Itec Environmental Group, Inc. Announces Successful Recapitalization
Wednesday December 22, 5:00 am ET
OAKDALE, Calif.--(BUSINESS WIRE)--Dec. 22, 2004--Itec Environmental Group, Inc. (OTCBB:ITEC - News) announced today that it successfully completed a one-for-one hundred sixty five reverse stock split of its common stock, which reverse-split was effected on December 20, 2004.
Gary De Laurentiis, Itec's Chief Executive Officer, said, "We are excited about the results of the reverse-split and what the Company has been able to accomplish in such a short period of time. The reverse stock split prior to year-end allows us to focus our efforts on managing and growing our business during 2005. We believe the recapitalization will create greater interest among professional investors and institutions and are optimistic Itec could secure up to $5 million in financing during Q1 of 2005."
Mr. De Laurentiis added, "We are focused on several opportunities to secure additional financing and complete strategically significant acquisitions. The recapitalization of our common stock is an integral part of our corporate strategy to grow the Company through 2005. If Itec is successful in (i) securing the necessary financing to carry out our business plan and (ii) identifying and acquiring certain target companies beneficial to our business, Itec believes it could generate $5,000,000 in revenue by the end of 2005."
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 Eco2(TM) 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 iteceg.com. Any interested parties wishing to be included in Itec Environmental Group's mailing list, please email your request to info@iteceg.com.
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