| Press
Release Archives: 10/30/2008
Itronics
Reports First Nine Months 2008 GOLD'n GRO Fertilizer Sales Increase
37 Percent; Silver Sales Increased 29 Percent
Green
Environmental Technology Driving Interest in Itronics
RENO, NV--(MARKET WIRE)--Oct 30, 2008 -- Itronics
Inc. (OTC BB:ITRO.OB - News) (Frankfurt:ITG.F - News) (Berlin:ITG.BE
- News) reported today that, excluding Photochemical Silver Concentrators,
sales for the first nine months of 2008 were $2.41 million compared
to $1.75 million in the same period in 2007, a 38 percent increase
and third quarter sales were $493,000 in 2008, up from $377,000
in 2007, a 31 percent increase. Third quarter 2007 Photochemical
Silver Concentrator sales were $164,500; a comparable sale has been
made in the fourth quarter of 2008.
GOLD'n GRO liquid fertilizer sales increased
37 percent in the first 9 months, and were up 50 percent in the
third quarter. Strong growth is expected to continue in 2009 and
GOLD'n GRO Guardian Deer Repellent sales are expected to produce
an additional boost to sales. GOLD'n GRO Guardian Deer Repellent
testing is underway at several locations in states where it is registered.
A 20 gallon spray kit is being introduced and reports from the field
indicate that the test applications are exceeding expectations.
Silver sales are up 29 percent for the first
nine months of 2008, but were down 19 percent in the third quarter
due to a 26 percent decline in the silver prices. There is a shortage
of small silver bullion bars which is driving increased interest
in Itronics Metallurgical's five-ounce Silver Nevada Miner annualized
collector bars.
"Certain silver users are now seeking
'Green Silver,' which is silver recovered from secondary sources,
primarily photography, because of its environmental superiority,"
said Dr. John Whitney, Itronics President. "The silver produced
by our subsidiary Itronics Metallurgical clearly fits the definition
of 'Green Silver' and should open up new marketing opportunities.
Work is continuing on expanding our silver refining capacity. The
Company is planning for a 10 time increase in melting capacity in
2009 and another 10 time increase in the 2010 to 2011 time frame.
This will increase silver refining capacity from about 24,000 ounces
per year to about 2.4 million ounces annually."
"The increased focus on green environmental
technology in the photographic segment is creating new opportunities
for our Photochemical Silver Concentrator which eliminates waste
and saves energy," said Dr. Whitney. "Hazardous liquid
waste produced by conventional photo processing has been cited as
a reason for switching to digital technology which does not produce
liquid hazardous waste. The Photochemical Silver Concentrators and
our process for completely recycling photo liquids into pure silver
and GOLD'n GRO fertilizers are now providing superior environmental
options for the conventional photo processor and those who desire
the silver halide print economy and quality; essentially providing
a 'Green Photography' option for consumers."
Mining Technical Services sales were $108,000
in the first nine months, a 626 percent increase over the prior
year first 9 months. Sales in the third quarter were $21,000 a 156
percent increase over the 2007 third quarter.
The Company is implementing its three year
funding plan which includes restructuring its balance sheet. The
Company is actively seeking short term and long term financing to
improve liquidity to support on-going operations and sales growth,
and to restructure and replace high cost debt with lower cost equity
and debt. Rapid progress is being made on the restructuring.
Itronics expects to report full financial
results for the first nine months on November 14 when it files its
Third Quarter Form 10-Q. The Company expects to report an increase
in gross profit and a reduction in operating loss as a strong continuation
of improved operating results achieved in the first half.
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:
Paul Knopick
888-795-6336
Source: Itronics Inc. |
