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aktienking
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"...the most undervalued stock we have looked at in the 5 year history of the ************ Report..."

http://www.************.com/

************'s pick this week...

Itec Environmental Group, Inc. (OTCBB: ITCV)
693 Hi Tech Parkway, Suite 3
Oakdale, CA 95361
Phone: (209) 848-3900
Corporate Website: http://www.iteceg.com/iteceg.htm

Shares Outstanding: 223 million
Public Float: 135 million (estimated)
Market Capitalization: $714,000
Closing Price Friday 10/01/04: $0.0032

Itec Environmental Group, Inc. is quite possibly the most undervalued stock we have looked at in the 5 year history of the ************ Report... Itec is marketing a new cost effective environmental technology using a low-cost CO2 cleaning process known as the ECO2TM Environmental System. The ECO2TM System is the only plastic recycling system on the market today that allows for the recycling of used motor oil bottles and the residual oil left inside each container as well as the recycling of other HDPE and PET containers. The ECO2TM System does not use water, thereby eliminating secondary costs for effluent wastewater cleanup associated with current cleaning technologies.

Each year in the U.S., Do-It-Yourselfers and service stations buy and use an incredible 2,000,000,000 motor oil containers… and on the average, 1 ounce of residual oil remains in each “empty” plastic container. Because there are very few formal used motor oil bottle recycling programs, the plastic and the oil get discarded into landfills. This oil can leak out and contaminate the ground and water. One gallon of residual oil can potentially ruin 1,000,000 gallons of drinking water.

Also, consider the following:

An estimated 16,000,000 gallons of recyclable residual oil is thrown away each year. This is enough to create an oil slick the size of the state of Ohio and has the potential to pollute 500,000,000,000 gallons of drinking water. Enough to supply the world's current population with drinking water for over 4 years.
An estimated 260,000,000 pounds of recyclable plastic is thrown away each year. This is enough plastic to fill 2536 football fields covered one foot in depth.
The residual oil left inside each motor oil container contaminates the plastic making the containers nearly impossible to be recycled by conventional plastic recycling companies. Very few plastic recycling companies handle plastic motor oil containers because of the washing process and the permitting associated with discharging the wastewater.
Manufacturing plastic oil containers from virgin plastic resin consumes oil or natural gas in the production of the resin. Recycling oil recovered from the 2,000,000,000 motor oil containers would produce 37,000,000 1-quart bottles and save 630,000,000 gallons of crude oil.
The principal technology underlying the ECO2TM System was developed by Honeywell Federal Manufacturing and Technologies, Inc. and the U.S. Department of Energy (DOE). Itec has signed a five-year license agreement (with an additional five-year license extension) to use this process for the recycling of post-consumer and industrial plastic scrap. The technology has been recognized as a significant environmental breakthrough and will increase the percentage of plastic diverted from waste streams to recycling and re-use. Increasingly, plastic recycling and used motor oil recycling programs are becoming required by the EPA in the United States and by similar agencies worldwide.

The machinery used in the ECO2TM system has been designed, developed, and produced by Cool Clean, a former division of Chart Industries (NYSE: CTI), a world leader in CO2 technology. Itec has entered into OEM agreements with Cool Clean to manufacture the CO2 cleaning equipment exclusively for the ECO2TM System. Cool Clean and Itec utilize the Chart Industries plants in the Czech Republic and in Minnesota for worldwide markets.
http://www.iteceg.com/es/eco2open.htm

The ECO2TM System uses CO2 to clean the plastics and separate glue, labels, oil and other contaminates from the plastic. Some contaminates make most types of plastic ineligible for traditional recycling programs. Used oil containers were the first focus of this new technology, however additional scientific testing results now indicate the technology can be profitably employed to recycle all plastics regardless of the contaminant. The ECO2TM System completes two cycles per hour and is capable of producing more than 1,000 pounds per hour of clean, recyclable plastic, plus gallons of residual oil. The technology can process six types of contaminated plastics:

1. Pesticide Containers (HDPE)
2. Mixed Color Post Consumer HDPE Containers (Detergent, Shampoo & Clorox Containers)
3. Natural Post Consumer HDPE Containers (Milk & Water Containers)
4. Oil contaminated plastics (Post Consumer HDPE Mixed Color or Natural)
5. Post Consumer PET - (Soft Drink Containers)
6. Gallon paint buckets (HDPE)

The ECO2TM System is cost effective and competitive in several areas:

Uses no water and has zero environmental impact with no waste-water or by-products produced
Higher profit margins due to decreased operating costs. The system uses CO2 and a re-usable solvent to clean the plastic. It produces no wastewater, uses less electricity, lower maintenance costs, and fewer employees.
Plastic cleaned with the ECO2TM System is odorless and contaminant-free and can be used in a wider variety of applications than traditional water cleaned plastics.
The ECO2TM System enables plastic recyclers the ability to recycle oil-contaminated plastic and recover the residual oil.
No permits are needed for wastewater discharge.
Is a closed loop system, continually reusing low-cost CO2, and co-solvent.
On Sept. 7, 2004 Itec Environmental Group, Inc. announced that it received approval for a $2,000,000 low-interest loan from the California Integrated Waste Management Board through the Recycle Market Development Zone Loan Program. The loan was approved at the August 17, 2004, monthly meeting of the CIWMB at the California EPA headquarters in Sacramento, California.

