RIVERBANK, Calif., Aug. 24, 2005 (PRIMEZONE) –- Itec Environmental Group, Inc. (OTCBB:ITEC) today announced that it has successfully completed its investment with The Elevation Fund, LLC (Elevation). Proceeds from the Elevation investment will be delivered by Itec to the California Integrated Waste Management Board (CIWMB) in connection with satisfying certain conditions regarding the $2,000,000 low-interest "matching funds" loan through CIWMB's Recycle Market Development Zone Loan (RMDZ) Program. This will enable Itec to begin drawing upon the RMDZ $2,000,000 loan to secure equipment for Itec's first Eco2(tm) Environmental System Plant. In addition, Capital Growth Financial, LLC (CGF), has been engaged by Itec to secure up to $500,000 in working capital. Itec expects to close on the $500,000 investment within the next week.
"Itec is moving rapidly to secure the equipment necessary to begin construction and operation of its first Eco2 Environmental System Plant," stated Gary De Laurentiis, Chairman and Chief Executive Officer. "CGF's assistance in securing working capital provides us with additional momentum at a critical juncture as we implement our business plan," added Mr. De Laurentiis.
About the Company
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.
Cautionary Warning Regarding Forward-Looking Statements
This press release may contain "forward-looking statements." In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of such terms and other comparable terminology. These forward-looking statements include, without limitation, statements about our market opportunity, our strategies, competition, expected activities and expenditures as we pursue our business plan, and the adequacy of our available cash resources. Although we believe that the expectations reflected in any forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Actual results may differ materially from the predictions discussed in these forward-looking statements. Changes in the circumstances upon which we base our predictions and/or forward-looking statements could materially affect our actual results. Additional factors that could materially affect these forward-looking statements and/or predictions include, among other things: (1) our limited operating history; (2) our ability to pay down existing debt; (3) our ability to attract and retain key executive officers and the professional advisors necessary to guide us through our corporate restructuring; (4) the successful consummation of the $2,000,000 loan through the California Integrate Waste Management Board; (5) unforeseen costs and expenses; (6) potential litigation with our shareholders, creditors and/or former or current investors; (7) the Company's ability to comply with federal, state and local government regulations; (8) the Company's ability to secure raw plastic and produce and sell a large quantity of its PET and HDPE flake; and (9) other factors over which we have little or no control.