Itronics
Updates Investors; Revenues Up 34 Percent
RENO, NV -- April 25, 2023 --
InvestorsHub NewsWire -- Itronics Inc. (OTC:
ITRO) today reported on current Company progress to its
investors.
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Total Revenues for
the 12 months ended December 31, 2022, were $2,089,780 compared to
$1,559,109 in the same period in 2021, a 34 percent increase over
the prior year. Full year GOLD'n GRO fertilizer sales in 2022 were
$2,016,363 compared to $1,513,852 in the prior year, a 33.2 percent
increase over 2021. "In spite of persistent drought conditions in
California which severely limited farmer's access to water, we saw
an increase in GOLD'n GRO sales that we believe could have been
much higher under normal conditions," said Dr. John Whitney,
Founder and CEO.
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Itronics has begun
work to expand its GOLD'n GRO sales into nursery markets
nationwide. Entrance into the nursery markets will help expand
GOLD'n GRO sales, while reducing the seasonal impact on revenues.
The following example demonstrates that GOLD'n GRO may be
especially beneficial for nursery growers.
A tree propagating nursery has been
using GOLD'n GRO 8-8-8+4% S for more than 15 years. The use of
GOLD'n GRO has demonstrated important benefits, including 1) time
to grow salable product reduced from 4 years to 2 years; 2) 70
percent less fertilizer required; 3) 70 percent less water
required; 4) major reduction in labor cost by using fertilizer
injection into the drip irrigation system. All major water soluble
and slow-release fertilizers were tried and compared but were found
to be less satisfactory. The young trees' foliage is green and
healthy, showing strong plant vigor. The increase in production and
reduction in costs using GOLD'n GRO doubled revenues and
significantly increased sales margins for the
nursery.
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After a successful
Phase 1 Rock Kleen testing program, which was announced in a
November 2022 Press Release, Itronics and the operating gold mining
company are planning a Phase 2 program. The Phase 2 program would
become part of a plan to develop the project through pilot testing,
engineering, and feasibility, to be followed by construction and
start-up of a tailings processing operation. This would be
completed over several years, inclusive of
permitting.
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Ongoing testing
work on the Auric Fulstone iron mine tailings has successfully
proven the ability to use Rock Kleen to recover iron from the
tailings in the correct chemical form to be used in GOLD'n GRO
production. This presents an opportunity for Auric Gold &
Minerals, Inc., a majority owned subsidiary of Itronics, to begin
producing revenues, while directly benefiting Itronics with a
cost-effective supply of raw materials.
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Itronics has
recently performed successful testing work on
zinc-manganese-graphite "black mass" battery paste. More testing
will need to be completed; however, the initial tests show
significant recovery of zinc and manganese, and the potential to
recover graphite. The zinc is usable as a raw material in GOLD'n
GRO production. The Company believes it may be able to utilize all
the "black mass" to produce saleable products. Zinc, manganese, and
graphite are designated as United States Critical
Minerals.
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In the
1st
Quarter 2023,
Itronics successfully refinanced its Stead manufacturing facility,
restructuring the remaining debt under favorable
terms.
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Itronics recently
restructured its Contract of Sale purchase agreement on the Wabuska
property in Yerington, Nevada, which will become the Itronics
Cleantech Materials Campus (ICMC). The Company has until September
30, 2023, to complete the property acquisition.
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After receiving the
completed Intellectual Property (IP) valuation report in February,
work has been started to put a project financing package together
to fund a Rock Kleen pilot/demonstration plant to be located at the
Wabuska property (ICMC). This financing is intended to provide
Itronics with non-dilutive, project loan-based funding. The value
of the IP will be used as part of the loan security. Auric Fulstone
iron mine tailings will be used as feed material for the new
plant.
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The Company
continues to make progress towards completing the audit of its
financial statements. The Company's goal is to have this completed
by the middle of the year.
"We would like to thank our
investors for their continued support," said Dr. Whitney. "Our
portfolio of 'Zero Waste Energy Saving Technologies' is making the
world cleaner and greener and is positioned to enhance the
Company's continued drive to profitability."
About
Itronics
Headquartered in Reno, Nevada,
Itronics Inc. is a 'Zero Waste Energy Saving Technology' Company
that produces GOLD'n GRO multi-nutrient liquid fertilizers, silver
bullion, and silver-bearing glass. The Company's environmentally friendly award
winning GOLD'n GRO liquid fertilizers are used extensively in
agriculture in California.
Follow Itronics on Facebook:
https://www.facebook.com/itronicsinc
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https://twitter.com/itronicsinc
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VISIT OUR WEB
SITE:
http://www.itronics.com
Contact us
(775) 689-7696
("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