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): January 21, 2016
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 January 21, 2016 the Company announced its unaudited consolidated
revenues for the three and twelve months ended December 31, 2015. 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 January 21, 2016
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: January 27, 2016
By:
/S/ John W. Whitney
John
W. Whitney
President,
Treasurer and Director
(Principal
Executive and Financial
Officer)
2
Exhibit 99.1
FOR IMMEDIATE RELEASE
******************************************************************
ITRONICS UPDATES OPERATION RESULTS AND REPORTS FULL YEAR 2015 SALES
-Fourth Quarter Sales Up 34 Percent; Full Year Down Slightly-
RENO, Nevada, January 21, 2016 -- Itronics
Inc. (OTC:ITRO) a diversified fertilizer, silver, and mineral producer, today summarized
its operations and diversification progress and announced sales results for the three
months and twelve months ended December 31, 2015. Total fourth quarter sales increased by
34 percent with a 26 percent increase in fertilizer sales and a huge percentage increase
in silver sales.
Total Revenues for the 12 months ended December 31, 2015 were
$1,841,901 compared to $1,873,296 for 2014, a decrease of two percent. GOLDn GRO
fertilizer sales volume increased by 6 percent and revenues were up one percent due to a
shift in product mix. Silver sales increased 1150 percent based in part on bullion
produced by the Companys new refining technology in the fourth quarter. Beginning in
2016, a new revenue category, sales of "Silver-bearing Glass" will be included
in silver sales.
Twelve Month Sales Results
Unaudited Revenues for the fourth quarter, and 12 months ended December
31, 2015 together with comparative figures for 2014 are presented below:
ITRONICS |
|
For the Quarter Ended |
For the Twelve Months |
|
December 31, 2015 |
December 31, 2014 |
December 31, 2015 |
December 31, 2014 |
REVENUE |
|
|
|
|
Fertilizer |
$ 322,559 |
$ 255,869 |
$ 1,734,547 |
$1,712,322 |
Silver |
$ 39,994 |
$ 861 |
$ 41,149 |
$ 3,293 |
Photo Services |
$ 11,626 |
$ 12,571 |
$ 34,876 |
$ 45,206 |
Mining Tech Services |
$
6,460 |
$ 15,317 |
$
31,329 |
$ 112,475 |
|
|
|
|
|
TOTAL REVENUES |
$ 380,639 |
$ 284,618 |
$ 1,841,901 |
$1,873,296 |
Operational Developments
One of the Companys fundamental strengths is its ability to
invent, build and operate clean technology to completely convert certain categories of
hazardous waste materials into cash through the production and sale of commercial goods.
The Company is using this creative ability to diversify its operations by developing core
clean technology extensions to establish year-round non-seasonal sales in new market
segments. Completely converting hazardous photographic waste to GOLDn GRO
fertilizers, silver, and silver-bearing glass maximizes sustainability and makes the
environment cleaner. The Companys award-winning GOLDn GRO fertilizers make the
environment greener.
GOLDn GRO fertilizers: Two new field applications for one
of the GOLDn GRO multi-nutrient fertilizers are being introduced by our distributor
this year. Initial sales for these new applications in 2015 produced a six percent
increase in fertilizer volume sold and are expected to be continued and expanded in 2016.
The Company has identified a potential new environmental benefit that
may be obtained by using GOLDn GRO fertilizers. Based on experience obtained from
the manufacturing process and from the leaching research and development work, Itronics
has observed that the non-nutrient metals cadmium, lead, and mercury are not soluble in
our fertilizers. Work with KAM-Thio has demonstrated cadmium, lead, and mercury can be
removed from solutions treated with KAM-Thio. Vegetable growers have a need to minimize
uptake of cadmium by vegetable crops. The Company and its distributor are planning field
tests in 2016 to evaluate whether use of GOLDn GRO fertilizers on vegetable crops
may be able to reduce cadmium uptake from the soil by these crops.
Over time, cadmium levels have increased in some soils, leading to
increases in cadmium uptake by crops. Cadmium has no known nutritional value to humans or
plants, and it is known to be a health hazard for humans. Minimizing cadmium uptake is
desirable to minimize its presence in the human diet.
Silver Production: The first bullion shipment using the new
refining system was made in early October 2015. The furnaces reduce electrical power
consumption by 44 percent with an increase in operating temperature of 12 percent.
In the fourth quarter the Company acquired and installed a new jaw
crusher for crushing glass produced by the refining furnaces. The Company also installed a
screening machine which will size the crushed glass so that it can be sold to a smelter.
The glass has a small amount of silver in it and so sale of this glass for its silver
content will produce a third category of revenue for the Company; "Silver-bearing
Glass." The Company has an inventory of this glass which will be crushed and screened
during the first quarter of 2016 for sale throughout the balance of 2016.
The FeLix, SuLix leaching technology pilot scale development is
continuing and is being prepared for a five times scale up so that a larger quantity of
leached solids can be passed to the refinery for silver separation and purification. About
75 percent or about 75 pounds out of each 100 pounds of the feed material to the leaching
process is now being recovered in a liquid form that can be incorporated as raw material
in the manufacture of the GOLDn GRO fertilizers. All of the silver in the leach
process feed materials is contained in the silver concentrates that are delivered to the
refinery.
The new leaching technology has improved the productivity of the
refining furnaces by approximately 10 times. The Companys project to scale up the
leaching process will produce a larger quantity of silver concentrate to be passed to the
refinery for silver separation and purification.
The Company has been processing silver-bearing photographic liquids and
accumulating the silver-bearing solids since December 2013, so there is a back log of
silver-bearing material available for leaching and transfer to the refinery. This back log
of material, which is still increasing, must be processed with the expanded leach system
which is now in final stages of engineering.
