RIVERBANK, Calif., March 2, 2006 (PRIMEZONE) -- Itec Environmental Group, Inc. (OTCBB:ITEC) is pleased to announce that it has amended and extended its licensing agreement with Honeywell International, Inc. ("Honeywell") (NYSE:HON). This licensing agreement is a result of Itec's continued research regarding and further development of Honeywell's original patented technology.
The licensing agreement provides Itec with an exclusive worldwide license to utilize this improved innovative plastic recycling technology, and has been extended for the life of the patent. This technology allows Itec to separate contaminates from almost any type of plastic, without the use of water, through an environmentally friendly process that produces no hazardous waste by-product. Itec and Honeywell worked together to improve the previous patented process and filed a new patent application once both parties, and the principals from both companies, had agreed to the terms and conditions of the new licensing agreement. Itec's founder, Gary DeLaurentiis, is one of the inventors of the new recycling technology.
Honeywell licensed this technology exclusively to Itec because of Itec's (i) commercial viability, (ii) continued work on the technology, and (iii) development of the equipment necessary to utilize the patent process.
The technology licensed by Honeywell to Itec is derived from the Department of Energy's ("DOE") Kansas City Plant, which is managed and operated by Honeywell. Initially, DOE engineers developed and patented a process to separate oil from plastic contaminated with oil. The new patented technology developed by Honeywell and Itec (i) makes significant improvements to the original patent and (ii) establishes additional claims. Accordingly, the technology used in Itec's plants will be able to harvest residual oil for reuse, remove contaminates on most other types of plastics and harvest the residual contaminates for proper disposal.
"This is a very exciting development for Itec. By broadening the use of the technology into other areas and extending the term of the license, we have greatly expanded the commercialization and financing opportunities and potential growth of the company," stated Gary DeLaurentiis, the company's President & CEO.
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 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 website 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 or 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 $2,498,000 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.