****NEWS****
Itronics Announces Lease/Option On New Facility
RENO, Nev.--(BUSINESS WIRE)--Feb. 3, 1998--Itronics Inc. (ITRO) announced today that its photobyproduct recycling
subsidiary, Itronics Metallurgical Inc. has entered into a lease, with option to purchase, to acquire a 35,000 square foot
manufacturing facility on 3 acres of land in the Reno Stead area.
The purchase option price is $1,000,000 including a $300,000 down payment. The owner has the alternative to carry the
$700,000 balance over 25 years at commercial rates with a 5 year balloon or by taking 2,615,845 shares of Itronics Inc.
common stock.
The lease and occupancy are contingent on obtaining the necessary City of Reno Special Use and Environmental Control
Permits. Application for the Special Use Permits was filed with the City of Reno on Jan. 15, 1998. The hearing with the
Planning Commission is scheduled for March 4, 1998. If approved at that meeting occupancy is anticipated in May or June
1998.
The new facility will make it possible for Itronics Metallurgical Inc., Itronics' photobyproduct recycling subsidiary to expand
commercial production of its fertilizer line which is marketed under the trade name Gold-N-Gro.
The new facility will also make it possible to expand the semi-works silver refining operation, and to initiate R & D on mine
applications for its silver recovery and refining technology.
Itronics Metallurgical has been operating an R & D and semi-works recycling facility in Reno for the past 12 years, during
which the fertilizer product line was developed, field-tested and initially marketed.
Itronics Inc. is a Reno-based company specializing in recycling technology development, photobyproduct recycling, silver
refining, and technical services for the mining and recycling industries.
Contact:
Itronics Inc.
John W. Whitney, 702/689-7696 |
