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Press
Release Archives: 08/14/2003
Itronics
Reports Positive Gross Profit in Second Quarter, Key
Milestone Is First in Company's History
RENO,
Nev., Aug. 14 /PRNewswire-FirstCall/ -- Itronics Inc.
(BULLETIN BOARD: ITRO) reported today that its total
sales increased 19 percent in the second quarter ended
June 30, 2003 compared to the same period last year
and that the Company achieved a gross profit on a consolidated
basis during the second quarter for the first time in
its history.
"It
is very significant that we can report that for the
first time since our photochemical recycling plant went
on-line in April 2000, the Company's sales have covered
all of the direct costs of the photochemical collection
services and solution processing, GOLD'n GRO liquid
fertilizer manufacturing, and other expenses,"
said Dr. John Whitney, Itronics President. "GOLD'n
GRO fertilizer sales were up 44 percent over comparable
sales in the prior year's second quarter."
The
Company previously stated that it believes it has now
identified and established GOLD'n GRO bulk products
that have large enough markets to provide the growth
in sales volumes needed for Itronics to achieve profitability
within the next 12 to 24 months. The creation of a new
systemic fertilizer/deer repellent product line to be
sold under the trademark GOLD'n GRO GUARDIAN and a sales
agreement for national market development further improves
the likelihood of achieving profitability.
Itronics
has explained that profitability will be achieved in
stages, first at the gross profit level, then positive
operating income, and finally net income. "Achieving
a positive gross profit in the second quarter is an
important milestone on the path to profitability,"
Dr. Whitney said.
Itronics,
through its subsidiary, Itronics Metallurgical, Inc.,
is the only company in the world with the technology
to extract more than 99 percent of the silver and virtually
all the other toxic heavy metals from used photoliquids
and to convert the resulting liquid into environmentally
beneficial, chelated, multinutrient liquid fertilizer
products sold under the trademark GOLD'n GRO. These
earth friendly liquid fertilizers, which can be used
for lawns and houseplants, and the popular Silver Nevada
Miner bars, a souvenir of the Silver State, are available
at the Company's Web site: http://www.itronics.com/
.
Itronics
Inc. is one of Nevada's leading process technology companies
and a world leader in photochemical recycling. Headquartered
in Reno, Nevada, it recycles spent liquid photochemicals
into liquid GOLD'n GRO fertilizer products, recovers,
refines, and sells silver, and provides project planning
and technical services to the mining industry. Dr. John
Whitney, Itronics President, was selected as Nevada's
Inventor of the Year for 2000 and has become a member
of the Inventor's Hall of Fame at the University of
Nevada, Reno. Itronics was one of five finalists for
the 2001 Kirkpatrick Chemical Engineering Award, the
most prestigious worldwide award in chemical engineering
technologies.
VISIT
OUR WEB SITE: http://www.itronics.com/
(Statements
in this press release may constitute forward-looking
statements and are subject to numerous risks and uncertainties,
including the failure to complete successfully the development
of new or enhanced products, the Company's future capital
needs, the lack of market demand for any new or enhanced
products the Company may develop, any actions by the
Company's partners that may be adverse to the Company,
the success of competitive products, other economic
factors affecting the Company and its markets, and other
risks detailed from time to time in the Company's filings
with the Securities and Exchange Commission. The actual
results may differ materially from those contained in
this press release. The Company disclaims any obligation
to update any statements in this press release.)
CONTACT:
Paul Knopick, +1-888-795-6336, for Itronics Inc.
Web
site: http://www.itronics.com/
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