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ITRONICS REPORTS SIX PERCENT INCREASE IN
2020 FIRST HALF TOTAL REVENUES
-Operational Overview-
RENO,
NV -- September 10,
2020 -- InvestorsHub NewsWire -- Itronics Inc. (OTC:ITRO),
an emerging "Cleantech Materials" growth Company that manufactures
GOLD'n GRO Multi-Nutrient Fertilizers and produces Silver and
Critical Minerals, today announced sales results for the first half
ended June 30, 2020.
Total
Revenues for the six months ended June 30, 2020 were $1,379,564
compared to $1,307,086 in the same period in 2019, an increase of
six percent. Significantly, the Company achieved an increase
in sales in each of its business lines in the first half of
2020.
GOLD'n GRO
Multi-Nutrient Fertilizer sales were up slightly to $1,282,915
compared to $1,259,267 in the first six months of 2019.
Planned growth for the first half 2020 was drastically slowed due
to negative impacts of shutdowns due to COVID-19 in April and
May. Sales in June did increase by 24 percent compared to the
prior year. The overall improvement was largely due to the
expanded sales base that was established during the first half
despite COVID-19 induced cutbacks and to the 68 percent sales
increase in the first quarter prior to the shutdowns due to
COVID-19.
Silver sales
produced by our pilot scale refining operation in the first half
increased by 150 percent to $69,594 rom $27,883 in 2019. Most
of the increase was from silver settlements received in the first
quarter of 2020. A silver settlement was received in early
July which will be reported as part of the third quarter
results.
The Company
believes it is on a path to increase GOLD'n GRO Multi-Nutrient
Fertilizer sales for the full year 2020, despite the uncertainties
created by COVID-19. Sales increases are being driven by the
sales expansion program that is underway and positive field
demonstrations showing improved mineral nutrient uptake compared to
existing fertilizers being used by our distributor's customers. The
outlook for silver sales is for a further increase in 2020 due to
ongoing pilot scale circuit board refining operations.
Strongly rising silver and gold prices are expected to boost silver
sales in the fourth quarter of 2020.
Early in the
second quarter the Company began to introduce its proprietary Rock
Kleen Technology that is initially being targeted to processing
silver/gold mine tailings in Nevada. The technology
neutralizes residual cyanide remaining from silver/gold recovery
operations and removes nitrogen introduced into the tailings by the
mining process. It also recovers residual silver and gold
along with other important metals remaining in the rock.
After cleaning, the tailings materials are expected to be clean and
useable either at the mine site, as sales for industrial minerals,
and other uses. This new process is a revolutionary "Zero
Waste Energy Saving" technology, and when commercially developed,
is expected to have wide application.
"The sales
growth achieved in the first half is significant given the negative
impacts of the Covid-19 shut downs of schools and restaurants that
is continuing to negatively affect the California farm economy well
into the third quarter," said Dr. John Whitney, Itronics President.
"GOLD'n GRO fertilizer sales were up slightly in the first half and
are at last years' levels in the third quarter which is good
news. Our other growth initiatives are moving forward on a
positive pathway, which is also excellent news for our
shareholders."
2020
First Half Sales Results
Unaudited Revenues
for the second quarter, and 6 months ended June 30, 2020 together
with comparative figures for 2019 are presented below:
ITRONICS INC.
For the Quarter
For the 6 Months
Ended June
30
Ended June 30
2020
2019
2020
2019
REVENUE
Fertilizer
$
688,787
$904,890
$1,282,915
$1,259,267
Silver
$
1,148
$ 10,697
$
69,594
$ 27,883
Photo Services
$
13,583
$
5,907
$
18,044
$ 11,551
Mining Technical Services
$ 5,224
$
5,062
$
9,011
$ 8,385
Total Revenues
$708,742
$926,556
$1,379,564
$1,307,086
Operations
and Expansion Updates
GOLD'n GRO Multi-Nutrient
Fertilizers: During the second
quarter the Company began testing a GOLD'n GRO copper micronutrient
formulation for use on strawberries. This testing is
producing very positive results. In August the Company
received approval to sell the fertilizer commercially in California
under a provisional label. The Company is assembling
the information needed to formally register the fertilizer in
Nevada and California. Commercial sales into the California
strawberry market are expected to begin in September.
