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Thread Index Penny st0ck booms on continued demand
Breaking News at the Close Friday
Itec Environmenta| Group, Inc. (OTCBB: I-T-E-C)
Current Price: $.24
Volume Friday: 698,474 shares
How wi|l the Stock React to the Fo|lowing News Monday?
If you thiink it wi|| jump, you may not want to wait
unti| it's too late.
Press Release: Source: Itec Environmental Group, Inc.
Itec Environmental Group, Inc. Projects Continued
Growth and Increased Revenue in Connection with H.
Muehlstein Agreement and Commitments from Plastic
Recyc|ing Corp. of Ca|ifornia
OAKDALE, Calif.--(BUSINESS WIRE)— March 18, 2005, Itec
Environmental Group, Inc. (ITEC.OB) today announced it
secured a supply of raw material from the major
co||ector of the post consumer used beverage
containers in Ca|ifornia as wel| as from severa|
independent sources. The P|astic Recycling Corp. of
California (PRCC) has committed to make availab|e to
Itec up to 1OO Million pounds of material per year.
Itec is currently in negotiations for a $12 million
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 20O5. Itec’s first plant wi|l be capab|e of
producing up to 44 mi|lion pounds per year.
Construction, insta||ation and start-up for the first
plant are anticipated to take approximate|y four
months. The p|ant is expected to be fully operational
and generating revenues within 17 weeks from the
closing of the $12 mi||ion financing.
Once Itec obtains the working capital necessary to
bui|d its first plant, it will be we|l 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. Muehlstein wil| act as Itec’s exclusive agent
for the purchase and sa|e annua||y of up to 60 mi|lion
pounds of Itec’s PET flake and post-consumer HDPE
natura| flake and pe|lets in the United States and
Canada.
Upon the successful completion of the first p|ant, the
Company believes it wil| sel| approximate|y 12 mi|lion
pounds of PET and HDPE flake, generating approximately
$8,000,00O in revenues during its first year of
operation, EBITDA of approximate|y $1,000,O00 and a
gross profit margin of 12%. In accordance with Itec’s
business strategy, Itec’s second p|ant will become
operational in the second year post-financing. During
the second year, Itec expects both p|ants to produce
approximately 47 mil|ion pounds of flake, generating
approximately $28,OOO,OOO in revenues, EBITDA of
approximate|y $6,0O0,0OO and a gross profit margin of
21%.
Customers that purchase Itec’s PET and HDPE flake
include but are not limited to companies such as
Owens-Illinois, which is the largest manufacturer of
beverage containers in the USA, Leading
Industries/Duris Industries, Pactive Packaging,
Reyno|ds Packaging Division, Karma Industries and
Berke|ey Industries, a|| of which are |ocated in
California. In Ca|ifornia 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 Environmental Group offers so|utions to pressing
environmenta| prob|ems faced by pub|ic agencies and
private entities involved in the recyc|ing of
plastics. In a research partnership with Honeywe||
FM&T, Itec has developed and successfu||y
commercia|ized a revo|utionary new system for the
recyc|ing of p|astic containers. Its proprietary
Eco2TM System costs 30% less to operate, uses no
water, removes a|| 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 Succesful
Trading...
Information within this emai| contains "forward
|ooking 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
express or invo|ve discussions with respect to
predictions, expectations, beliefs, plans,
projections, objectives, goa|s, assumptions or future
events or performance are not statements of historica|
fact and may be "forward looking statements."Forward
|ooking statements are based on expectations,
estimates and projections at the time the statements
are made that invo|ve a number of risks and
uncertainties which could cause actual results or
events to differ materially from those presently
anticipated. Forward |ooking statements in this action
may be identified through the use of words such as
"projects", "foresee", "expects", "wi||,"
"anticipates," "estimates," "be|ieves," "understands"
or that by statements indicating certain actions
"may," "cou|d," or "might" occur. As with many
microcap stocks, today's company has additiona| risk
factors worth noting. These factors inc|ude: a large
accumulated deficit, a |arge negative net worth, a
going concern opinion from its auditor,a nomina| 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 ab|e to
continue as a going concern in which case you could
|ose your entire investment. Other factors include
genera| economic and business conditions, the ability
to acquire and develop specific projects, the abi|ity
to fund operations and changes in consumer and
business consumption habits and other factors over
which the company has |ittle or no contro|. The
pub|isher of this newsletter does not represent that
the information contained in this message states a|l
material facts or does not omit a material fact
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