OAKDALE, Calif., April 20, 2006 (PRIMEZONE) -- Itec Environmental Group, Inc., a Delaware corporation ("Itec"), (OTCBB:ITEC) is pleased to announce that it has engaged Sanders Morris Harris, Inc. ("SMH"), to act as an exclusive financial advisor to Itec in connection with the evaluation and execution of the potential acquisition of two recycling facilities from Waste Management Recycle America, L.L.C. ("WMRA"), located in Chicago, Illinois and Raleigh, North Carolina (the "Acquisitions") and, in conjunction with Knight Capital Markets, LLC, the placement of any requisite financing for such acquisitions.
SMH is the largest investment banking firm based in Texas, and provides a full range of investment banking services. SMH is the primary operating subsidiary of Sanders Morris Harris Group, Inc. ("SMH Group"), (Nasdaq:SMHG). SMH Group is a financial services holding company headquartered in Houston, Texas, managing in excess of $10 billion in client assets.
The engagement agreement provides for SMH to assist Itec in the formulation of the Acquisitions from WMRA and in pursuing financing with third parties in an amount which will enable Itec to effect the Acquisitions and purchase such additional equipment as necessary to enhance the plastic processing capabilities of the relevant operations. In doing so, SMH will assist Itec with (i) due diligence, (ii) formulating financial, legal and business structures, (iii) financial advisory services and (iv) capital raising.
"We are extremely pleased to be working with Sanders Morris Harris given their solid reputation as a leading financial services company," stated Gary De Laurentiis, Chairman & Chief Executive Officer of Itec. "Sanders Morris Harris' experience with environmental service investments and their institutionally-directed investment banking strategy makes them a perfect fit for Itec as we move forward with the implementation of our business plan," added Mr. De Laurentiis.
About the Company
Itec Environmental Group 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 and successfully commercialized a new system for the recycling of plastic containers. Its proprietary Eco2TM System costs 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. DeLaurentiis at 209-863-8076.
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) unforeseen costs and expenses; (5) potential litigation with our shareholders, creditors and/or former or current investors; (6) the Company's ability to comply with federal, state and local government regulations; (7) the Company's ability to secure raw plastic, and produce and sell a large quantity of its PET and HDPE flake; and (8) other factors over which we have little or no control.