Itronics Management Urges Shareholders to Support Proposal to Increase Authorized Common Shares
April 18 2008 - 5:00AM
Marketwired
RENO, NV (FRANKFURT: ITG) (BERLIN: ITG) 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: Paul Knopick 888-795-6336
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