OAKDALE, Calif., April 19, 2006 (PRIMEZONE) -- Itec Environmental Group, Inc., a Delaware corporation ("Itec"), (OTCBB: ITEC) has completed the execution of a Letter of Intent with Waste Management Recycle America, L.L.C. ("WMRA"), a wholly owned subsidiary of Waste Management, Inc. (NYSE:WMI) (the "LOI"), to acquire two plastic recycling facilities located in the Chicago, Illinois and Raleigh, North Carolina (the "Acquisitions").
The contemplated acquisitions of the two WMRA facilities (the "Facilities") will enable Itec to: (i) secure a long-term commercially significant supply of plastic, and (ii) integrate its proprietary Eco2(tm) Environmental System (the "Eco2 Environmental System") into the Facilities, thereby making the Facilities more profitable.
In connection with the Acquisitions, Itec and WMRA intend to enter in a long term agreement, which shall provide for the steady supply of mixed plastics to Itec's newly acquired facilities by WMRA through the network of WMRA recycling facilities throughout the United States.
Both parties to the LOI are engaged in the due diligence process. In the event the acquisitions are consummated, Itec expects the acquisitions to be completed on or by June 30, 2006.
"We believe these potential acquisitions will bring tremendous value to both Itec and its shareholders by securing a substantial long-term supply of PET, and HDPE, and by allowing Itec to build-out additional facilities which utilize our Eco2 Environmental System. These anticipated acquisitions of the Waste Management Recycle America facilities not only accelerate our business plan and allow us to implement our Eco2 Environmental System in established plastic recycling facilities, but also enable us to do so with a more efficient and fiscally sound plastic recycling technology," stated Gary DeLaurentiis, Chief Executive Officer of Itec.
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 Eco2(tm) 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
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