AXcess News: Itronics Enters New Phase of Development
January 28 2010 - 4:10PM
Marketwired
Itronics, Inc. (PINKSHEETS: ITRO), a Reno-based manufacturer of
environmentally friendly specialty fertilizers, has entered a new
phase of development, having recently announced the planned
expansion of its silver refinery. The long-awaited development
means new sources of raw materials and higher output.
In commenting on the expansion plans, Itronics founder Dr. John
Whitney said, "Once operational, this revolutionary technology will
strengthen the company and open new pathways to growth."
Itronics, which operates the only EPA-approved plant in the
nation to process photochemicals into liquid fertilizers recovering
the heavy metals such as silver in the process, will be able to
process up to 10 times as much silver with no cost increase. The
Company forecast a 240,000 ounce annualized production capacity
that at current metal prices could generate nearly $4 million in
sales, and that's just one benefit.
The real growth will come from Itronics' expanding line of
liquid fertilizers sold under the GOLD'n GRO brand, despite the
time it takes to develop sales.
Out of the refinery development Itronics will generate two new
fertilizer raw materials as byproducts. The materials would replace
ingredients Itronics currently has to buy off the open market and
for several varieties of Itronics' GOLD'n GRO fertilizers that
means higher margins.
While the Company looks forward to a record year, when compared
to its peers in the specialty chemical/ fertilizer sectors,
Itronics has outperformed all of them in market cap growth during
one of the worst economic periods since the Great Depression. More
amazing than that, investors were diluted 38.5% during the same
period.
A recent 8-K filing shows Itronics converted nearly $1 million
of debt into equity from October, 2008 through January, 2010. When
comparing the year-over-year period, the number of shares
outstanding increased from 2.24 billion in January, 2009 to 3.08
billion as of January 14, 2010. Market cap increased from $5.40
million to $10.5 million over the same period -- a feat no other
specialty chemical or fertilizer manufacturer can live up to.
In a telephone interview with Whitney Thursday in discussing
those results, AXcess News came away with the impression that
investors are going to be seeing constant record-setting results
throughout 2010. While Itronics shares have increased 41.6% from
$0.0024 to $0.0035, Whitney believes future growth will be just as
impressive. Based on Itronics' recent developments, it appears he
may be right.
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