OAKDALE, Calif., March 4, 2005 (PRIMEZONE) -- Itec Environmental Group, Inc. (OTCBB:ITEC) today announced that it has entered into a three-year agreement with H. Muehlstein & Co., Inc., pursuant to which H. Muehlstein will act as Itec's exclusive agent for the purchase and sale annually of up to 60 million pounds of Itec's PET flake and post-consumer HDPE natural flake and pellets in the United States and Canada. The current projected plant capacity for Itec's PET and HDPE flake is approximately 44 million pounds.
"I am very pleased that we were able to enter into this agreement with H. Muehlstein & Co.," stated Gary De Laurentiis, President of Itec. "I've worked with H. Muehlstein & Co. for over 12 years and know the value they bring to their clients and the excellent and impeccable reputation they have within the industry. H. Muehlstein & Co. will be our sales force representing Itec's products within the U.S. and Canada, allowing Itec to focus on the expansion of its business," added Mr. De Laurentiis.
The Muehlstein group of companies, founded in 1911, has annual sales in excess of $1 billion per year and is the world's largest polymer distributor, marketing 2.7 billion pounds of plastic and rubber products to over 6,400 manufacturers in 76 countries. Muehlstein represents world-class polymer producers such as Dow, ExxonMobil and BP.
"Muehlstein, as a global leader in the marketing and sales of recycled plastic materials, is very excited about this opportunity to partner with Itec in this new venture. The Itec recycling process is indeed unique, and will offer Muehlstein a quality product to bring to a market that has an ever growing need for these post consumer polymers," said John Lavery, Business Manager of Recycled Products for H. Muehlstein & Co.
About Itec Environmental Group
Itec Environmental Group offers solutions to pressing environmental problems faced by public agencies and private entities involved in the recycling of plastics. In a research partnership with Honeywell FM&T, Itec has developed and successfully commercialized a revolutionary new system for the recycling of plastic containers. Its proprietary Eco2(tm) System costs 30% less to operate, uses no water, removes all contaminates and odors from the finished flake, is closed-loop and thus non-polluting, and produces no toxic by-products.
Please visit our web site at http://www.iteceg.com. Any interested parties wishing to be included in Itec Environmental Group's mailing list, please email your request to info@iteceg.com or Contact: Gary M. De Laurentiis 209-848-3900.
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