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Itronics First Half 2008 Sales up 39 Percent, Including a 35% Increase in GOLD'n GRO Fertilizer Sales and 64% Increase in Silver Sales
| Source: Itronics Inc
RENO, NV--(Marketwire - July 10, 2008) - Itronics Inc. (OTCBB : ITRO ) (FRANKFURT : ITG )
(BERLIN : ITG ) reported today that first half 2008 sales were $1,914,000
compared to $1,374,000 in the first six months of 2007, a 39 percent
increase. Second quarter 2008 sales were $1,261,000 compared to $841,600
last year, a 50 percent increase.
GOLD'n GRO liquid fertilizer sales were $1,560,400, up 35 percent in the
first half of 2008. Second quarter sales were $1,114,900, a 50 percent
increase over the 2007 second quarter. Fertilizer sales growth achieved in
the first half is expected to continue in the second half of the year as
on-going fertilizer demand is at historical highs and is continuing due to
global shortages of food grains. Demand for the environmentally beneficial
GOLD'n GRO liquid fertilizers is being driven by increased effectiveness,
which improves the economics for the crop grower customers during a period
of high and increasing fertilizer prices.
Silver sales were $198,000, up 64 percent in the first half. Second
quarter sales were $81,000, a 56 percent increase over 2007. The Company
is continuing to develop and implement its silver refinery expansion plans.
Photochemical Services sales were $71,300, down 19 percent over the prior
year first half. Second quarter sales were $36,700, a 14 percent decline
from the 2007 second quarter. The Company began servicing a new wholesale
customer in the second quarter and expects to expand service to this
customer as the year progresses. Photochemical Services sales are also
expected to increase in the third quarter due to delivery of a new
Photochemical Silver Concentrator to a customer.
Itronics Mining Technical Services sales were $84,200 in the first half, a
1170 percent increase over the prior year first half and a 210 percent
increase over 2007 full year sales for this division. Sales in the second
quarter were $28,400, a 1,593 percent increase compared to 2007 and a four
percent increase over 2007 full year sales. The increase in Technical
Services sales is expected to continue as the Company increases its focus
in this sector.
Itronics expects to report full financial results for the first half on
August 14 when it files its Second Quarter Form 10-Q. The Company expects
to report an increase in gross profit and a reduction in operating loss in
a strong continuation of improved operating results achieved in the first
quarter.
The Company recently announced that it is proceeding on schedule with the
GOLD'n GRO Guardian deer repellent fertilizer registration in 11 key
states. Registration has been received for Nevada, Rhode Island, and Utah.
The Company plans to have spray kits available for testing in the second
half of July. The product can be purchased at 800-368-1865.
"Silver prices, fertilizer demand and prices, and gold prices are at
all time highs," said Dr. John Whitney, Itronics President. "Itronics,
with its innovative photochemical recycling technology that completely
converts the waste stream to pure silver and environmentally beneficial,
high quality GOLD'n GRO liquid fertilizers, is benefiting from these
strong markets," said Dr. Whitney. "On-going sales growth, incremental
expansion of Silver refining, continuing successful acquisition of
spent photoliquids to support GOLD'n GRO fertilizer
manufacturing, and completion of the first GOLD'n GRO Guardian Deer
Repellent registration with the U.S. EPA, is a result of continuing
successful implementation of the Company's eight part long term growth
plan."
About Itronics
Headquartered in Reno, Nevada, Itronics Inc. is a "Creative Environmental
Technology" company. Itronics, through its subsidiary, Itronics
Metallurgical, Inc. is the only company with a fully permitted "Beneficial
Use Photochemical, Silver, and Water Recycling" plant in the United
States that can convert used
photoliquids into pure silver and GOLD'n GRO liquid fertilizers. 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. that 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 beneficial recycling
and fertilizer technologies.
The Company's environmentally friendly GOLD'n GRO liquid fertilizers 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. The popular Silver Nevada Miner bars are available at
the Company's 'e-store' catalog at http://www.itromet.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.)