Contact Information: Contact: Paul Knopick 888-795-6336
Itronics Management Urges Shareholders to Support Proposal to Increase Authorized Common Shares
| Source: Itronics Inc.
RENO, NV--(Marketwire - April 18, 2008) - Itronics Inc. (OTCBB : ITRO ) (FRANKFURT : ITG )
(BERLIN : ITG ) management today urged shareholders to vote FOR management's
proposal to increase the Company's authorized shares of common stock.
In order to cover future contingencies, including future financings,
business acquisitions, and technology acquisitions, and to provide for the
Company's Securities Purchase Agreement as described in the Company's Proxy
Statement that was previously mailed to shareholders, page 10, Itronics
will be required to authorize and issue a greater number of shares of our
Common Stock than are presently available. Consequently, the Company's
Board of Directors has determined to increase the authorized share capital
to twenty billion shares of common stock. Itronics has no current intention
or commitment to issue an amount of shares in excess of the one billion
shares currently authorized, other than under the terms of the Securities
Purchase Agreement and other outstanding warrants and options.
"Shareholders should understand that if the Company is not able to increase
the authorized shares, it risks being in default under the terms of the
Securities Purchase Agreement, as explained in the Proxy Statement. It is
important that our shareholders understand how important it is to give the
Company approval to increase the authorized shares," said Dr. John Whitney,
President.
The Board of Directors has unanimously approved and unanimously recommends
that the Stockholders ratify the authorization of an increase in our
authorized share capital to twenty billion shares of Common Stock.
From inception through year-end 2007, the Company cumulatively invested
approximately $30 million to create and begin commercializing its
innovative photochemical recycling technology that completely converts the
waste stream to pure silver and environmentally compatible, high quality
GOLD'n GRO liquid fertilizers and GOLD'n GRO Guardian deer repellent
fertilizer. Today, at a time when the economy is soft and weakening, the
markets for the Company's products and services are strong and growing.
Silver is trading at historical highs. The demand for fertilizer has
increased sharply this year and prices are at historical highs with
continuing strong demand growth and price increases predicted. Gold is
trading at historical highs.
"With the Company's market cap at about $5 million, having invested $30
million to get to this point, and being a 'truly green company' with proven
operating technology in markets that are stronger than they have been in
history, it is my opinion that this is the time for investors to support
the Company and help it succeed," said Dr. Whitney.
The Special Meeting of Stockholders is scheduled for May 6, 2008 at
10:00 a.m., at the Reno-Sparks Convention Center, 4590 S. Virginia St.,
Reno, Nevada, in Room A13. "Shareholders who have voted against the
proposal should understand that they can retract that vote and revote prior
to the meeting. They should contact Jerry Mucha, at Morrow & Co. LLC, the
proxy solicitor, toll free at (800) 662-5200 for assistance or by
contacting their stockbroker representing the brokerage account in which
their shares are held. I can't emphasize strongly enough how important that
approval is to our Company's future," Dr. Whitney said.
About Itronics
Headquartered in Reno, Nevada, Itronics Inc. is a "Creative Environmental
Technology" company. Itronics, through its subsidiary, Itronics
Metallurgical, Inc. is the only company with a fully permitted "Beneficial
Use Photochemical, Silver, and Water Recycling" plant in the United States
that can convert used photoliquids into pure silver and GOLD'n GRO liquid
fertilizers. The Company also provides environmentally compatible mining
technology development, project planning, and technical services to the
gold mining industry and operates the popular InsideMetals.com web site,
http://www.insidemetals.com. which provides a value-added WORLD VIEW of
Gold Producer Stocks, Mineral Producer Stocks, Junior Gold Stocks, and
Junior Mineral Stocks. Itronics has received numerous domestic and
international awards that recognize its ability to successfully create and
implement new environmentally compatible recycling and fertilizer
technologies.
The Company's environmentally friendly GOLD'n GRO liquid fertilizers can be
used for lawns and houseplants, and are available, along with liquid
fertilizer injectors, at the Company's "e-store" catalog at
http://goldngro.com. The popular Silver Nevada Miner bars are available at
the Company's 'e-store' catalog at http://www.itromet.com.
VISIT OUR WEB SITE: http://www.itronics.com
("Safe Harbor" Statement under the Private Securities Litigation Reform Act
of 1995: This press release contains or may contain forward-looking
statements such as statements regarding the Company's growth and
profitability, growth strategy, liquidity and access to public markets,
operating expense reduction, and trends in the industry in which the
Company operates. The forward-looking statements contained in this press
release are also subject to other risks and uncertainties, including those
more fully described in the Company's filings with the Securities and
Exchange Commission. The Company assumes no obligation to update these
forward-looking statements to reflect actual results, changes in risks,
uncertainties or assumptions underlying or affecting such statements, or
for prospective events that may have a retroactive effect.)