OAKDALE, Calif., Sept. 20, 2006 (PRIMEZONE) -- Itec Environmental Group, Inc. (OTCBB:ITEC), a Delaware corporation ("Itec"), is pleased to announce the hiring of Rod Rougelot as the company's new Chief Executive Officer. Mr. Rougelot will also join Itec's Board of Directors. Mr. Rougelot brings to Itec over 20 years of extensive experience in recycling, operations, finance, and mergers and acquisitions. Upon graduating from Harvard Business School, Mr. Rougelot founded Recycling Resource LLC ("Recycling Resource"), which rapidly became one of the leading recycling competitors in California. After Recycling Resource was acquired by Tomra Pacific, Inc. ("Tomra Pacific"), Mr. Rougelot served as President of the commercial division, building Tomra Pacific into one of the largest beverage container recyclers in the United States. Most recently, Mr. Rougelot was engaged through Stone Yamashita Partners as a strategic consultant with The Coca Cola Company.
"Our goal with the ECO2(tm) System is to transform the plastics recycling industry by minimizing waste, reducing cost, and increasing the quality of materials sold to our customers. My near term focus is to complete our fundraising efforts, build the plant to full capacity and rapidly scale our operations. We are in the process of building a management team around Gary De Laurentiis, which will carry his vision of the future of plastics recycling forward."
Gary De Laurentiis will continue to serve as Itec's Chairman of the Board and in the newly created position of Chief Technology Officer. "With Rod joining the team, I have full confidence in our ability to drive Itec forward. The addition of Rod will enable me to focus on our technology, scale our existing operations and examine the technical aspects of our future plants," added Mr. De Laurentiis.
About the Itec
Itec offers solutions to 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 a new system for the recycling of plastic containers. Its proprietary ECO2(tm) System costs approximately thirty percent (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 at 209-863-8076.
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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 retain the professional advisors necessary to guide us through our corporate restructuring; (4) the risks inherent in the investigation, involvement and acquisition of a new business opportunity; (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; and (8) other factors over which we have little or no control.