ECO2 Plastics Continues Implementation of Its Recapitalization and Financing Strategy - Withdraws SB-2 Registration Statement.
"Our stated objectives have been to finance and commercialize our proprietary recycling process and rapidly scale our operations in order to build shareholder value. By postponing the completion of a registration statement, the Company expects to have more avenues for achieving its financing and commercialization goals," said Rod Rougelot, ECO2's CEO.
Rougelot added, "With our move towards cash flow positive operations in Q4, we are examining opportunities to recapitalize with longer term debt financing and continue our expansion with additional recycling plants, which would not be possible with the registration statement currently filed. Furthermore, withdrawal of the filing removes SEC related communication restrictions, which will allow us to communicate our progress and the exciting opportunities we foresee ahead of us."
About ECO2 Plastics (http:/www.eco2plastics.com )
ECO2 Plastics, formerly ITEC Environmental Group (BULLETIN BOARD: ECOO) , is a publicly traded company engaged in PET plastic recycling. The Company's patented process was developed through a research partnership with Honeywell FM&T and the US Department of Energy. ECO2 Plastics is the exclusive worldwide licensee of the patented and patent-pending technology. Headquartered in San Francisco, California, the Company operates a recycling plant in Riverbank, California and another plant is currently under development in Southern California.
ECO2's approach sets it apart from competitors that deploy water-based recycling processes. Unlike other recyclers, ECO2's process eliminates the use of water, respects and preserves the environment, while delivering a high quality recycled plastic flake with comparably lower operating costs. ECO2 Plastics is the only recycling company that can claim that (i) its plastic recycling technology has a negligible impact on the environment and (ii) is distinguishable from existing technologies when it comes to water waste and chemical contamination.
For more information please email firstname.lastname@example.org or call 415-829-5984.
Cautionary Warning Regarding Forward-Looking Statements
"Forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995, may be included in this press release. These statements relate to future events and/or our future financial performance. These statements are only predictions and may differ materially from actual future events or results. ECO2 Plastics, Inc. disclaims any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments or otherwise. Please refer to the documents filed by ECO2 Plastics, Inc. with the Securities and Exchange Commission, which identify important risk factors that could cause actual results to differ from those contained in forward-looking statements, including, but not limited to risks associated with our ability to (i) increase revenues, (ii) obtain profitability, (iii) obtain additional financing, (iv) manage changes in general economic and business conditions (including in the environmental technology and plastic recycling industries), (v) react to actions of our competitors, (vi) develop new services and markets for our services and products, (vii) properly quantify the time and expense involved in such development activities, (viii) identify and manage risks in connection with acquisitions (ix) identify and capitalize upon the level of demand for and market acceptance of our services and products and (x) make any necessary changes to our business strategies.
CONTACT: ECO2 Plastics, Inc., +1-415-829-5984, email@example.com
Web site: http://www.eco2plastics.com/
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|Date:||Nov 9, 2007|
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