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Release Archives: 04/18/2008
Itronics
Management Urges Shareholders to Support Proposal to Increase Authorized
Common Shares
RENO,
NV--(MARKET WIRE)--Apr 18, 2008 -- Itronics Inc. (OTC BB:ITRO.OB
- News) (Frankfurt:ITG.F - News) (Berlin:ITG.BE - News) 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.)
Contact:
Contact:
Paul Knopick
888-795-6336
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