The GOLD'n
GRO sales team is planning to start field testing a GOLD'n GRO
magnesium fertilizer that was initially developed and registered
several years ago. In recent years, widespread magnesium
deficiencies have emerged in the California vegetable and berry
growing areas so, at our distributor's request, we have upgraded
the fertilizer to a fully chelated magnesium fertilizer and have
generated all of the information needed for re-registration.
This magnesium fertilizer is already registered in Nevada.
The plan is to begin field testing in California in September to
develop baseline application and efficacy data needed for
commercial use.
Magnesium is
a "middle nutrient," as are sulfur and calcium. Middle
nutrients are used in much larger quantities than the micronutrient
fertilizers. Because of this, sales of the GOLD'n GRO
magnesium fertilizer could materially increase total GOLD'n GRO
sales in coming years.
Silver
Bullion Production: The pilot scale
computer circuit board refining operation is operating
reliably. Metal recovery optimization is underway and is
improving bullion silver and gold content while at the same time
improving furnace efficiency and reducing the unit cost of metals
being recovered.
Recently
Itronics announced that it plans to resume experimental recovery of
pure copper and possibly tin from the silver bullion which will
further increase the silver and gold content of the bullion being
shipped for sale to its finish refiner. The Company recently
acquired several commercial electrowinning cells. It plans to use
these electrowinning cells for recovering pure metals at the
Itronics Cleantech Materials Campus that is being planned for
development at its 48-acre Wabuska site north of Yerington,
Nevada.
Rock
Kleen Technology and Business Plan
Development:
During
the first quarter the Company announced completion of a detailed
three-year growth plan for Reno manufacturing operations. A
10-year growth plan for consolidated operations that include
expansion to the new "Itronics Cleantech Materials Campus" was
completed in the second quarter. Itronics is expecting to achieve
rapid growth over the next several years, to be driven by GOLD'n
GRO fertilizer sales and to be supported by development of the new
Rock Kleen technology which was selected from the Company's
portfolio of "Zero Waste Technologies" for commercial development
as a major new line of business for the Company.
Auric
Fulstone Polymetallic Gold Project:
In the
first half of 2020, the Company was successful in getting two
mining companies to review the project for possible joint venture
development, but those activities were shelved due to COVID-19
risks. Subsequently, gold and silver prices have risen
dramatically creating expanded revenues for all gold and silver
production companies. Because of this, and after the COVID-19
risks are deemed to be acceptable, the Company is expecting that
there will be considerable interest in the Auric Fulstone
Polymetallic Gold project as a potential joint venture
development.
Itronics
Inc. is an emerging Clean Tech Materials Growth Company that
produces GOLD'n GRO Multi-Nutrient Fertilizers and Silver.
The Company is also an emerging "Critical Minerals" producer.
The Company's growth forecast centers upon its 10-year business
plan designed to integrate its Zero Waste Energy Saving
Technologies and to grow annual sales from $2 million in 2019 to
$113 million in 2025.
About
Itronics
Headquartered in
Reno, Nevada, Itronics Inc. is an emerging Cleantech Growth Company
that uses proprietary multi-nutrient fertilizer manufacturing
technologies to produce GOLD'n GRO multi-nutrient fertilizers and
breakthrough Zero Waste Technologies to recover fertilizer
ingredients, silver bullion, and silver-bearing glass from waste
streams that contain silver, gold, copper, zinc, tin, and other
metals. The Company's goal is to achieve profitable green
technology driven organic growth in specialty GOLD'n GRO
fertilizers, silver, zinc, and minerals. The Company's
technologies maximize the recovery and uses of metals and minerals
and by doing this maximize sustainability.
The
Company's environmentally friendly award winning GOLD'n 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.
Due to expanded retail customer interest, GOLD'n GRO fertilizer may
now be purchased in Reno, Nevada at "Buy Nevada First Gift Shop",
4001 S. Virginia St.
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
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("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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