Itronics Reports First Nine Months 2008 GOLD'n GRO Fertilizer Sales Increase 37 Percent; Silver Sales Increased 29 Percent
October 30 2008 - 5:00AM
Marketwired
Itronics Inc. (OTCBB: ITRO) (FRANKFURT: ITG) (BERLIN: ITG) 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
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