2
In the fourth quarter capital funding was obtained to construct the new
prototype chemical reactor system for leaching and for improvements in electrical
distribution and power stabilization for the R & D work area in the plant. Total
capital to complete this pilot plant project is expected to be approximately $50,000. The
new leach reactor system and facility improvements should be complete
in the first quarter of 2016 and are designed to increase the silver
concentrate feed rate for the refinery by five times.
E-scrap processing feasibility study: In the second quarter
2015, Itronics announced that it had started a feasibility study to determine whether
e-scrap processing can be integrated into the new refining operation. The Company has
mounted a shredder on a portable base, installed the necessary electrical connections, and
tested the shredder for suitability for shredding e-scrap to be used as feed to the
refining furnaces. The Company has determined how much e-scrap can be introduced into each
melt and will now produce silver bullion that is expected to contain some silver, gold,
and palladium.
In October 2015 the Company acquired two grinders that will be used to
reduce the shredded e-scrap to a fine powder in two stages in order to improve the ability
of the production furnaces to process the material. The grinders will be installed in the
first quarter 2016. The purpose of the grinders is to provide finely ground material that
will be used to determine how much additional e-scrap can be processed per melt due to
improved processing efficiency. The Company is anticipating that a three to five times
increase in the amount of e-scrap per melt may be possible.
The Company is focusing on disassembly of personal computer towers to
obtain the e-scrap for refining and is planning on using the information being obtained to
develop and evaluate the economics of a business model to accomplish the processing of pc
computer circuit boards for refining.
KAM-Thio Process Development: Laboratory tests conducted by the
Company have demonstrated that KAM-Thio has the ability to leach silver from the silver
bearing glass slag generated by the Companys silver refinery. The tests have also
demonstrated that KAM-Thio liquid is stable in the leaching application. Independent
laboratory tests have demonstrated that KAM-Thio is able to neutralize the cyanide
contained in spent cyanide solution generated by gold-silver leaching.
The amount of KAM-Thio required to neutralize cyanide is in a range
appropriate for leaching gold and silver from ore. The next step for KAM-Thio technology
development is to conduct a series of tests on silver-gold ore samples to measure the
silver-gold leaching capabilities of KAM-Thio.
The amount of KAM-Thio needed to neutralize cyanide in gold-silver
leaching solutions is several times greater than is required for fertilization of plants.
Because of this there is the potential to dilute the neutralized cyanide water with fresh
water and use it as a fertilizer for reclamation and re-
vegetation at the mine site. This is an environmentally attractive way
of using the water at the end of the leaching cycle.
Based upon information already developed, it is apparent that KAM-Thio
has the potential to be a versatile product for improving residual recovery of gold and
silver from ore while neutralizing cyanide and providing fertilizer water for mine site
reclamation.
Zinc Flue Dust Process Development: Itronics previously
announced a technical breakthrough by successfully testing electrowinning as a process to
recover metallic zinc powder from zinc enriched liquids that are produced by leaching zinc
oxide from zinc bearing flue dust. The innovative zinc recycling technology the Company is
developing is expected to eliminate the waste completely by converting all components to
saleable goods. The process being developed may use up to 40 percent less electrical
energy compared to conventional zinc refining. The potential energy savings would be a
strong economic driver for the project.
3
Battery Recycling Evaluation: Itronics is studying the
potential use of 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. The alkaline
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 not
yet been made to begin a laboratory evaluation to determine whether the ZinLix technology
will work. If a positive decision is made, 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.
Once the Company has completed the installation and start-up of the
grinders obtained to process e-scrap, it will be possible to evaluate processing of silver
oxide batteries which have to be crushed or ground up prior to introduction into the
refining furnace. Processing silver oxide batteries would increase the silver feed to the
refinery and would be non-seasonal, a very positive outcome.
Auric Fulstone Project: A previous Itronics press release
announced that its subsidiary, Whitney & Whitney, Inc., has identified surface high
grade zinc-lead-silver mineralization at its Auric Gold & Minerals Fulstone
copper-gold exploration project.
Within the Auric Fulstone project area, the Company has discovered surface high grade zinc, lead, and silver
mineralization that contain anomalous molybdenum in a large area that is geochemically
anomalous for zinc. It has also discovered high grade copper mineralization that contains
anomalous gold and molybdenum in a separate area that is anomalous for copper. Discovery
of the potential for significant zinc, lead, silver, and molybdenum mineralization
increases the economic attractiveness of the project by adding potentially significant
near surface zinc, lead, silver, and molybdenum values to the over-all copper and gold
values that are expected to be identified as the project is explored .
About Itronics:
Headquartered in Reno, Nevada, Itronics Inc. is a "Creative Clean
Technology" Company which produces GOLDn GRO specialty liquid fertilizers and
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. Within the Auric Fulstone project area, the Company has
discovered surface high grade zinc, lead, and silver mineralization that contain anomalous
molybdenum in a large area that is geochemically anomalous for zinc. It has also
discovered high grade copper mineralization that contains anomalous gold and molybdenum in
a separate area that is anomalous for copper. 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 and by doing this maximize sustainability.
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 100 percent of the spent
photoliquids into silver bullion, silver bearing glass, and GOLDn GRO liquid
fertilizers.
4
The Company is developing environmentally compatible waste processing
and 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 at the Company's "e-store" on
Amazon.Com at
http://www.amazon.com/s/ref=bl_sr_lawn-garden?ie=UTF8&field-brandtextbin=GOLD%27n+GRO&node=2972638011
Follow Itronics on Facebook:
https://www.facebook.com/itronicsinc
Follow Itronics on Twitter:
https://twitter.com/itronicsinc
* * * * * * * * * *
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
5
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