UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 2, 2015
ITRONICS INC.
---------------------------------------------------------------------------------------------------------------------------------------
Texas
33-18582
75-2198369
(State or other jurisdiction
(Commission File
(IRS Employer
of incorporation)
Number)
Identification No.)
6490 So. McCarran Boulevard, Building C, Suite 23 Reno, Nevada
89509
(Address of Principal Executive Offices) Zip Code
Registrants telephone number, including area code: (775) 689-7696
Check the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following provisions (see
General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
Item 2.02: Results of Operations and Financial Condition
On April 2, 2015 the Company announced its unaudited consolidated
revenues for the quarter and year ended December 31, 2014. A copy of the press release is
attached as Exhibit 99.1.
In accordance with General Instruction B.2 of Form 8-K, the information
in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be
"filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as
amended (the "Exchange Act"), or otherwise subject to the liability of that
section, and shall not be incorporated by reference into any registration statement or
other document filed under the Securities Act of 1933, as amended, or the Exchange Act,
except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits
Exhibits:
99.1 Press Release dated April 2, 2015
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
ITRONICS INC.
(Registrant)
Date: April 8, 2015
By:
/S/ John W. Whitney
John
W. Whitney
President,
Treasurer and Director
(Principal
Executive and Financial
Officer)
2
Exhibit 99.1
FOR IMMEDIATE RELEASE
Contact: Paul Knopick
888-795-6336
******************************************************************
ITRONICS PROVIDES OPERATIONS UPDATE, OUTLOOK FOR 2015
-- 2014 FULL YEAR FINANCIAL RESULT --
RENO, Nevada, April 2, 2015 -- Itronics Inc.
(OTC:ITRO) reported today its 2014 sales of $1.87 million decreased by 14 percent from
2013 sales of $2.19 million, primarily due to a reduction in silver sales while its
refinery is being upgraded. GOLDn GRO fertilizer sales stabilized in 2014 with a one
percent increase compared to 2013. The Company believes sales could increase by more than
10 percent in 2015 based on stable GOLDn GRO fertilizer sales in California and a
second quarter restart of silver bullion sales as the Companys silver refinery
technology upgrade nears completion.
2015 Operations Update and Outlook
Itronics process technologies use spent photo-liquids as raw materials
and completely convert the waste to commercial goods. The Company is developing its
technologies for recovery of zinc from zinc oxide bearing solid waste streams such as
brass mill flue dusts, EAF dust produced by steel mini-mills, and various types of silver
and zinc-bearing batteries. The zinc recovered from zinc oxide bearing materials and
minerals will be used in the manufacture of GOLDn GRO zinc micronutrient fertilizers
and for production of high purity zinc products.
The Company has discovered that one of its fertilizers is able to leach
silver from the silver bearing glass slag produced by its refining operations. The Company
is conducting tests to determine if the fertilizer (KAM-Thio) is able to neutralize
cyanide and whether it is able to leach silver and gold from silver-gold mine tailings.
Theoretical calculations indicate that if the KAM-Thio works for cyanide neutralization
and simultaneous residual silver and gold recovery, the residual liquids may be suitable
for use as fertilizer for mine site remediation. The KAM-Thio formulation has been proven
effective for fertilizer use through many years of field testing followed by more than 10
years of commercial use in agriculture.
GOLDn GRO fertilizers: Our current 2015 outlook is that
sales may increase by up to five percent compared to 2014 assuming weather and related
agricultural cropping patterns in our California markets are similar to 2014. There could
be a larger increase if certain new product sales efforts that are underway by our
distributor continue to gain acceptance with our large customers.
Silver Production: Itronics silver refinery technology
upgrade is progressing well. Silver bullion sales are expected to resume in the second
quarter of 2015. The new electric furnace control technology is operational and early
results indicate that electrical power savings in excess of 35 percent may be achieved.
Total investment in this project will be approximately $100,000.
The expected energy savings of more than 35 percent will directly
reduce the cost of silver bullion production, a major benefit. Significant improvements in
reliability, and maintenance cost savings are
expected as a direct result of upgrading the electric furnace
technology. One of our electric furnaces is now operational and is demonstrating these
savings.
The new electrical control system for the electric furnaces is
"proven state-of-the art" technology and makes it possible to accurately control
chemical reactions at specific temperatures in the furnaces. This is an important part of
the new Itronics Silver Refining Process and makes it possible to use the electric
furnaces as "High Temperature Chemical Reactors" up to maximum temperatures
exceeding 2,100 degrees Fahrenheit, the temperature of molten lava. Additional
improvements that may reduce operational maintenance expenses and improve furnace
reliability have been identified and are being evaluated for installation in 2015.
