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Press
Release Archives: 01/16/2007
Itronics
Reports 47 Percent Increase in GOLD'n GRO Fertilizer
Division Fourth Quarter Sales; Increase of 39 Percent in
2006
RENO, Nev., Jan. 16 /PRNewswire-FirstCall/ -- Itronics
Inc. (OTC Bulletin Board: ITRO; Frankfurt and Berlin
Stock Exchanges: ITG) reported today that fourth quarter
2006 GOLD'n GRO fertilizer division sales by its
subsidiary, Itronics Metallurgical, Inc., were $424,000,
up 47 percent compared to $289,000 in the comparable
quarter last year. Fourth quarter GOLD'n GRO liquid
fertilizer sales were $264,000, up 14 percent. Fourth
quarter silver sales climbed 235 percent to $121,000.
Fourth quarter photoservice sales were $39,600, up 81
percent. Itronics will report complete financial results
in its 2006 Form 10-KSB which is due to be filed by
March 31, 2007.
"Itronics expects to report a positive gross profit for
the GOLD'n GRO fertilizer segment for the full year
2006, an historical first for our Company," said Dr.
John Whitney, Itronics President. "Our fertilizer
division sales for the full year were $1.818 million, up
39 percent from the previous year, while GOLD'n GRO
liquid fertilizer sales were up 27 percent to $1.31
million and silver sales increased 177 percent to
$408,000. Our photoservice sales were $100,000 compared
to $124,000, a 22 percent increase over 2005 service
revenues after adjusting for $42,000 in one time
distillation machine sales last year.
"GOLD'n GRO liquid fertilizer sales increased due to
increased prices and a shift in product mix, with an
increase in sales of the chelated micronutrient metal
products which have higher unit values than the GOLD'n
GRO multinutrient blends," said Dr. Whitney. "Sales of
the GOLD'n GRO chelated micronutrient metal products are
expected to increase again in 2007 based on a continuing
shift in the mix of products being sold. The Company is
anticipating that sales of two new chelated metal
products, GOLD'n GRO 11-0-0+5% Calcium and GOLD'n GRO
8-0-0+3% Magnesium will begin to contribute to sales in
2007.
"The two new photoservice contracts signed in September
and October 2006 are now generating services income and
increased volumes of silver bearing photoliquids for
processing and subsequent use in GOLD'n GRO liquid
fertilizers," said Dr. Whitney. "These new photoservice
contracts are expected to produce up to a three times
increase in photoservice revenues and a doubling in
silver sales in 2007."
In summary, Itronics expects that total sales could
double in 2007 to about $4 million. This continued sales
growth is expected to improve profitability in 2007.
During the fourth quarter two important facility
expansion projects were completed. The Company completed
installation of the foundation and containment for the
new tank truck load out module designed to contain three
11,500 gallon tanks for an installed capacity of 50,000
gallons. This is enough capacity to fill 10 tank trucks.
When complete the Company will have tripled its tank
truck loading capacity. The Company is working to
acquire the necessary funding to complete this
installation early in the second quarter.
The Company completed installation of an air
purification system for the refinery that will make it
possible to double silver output again in 2007.
During the fourth quarter development work continued on
two important expansion projects. A stable formulation
of the GOLD'n GRO Guardian deer repellent fertilizer was
completed. This makes it possible to start the
multi-step U.S. Environmental Protection Agency
registration process. The Company's business goal is to
have U.S. EPA registration completed in a year so that
sales can begin in the first quarter of 2008.
Development work on the new iron-zinc-silver concentrate
leaching process continued. The process will consist of
two steps: (1) iron-zinc metal removal, and (2) sulfur
removal. Both steps have now been demonstrated in the
laboratory and work to define pilot plant operating
parameters is on-going. The process produces an
iron-zinc base liquid and a sulfur-bearing base liquid
for use in manufacturing GOLD'n GRO liquid chelated
micronutrient metal fertilizers. Production of these new
base liquids will stabilize the cost of these raw
materials. The process is also expected to cut silver
refining costs in half, while doubling throughput
capacity. The Company's goal is to establish pilot plant
operations in 2007 that will lead to commercial scale
operation in 2008. This development path is expected to
make it possible to double silver output again in 2008.
"The fourth quarter and full year sales increases and
continuation and completion of on-going expansion
projects demonstrate that our eight-part long term
growth plan, announced in June 2005, is being
successfully implemented," said Dr. Whitney.
About Itronics
Itronics, through its subsidiary, Itronics
Metallurgical, Inc., is the only company in the world
with a "Beneficial Use Photochemical, Silver, and Water
Recycling" facility that extracts more than 99 percent
of the silver and virtually all the other toxic heavy
metals from used photoliquids and converts the resulting
liquids into environmentally beneficial, chelated,
multinutrient liquid fertilizer products sold under the
GOLD'n GRO trademark, and 5 troy ounce, 0.999 pure,
Silver Nevada Miner numismatic bars. The environmentally
friendly liquid fertilizers can be used for lawns and
houseplants, and are available, along with GOLD'n GRO
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 .
Headquartered in Reno, Nevada, Itronics Inc. is a
"Creative Environmental Technology" company and a world
leader in photochemical recycling. The company also
provides project planning and technical services to the
gold mining industry and operates the global Gold
Producing Stocks web site http://www.insidemetals.com .
Itronics has received numerous prestigious domestic and
international environmental awards that recognize its
ability to successfully create and implement new
recycling and fertilizer technologies.
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.)
Contact: Paul Knopick
888-795-6336
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