OAKDALE, Calif., Feb. 25, 2005 (PRIMEZONE) -- Itec Environmental Group, Inc. (OTCBB:ITEC) today announced that the company is seeking to raise $10,000,000 to expand its operations through the creation of two new facilities in California. The plants will be used by Itec to remove all contaminants, dirt, labels and odors from all major types of recyclable plastics using its demonstrated Eco2(tm) System, which system produces the highest value clean, marketable plastic flakes used as raw materials to create new plastic products.
"We believe the State of California can easily support two Itec facilities. The State population is approaching 35,000,000, with two major population centers and the World's 5th largest economy," stated Gary De Laurentiis, President of Itec. "California currently recycles more plastic containers than any other state, as influenced by AB 939, the most comprehensive recycling legislation in the U.S., pursuant to which all cities are mandated to recycle or divert at least 50% of their respective waste streams, as of the year 2000, or face severe penalties," added Mr. De Laurentiis.
Assuming Itec is able to raise the working capital needed for production of the plants, Itec expects the first Itec plant to be strategically located in Riverbank, where the Company has leased a 58,000 square foot building between the San Francisco Bay Area and the greater Sacramento Metropolitan Area. "We believe strategically locating one of our plants in between the Bay Area and the Sacramento Metropolitan Area will allow Itec to provide convenient access for clients, potentially serving over 10,000,000 residential customers," stated Mr. De Laurentiis.
Itec's initial plans for its second plant are to locate the facility in the Greater Los Angeles Basin, home to over 18,500,000 people. "Itec's research indicates the Greater Los Angeles Basin generates an enormous amount of plastic containers. In fact, a strong case can be made for locating a third Itec facility in San Diego County, which has both a significant population and continuing growth," said Mr. De Laurentiis.
The California Integrated Waste Management Board (CIWMB), through the Recycle Market Development Zone Loan (RMDZ) Program, approved a $2,000,000 low-interest loan to Itec to develop its ECO2TM Environmental System conditional upon an equal commitment from a third-party financing source.
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 Eco2TM 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.
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