The Companys FeLix, SuLix, and ZinLix leaching technology is
ready for another scale up so that a larger quantity of materials can be processed prior
to passing them to refining for silver separation and purification. Capital will be
invested in 2015 in a new, larger prototype chemical reactor system for leaching and in
improving electrical distribution and power stabilization for the R & D work area in
the plant. Total capital required to complete this project is expected to be in the range
of $50,000 to $75,000.
The leaching technology is "cost saving" by providing
recovery of nutrient materials for sale in GOLDn GRO fertilizer and by reducing the
amount of material being sent to the refining furnaces for silver bullion recovery.
Currently about 60 percent of the material previously sent to refining is being recovered
for sale in GOLDn GRO fertilizers. The leaching technology is reducing the cost of
goods for GOLDn GRO fertilizer production and it is reducing the refining cost for
silver bullion production. As such, it is proving to be a profitable development for
Itronics by increasing net cash flow from silver refining operations.
KAM-Thio Development: The KAM-Thio project is now a high
priority development for the Company. Laboratory testing has demonstrated that the product
has the ability to recover silver from silver-bearing glass produced by the refining
operation. Testing in cooperation with an outside laboratory is underway to determine if
the liquid is able to neutralize cyanide, and to simultaneously leach silver and gold from
the tailings. If the KAM-Thio is able to neutralize cyanide and to leach silver and gold
from the tailings, it will be a new, environmentally safe product that can be used for
mine site remediation. It will also provide year round processed photo-liquid based sales
for Itronics which will stabilize annual sales and expand and stabilize silver recovery
from processing photo-liquids for use as manufacturing raw materials for KAM-Thio
production.
Zinc Flue Dust Process Development: Work on the Zinc Flue Dust
processing technology (ZinLix process) continued on a laboratory scale in 2014. During the
year a decision was made to test whether metallic zinc could be recovered by
electrowinning from the zinc enriched liquid produced by leaching the zinc oxide from the
flue dust. A bench top experimental electrowinning cell was constructed in the fourth
quarter and intermittent testing is now underway. The electrowinning cell is now able to
produce zinc powder reliably. This is another significant breakthrough in our technology
development.
The electrowinning cell design is the critical path item in expanding
the zinc recovery technology to commercial scale. The Companys plan is to expand the
electrowinning development by building a series of increasing larger "pilot
scale" electrowinning cells until stable optimized operating results are achieved.
After that a pilot plant flow sheet will be developed that can be progressively expanded
to develop the operating information required to support design of a large commercial
scale zinc refining plant. The ability to produce zinc metal by electrowinning will make
it possible for the Company to begin non-seasonal production of zinc metal powder or zinc
metal ingots, a major benefit for reducing the seasonality of Itronics sales and for
diversifying the business by expanding the use of its technologies.
The Company has already demonstrated that its ZinLix process is able to
produce zinc enriched liquids that are suitable for use in manufacturing GOLDn GRO
zinc micronutrient fertilizers. The Company needs to be able to sell the zinc throughout
the year before it can make supply agreements with zinc flue dust waste generating
companies since the waste is produced throughout the year in volumes that are too large
for storage for seasonal use.
Battery Recycling Evaluation: The Company has been presented an
opportunity to evaluate the feasibility of using the electricity generating contents of
silver batteries and "non-rechargeable" alkaline batteries as a source of raw
material for use in manufacturing the GOLDn GRO fertilizers and for silver
production. These batteries contain potassium, zinc, and manganese which may be
recoverable using the Itronics ZinLix leaching technology and are raw materials needed for
manufacturing GOLDn GRO fertilizers. If the ZinLix process works, it will provide a
stable lower cost domestic source of critical raw materials needed for GOLDn GRO
manufacturing and would represent another technological breakthrough for the Company. A
decision has been made to "fast track" an evaluation to determine whether the
ZinLix technology will work. If it does, then a project will be initiated to develop the
ability to use this battery waste as a raw material source in future years for GOLDn
GRO fertilizer manufacturing and for non-seasonal silver, zinc, and manganese product
sales.
