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ITRONICS
REPORTS 25 PERCENT INCREASE IN 2007 SALES; SAYS 2008 SALES PROSPECTS ARE
EXCELLENT
RENO,
Nevada, February 5, 2008 -- Itronics Inc. (OTC BB: ITRO; Frankfurt and Berlin
Stock Exchanges: ITG) reported today that its sales in 2007 totaled $2.3
million, a 25 percent increase compared to 2006. Full year audited financial
results are due to be filed in the Company’s Form 10K-SB on March 31,
2008.
Revenues
for the fourth quarter and full year ended December 31, 2007 together with
comparative figures for 2006 are presented below:
ITRONICS INC.
For the Quarter
For the 12 Months
Ended December 31
Ended December 31
2007
2006
2007
2006
REVENUE
Fertilizer
$ 264,458 $
261,012 $
1,663,362 $
1,297,282
Silver
$ 108,524 $
131,455 $
316,814 $
418,265
Photo Services
$ 40,722 $
67,723 $
334,964 $
128,033
Mining Technical Services $ 13,151 $
3,127 $
28,110 $
28,338
Total Revenues
$ 426,855 $
463,317 $
2,343,250 $
1,871,918
“Much
of each year’s sales for the last three years has been repeat business,
which is very positive,” said Dr. John Whitney, Itronics President.
“Overall GOLD’n GRO sales growth for the full year reflects
expanding grower demand for our fertilizers.”
The
Company expects to achieve further GOLD’n GRO liquid fertilizer sales
growth in 2008 as a result of expansion of bulk blends for application through
drip irrigation systems. Increasing water shortages are causing California
farmers to convert their fields to drip irrigation which uses less water to
produce a crop. The GOLD’n GRO fertilizers are being used by an increasing
number of growers, because the fertilizers work well in drip irrigation by
reducing chemical precipitation in the lines that causes plugging of the
drippers, while at the same time producing measurable fertilization response in
the crops.
Silver
sales for the quarter and for the year decreased due to refinery shut down for
part of the first quarter while waiting for the operating permit for the new
air scrubbing system, and due to external power supply problems in the second,
third, and fourth quarters. Two pieces of equipment needed to expand silver
output were received early in January and, after installation,
are expected to make it possible to
expand troy ounces of silver produced in 2008. Increased
silver ounce output combined with sharply increased silver prices is expected
to produce a major increase in silver sales in 2008.
“The
Company expects to sell at least one Photochemical Concentrator in 2008, and to
acquire additional supplies of used photochemicals for processing into
GOLD’n GRO liquid fertilizer base liquids. This will expand
photochemical volumes in 2008 sufficient to provide raw materials needed to
support fertilizer sales growth, while at the same time producing further
meaningful growth in revenues,” Dr. Whitney said.
Mining Technical Services sales increased in
the fourth quarter while this division continues to advance
its web
based InsideMetals.com
Gold Producer Stocks information portal: http://www.insidemetals.com . Visitor traffic
on the InsideMetals.com web page is increasing and the site is now generating
subscription income. This increased activity is primarily due to the high
prices of gold and silver which are driving more and more investors to examine
gold and silver mining stocks as investments. Whitney & Whitney, Inc.
is also receiving inquiries about consultant services and has begun selectively
accepting mining technical services consulting assignments which will
contribute to revenue growth in 2008.
The
Company filed a registration application for GOLD’n GRO Guardian deer
repellent in the fourth quarter. The Company has been told that the
registration is on a path to be issued towards the end of the second quarter of
this year. If the registration is received, the Company expects that
sales could begin late in the third quarter. This will be a new revenue
source for the Company and internal market studies suggest that sales of this
product could grow quite rapidly. The gross profit margin for this
product line is about twice that of the GOLD’n GRO liquid
fertilizers. Because of this, GOLD’n GRO Guardian deer repellent
fertilizer sales are expected to rapidly produce a significant increase in the
Company’s profitability.
About Itronics
Itronics,
through its subsidiary, Itronics Metallurgical, Inc., is the only company in
the world with a fully permitted "Beneficial Use Photochemical, Silver,
and Water Recycling" plant located in the United States which can convert
used photoliquids into pure silver and liquid fertilizers. At the
Company’s Reno, Nevada factory more than 99 percent of the silver and virtually
all the other toxic heavy metals are extracted from used photoliquids.
The purified liquids are converted into environmentally beneficial, chelated,
micronutrient and multinutrient liquid fertilizers sold under the GOLD'n GRO
trademark. The silver is refined and sold as bullion and 5 troy ounce,
0.999 pure, Silver Nevada Miner numismatic bars. The environmentally
friendly liquid fertilizers can be used for lawns and houseplants, and are
available, along with GOLD'n GRO 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 ..
Headquartered in Reno,
Nevada, Itronics Inc. is a "Creative Environmental Technology"
company and a world leader in photochemical recycling. 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.
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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.)
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