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RENO, Nev.--(BUSINESS WIRE)--Aug. 7, 2000--Itronics Inc. (OTC BB: ITRO - news) announced today that its wholly owned subsidiary, Whitney & Whitney, Inc., has acquired a 5.2 percent interest in Verdant Brands, Inc. as a strategic investment. Verdant Brands, Inc, (NASDAQ: VERD - news) is a leading developer, manufacturer and supplier of pest control products and fertilizers to the retail, agricultural and professional markets utilizing a variety of national, proprietary and private label brands. Verdant has pursued a strategy of growth through merger and acquisition since 1996, joining four businesses together and increasing sales revenues from approximately $15 million to $75 million in 1999. While successfully building the revenue base, the complexity of the businesses acquired, combined with decreased demand for some product lines because of industry changes and unfavorable weather patterns, has led to ongoing losses and cash flow problems. Verdant Brands recently named new management and is restructuring the company's operations. ``Now that we have established an equity ownership in Verdant, we are in a position to support Verdant management's restructuring efforts,'' said Dr. John Whitney, Itronics President. ``Whitney & Whitney will continue to evaluate the potential acquisition of additional shares from time to time, although no decisions on the number of shares or the timing of purchases has been made.' XXXXXXXXXXXXXXXXXX Looks like Company will have some help in trying to turn things around. any stockholders with in depth knowledge of Company ??? Company web site, verdantbrands.com | ||||||||||||||
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