ECO2 Plastics Reports Significant Revenue Increase With Second Quarter Earnings.
SAN FRANCISCO, Aug. 14 /PRNewswire-FirstCall/ -- ECO2 Plastics, Inc. (BULLETIN BOARD: ECOO ECOO Educational Computing Organization of Ontario ) (formerly ITEC ITEC Instituto de Tecnologia em Informática e Informação do Estado de Alagoas
ITEC International Therapy Examination Council (UK)
ITEC Internet Technology
ITEC Institute for Tropical Ecology and Conservation
ITEC Instructional Technologies Environmental Group), the eco-friendly recycling company that is changing the way plastics are recycled, today announced that it has filed results of second quarter operations in a Form 10-QSB. The results report a significant increase in revenue, indicating the company's success in bringing the ECO2 recycling system online.
"We are pleased to report record quarterly revenue of $418,000 and $517,000 during the first three and six months ended, respectively, June 30, 2007, as compared to $14,000 and $50,000 for the same respective period ended June 30, 2006," said Rod Rougelot, ECO2's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "We continue to track our accelerated growth and expect to achieve revenues of between $1,500,000 and $2,000,000 in Q3 and between $5,000,000 and $7,000,000 for our 2007 fiscal year."
During the quarter ended June 30, 2007, ECO2 opened its new headquarters in San Francisco and recently announced the publication of a patent entitled: "Method of Removing Contaminants from Plastic Resins." The company holds the exclusive worldwide license to this patent, which was co-developed by ECO2 and is owned by Honeywell Corporation. In addition, the United States Council for Automotive Research's (USCAR USCAR United States Council for Automotive Research
USCAR United States Civil Administration of the Ryukyu Islands ) Vehicle Recycling Partnership (VRP), composed of researchers from DaimlerChrysler, Ford Motor Company and General Motors Corporation, announced a contract with ECO2 to further evaluate the Company's recycling technology for recovery of plastics from end-of-life vehicles (ELV) that have been shredded for recycling.
Rougelot added, "ECO2's operations team is focused on optimizing the production line to maximize throughput and production yields while minimizing operating costs. Quality standards are of the utmost importance. In this regard, we are producing our washed clear flake with total contamination levels of under 50 parts per million parts per million
mg/kg or ml/l; see ppm. , meeting the highest industry standards."
About ECO2 Plastics (http://www.eco2plastics.com/)
ECO2 Plastics, formerly ITEC Environmental Group (ECOO.OB), is a publicly traded company publicly traded company
A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. 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 “San Francisco” redirects here. For other uses, see San Francisco (disambiguation).
The City and County of San Francisco (EN IPA: [sænfrənˈsɪskoʊ] , 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.
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"Forward-looking statements," as defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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: Virginia Jamieson of ECO2 Plastics, Inc., +1-415-829-5984, email@example.com
Web site: http://www.eco2plastics.com/