Photo-liquid Supply: Receipts of silver-bearing photographic
liquids continue to be more than sufficient to meet the requirements for on-going and
expanded GOLDn GRO fertilizer sales and are expected to continue to be more than
adequate. The switch to digital image capture and transfer in the photography segment has
stabilized with continuing silver halide technology use for photo print production and for
production of X-rays for industrial and medical archiving purposes. This on-going use of
silver halide technology is expected to continue.
Energy Saving Technology: About half of the lighting retrofit
project started in 2014 was completed. A rebate of about 40 percent of the investment cost
was received from NV Energy. Electrical power cost savings are expected to repay the
balance of the investment in less than six
months. The rest of the lighting retrofit project is planned for
completion in 2015. Estimated electrical power cost savings from this overall project are
expected to exceed 40 percent on an on-going basis.
The refinery electrical system and furnace power control system upgrade
is an energy saving project. Net electrical energy savings from this project are expected
to be in the range of 35 to 60 percent. The Company anticipates that it will receive an
energy savings rebate for the refinery electrical project from NV Energy once it is
completed and the power savings are documented.
The Zinc Flue Dust Process is energy saving. The savings will be
documented and reported once the technology is more advanced in its development, but are
expected to be in the range of 20 to 40 percent compared to conventional technology.
Auric Fulstone Project: The Company is working with a finance
group to acquire funding through joint venture to develop the Auric Fulstone IOCG project.
The Company recently announced that it has discovered the presence of surface high grade
silver bearing zinc oxide mineralization within the Auric Fulstone claim block.
Mining Technical Services: The Company has one on-going mining
consulting project and is developing plans to expand service capabilities if Auric
Fulstone project financing is obtained, and to support KAM-Thio mining application
development.
2014 Sales Results
Unaudited Revenues for the fourth quarter, and full year ended December
31, 2014 together with comparative figures for 2013 are presented below:
ITRONICS INC.
|
For the Quarter |
|
For the 12 Months |
|
Ended December 31 |
|
Ended December 31 |
|
2014 |
2013 |
|
2014 |
2013 |
REVENUE |
|
|
|
|
|
Fertilizer |
$255,728 |
$287,033 |
|
$1,712,181 |
$1,696,076 |
Silver |
$ 861 |
$ 42,509 |
|
$ 3,293 |
$ 222,661 |
Photo Services |
$ 12,571 |
$ 17,678 |
|
$ 45,206 |
$ 59,136 |
Mining Tech Services |
$
15,317 |
$ 33,020 |
|
$
112,475 |
$
212,528 |
|
|
|
|
|
|
TOTAL REVENUES |
$284,477 |
$380,240 |
|
$1,873,155 |
$2,190,401 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dr. John Whitney, Itronics President commented: "While 2014
continued to present many challenges, the Company was able to announce two breakthrough
technology developments in the first quarter of 2014 and one new technology development in
the 2015 first quarter that are the result of on-going application development work. The
Company also announced the discovery of surface high grade silver bearing zinc oxide at
the Auric Fulstone Project. During 2014 we made progress in developing our understanding
of the geology for the Fulstone Project, including the discovery that surface silver
bearing zinc mineralization is present, but field work was minimized due to the difficult
funding market."
About Itronics
Headquartered in Reno, Nevada, Itronics is a cleantech specialty
liquid fertilizer Company which produces silver bullion. It owns a large Iron Oxide Copper
Gold (IOCG) mineral property (the Auric Fulstone Project) in the prolific Yerington Copper
Mining District in northwestern Nevada. The Companys goal is to achieve profitable
clean technology driven organic growth in specialty GOLDn GRO fertilizers, silver,
zinc, and minerals. The Companys technologies maximize the recovery and use of
metals and minerals.
Through its subsidiary, Itronics Metallurgical, Inc., Itronics is the
only Company with a fully permitted "Beneficial Use Photochemical, Silver, and Water
Recycling" plant in the United States that converts spent photo-liquids into pure
silver and GOLDn GRO liquid fertilizers. The Company is also developing
environmentally compatible mining technology Itronics has received numerous domestic and
international awards that recognize its ability to successfully use science and
engineering to create and implement new environmentally clean recycling and fertilizer
technologies.
The Companys environmentally friendly GOLDn GRO liquid
fertilizers, which are extensively used in agriculture, 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.
* * * * * * * * * *
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.)
Itronics (CE) (USOTC:ITRO)
Historical Stock Chart
From Sep 2024 to Oct 2024
Itronics (CE) (USOTC:ITRO)
Historical Stock Chart
From Oct 2023 to Oct 2024