OAKDALE, Calif., Jan. 21, 2003 (PRIMEZONE) -- In a move towards meeting the goals of its business plan and California's oil recycling initiatives, ITec Environmental Systems, a division of ITec Environmental Group (OTCBB:ITCV), today announced that it has signed a lease for a 6,900 square foot building in Oakdale, Calif.
"ITecES's new facility will provide us with the right location and operations to showcase our technology," stated Gary DeLaurentiis, ITec company President. "California will serve as a model for other states considering the processing of oil contaminated plastics. ITecRS will demonstrate how to effectively handle collections under the Motor Oil Container Recycling project, starting with the containers we've assembled over the course of the past six months."
Because the California Integrated Waste Management Board (CIWMB) announced in 2002 that recycling plastic containers qualifies for Used Oil Block Grant Funds, cities and counties throughout the state have begun to explore and implement ITec's services and its granulators for enhancing oil recycling availability.
"The guidelines allow us to provide a previously unavailable, environmentally sound, wide-scale solution to waste management to the people living in California," continued DeLaurentiis.
ITec corporate offices will be moved to the plant in February.
ABOUT ITEC
ITec Environmental Group (ITecEG) is a publicly traded company which offers solutions for environmental protection and plastic recycling issues faced by municipal, governmental, industrial groups and individuals around the world.
Three operating divisions conduct ITecEG's principal business activities: ITec Environmental Systems (ITecES), ITec Recycling Services (ITecRS) and ITec Management Corp. (ITecMC), and one subsidiary: ITec Plastics (ITecP).
- ITec Environmental Systems (ITecES) directs sales and marketing of the ECO2(TM) Environmental System "The ECO2(TM) System", a new, cost effective, environmentally sensitive plastic recycling technology using CO2 cleaning instead of water, and its related auxiliary equipment.
- ITec Recycling Services (ITecRS) sells ITec's granulators for the used motor oil bottle recycling programs and transportation services of 55-gallon drums of ground used motor oil bottles to ITec Plastics recycling facilities. ITecRS has also implemented similar programs in Europe.
- ITec Management Corp. (ITecMC) manages each plastic recycling plant, including its design and construction, training plant personnel, and managing the purchase of raw materials and the resale of finished product.
The ITec subsidiary ITec Plastics (ITecP) will create plastic recycling plants throughout the United States as either joint ventures or partnerships, with ITecP owning the majority interest in each. Each plant will recycle post-consumer High-Density Polyethylene (HDPE) and Polyethylene Terephthalate (PET) plastics using the ECO2(TM) Environmental System and sell clean extruded pellets and/or end-products in the after market.
SAFE HARBOR STATEMENT
This press release contains certain "forward-looking statements" as defined under the Private Securities Litigation Reform Act of 1965, including statements concerning the anticipated delivery dates. This news release also contains forward-looking statements within the meaning of Section 37A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Actual events or results may differ materially from those referred to in such statements. The company relies on third-party vendors to manufacture its system, not yet introduced commercially. Risks and assumptions include, but are not limited to, the ability of its vendors to manufacture and deliver a successful commercial version of its principal product, as well as the company's ability to generate customer demand, to achieve acceptable pricing, to respond to competition, to manage growth, to make timely payment on it outstanding obligations, and to manage regulatory and legislative developments that affect its system.
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