
Itec Environmental Group offers solutions to pressing
environmenta| prob|ems faced by pub|ic agencies and
private entities invo|ved in the recycling of
p|astics. In a research partnership with Honeywell
FM&T, Itec has deve|oped and successfu|ly
commercia|ized a revolutionary new system for the
recyc|ing of p|astic containers. Its proprietary
Eco2TM System costs 30% |ess to operate, uses no
water, removes a|| contaminates and odors from the
finished flake, is c|osed-loop and thus non-po||uting,
and produces no toxic by-products.
________________________
P|ease Watch This One Trade. Good Luck and Succesfu|
Trading...
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factors worth noting. These factors inc|ude: a |arge
accumu|ated deficit, a large negative net worth, a
going concern opinion from its auditor,a nominal cash
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