“We worked with the CIWMB for some time on this project. We are extremely pleased with the Board's approval of the loan and consider the fact that this loan was approved after a prior $256,000 research grant from the CIWMB to develop the ECO2(TM) Environmental System to be an exciting development. We believe this loan will enable Itec to build the first of what we hope to be many plants in the USA,” stated Gary M. De Laurentiis, President of Itec Environmental Group, Inc. “Over the past 18 months we have been testing our Eco2 System technology which uses a environmental friendly co-solvent and CO2 to clean post-consumer plastics, instead of water, to remove dirt, labels, glue and contaminates from the containers from plastics. We've been focusing on recovering very high quality food grade flake from recyclable plastic containers that existing systems either avoid or must ship overseas. The test results proved that this state of the art Eco2 System will produce a finished, odor free product for 30% less than other systems. The fact that the Eco2 System uses absolutely no water, and discharges nothing into the environment, is of great significance when one considers that this is an industry that exists to reduce damage to the environment, not simply substitute one source of pollution with another,” added De Laurentiis.

In March 2004, Itec entered into a five-year lease with a five-year option on a 51,394 sq ft steel frame building in a heavy industrial complex building in Riverbank, California. The lease includes an additional 3,500 sq ft of office space. All necessary infrastructures, including a rail siding, are in place. The company began ordering equipment for the plant in mid-September with installation of the equipment taking approximately four months. The company is making every effort to ensure testing of the Eco2 System will commence in December 2004. At full capacity, the Company believes the plant will produce approximately 6,000 pounds per hour of post-consumer PET beverage containers and HDPE used oil containers and employ approximately 48 production personnel. The plant will reach capacity early in its second year of operation. Expected revenues for the plant are approximately $15,000,000 per year.
http://www.iteceg.com/es/esgraphics/plastic_large.wmv

Itec has developed a used motor oil bottle recycling program which has been accepted by the State of California. As part of the program, the company sells granulators and collection services to cities, counties and private industry for the granulating and collection of used motor oil bottles. Once collected, the plastic is delivered to the plastic recycling plants for processing. This program is currently being marketed across the United States and will supply Itec's plastic recycling plants with an additional source of plastic for recycling.

And this from the State of California Integrated Waste Management Board archives:

“Itec Environmental will utilize a patented process and licensed technology to process post consumer PET bottles by using waterless, recyclable carbon dioxide and producing contaminant free PET flakes of Q1 and Q2 grade that can be readily sold in the market. This project is projected to process 15,000 tons per year of post consumer plastic PET bottles and will contribute to the diversion of that material from the waste stream, thereby assisting the local jurisdiction’s compliance with AB 939. In addition, Itec has developed the technology to process HDPE used oil containers. Itec can either sell the HDPE processing system to other recyclers or Itec can expand the capacity at the Riverbank facility to process HDPE used oil containers. “There are no PET processors who can wash and clean post consumer plastic bottles in California. Itec is expected to be the first plastic recycler using the waterless CO2 technology.”

************ does not receive compensation from companies we profile or from third parties... we never have and never will. We use our own money when we buy stocks, and even though we usually take a position in a stock before we profile a company, our purchases are small relative to the public float so that the effect on the stock price when we buy or sell is minimal. Please read our full disclaimer.

Also, contrary to a commonly held belief, ************ does not have access to insider information, nor do we want to because trading on insider information is illegal! All information contained in our reports is available in the public record... and any written or verbal communication with company CEOs/IR people strictly adheres to this rule. Readers are urged to read the company SEC filings and do their own due diligence before investing in this or any other stock.

Good Trading... ************


Posts: 340 | From: Germany | Registered: Jun 2004  |  IP: Logged | Report this post to a Moderator
joeyisthebest
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DARDADOG told me to post this tonight because his computer is down!

Itec Environmental Group, Inc (formerly Beechport Capital Corp.), incorporated in March 2000, develops and commercializes technologies that are economically and environmentally sound. The Company has developed a cleaning system utilizing liquid carbon dioxide for cleaning recyclable plastic, oil and pesticide containers called the ECO2 Environmental System. Itec has one wholly owned subsidiary, ECO2 Environmental Systems (collectively referred to as The Company or Itec). ECO2 Environmental Systems, Inc. only activities to date have been the application and receipt of the trademark ECO2.


The ECO2 System consists of a washing chamber, storage tank, distilling unit, compressor, refrigeration unit, pumps and compressors. Each system can process between 500 and 1,000 pounds of plastic per hour depending on the model purchased. Used oil containers, the one-quart size sold to consumers, were the first focus of the Company's use of this technology. However, additional scientific testing from third parties indicates that the technology may be profitably employed to recycle all plastics regardless of the contaminant. This statement refers to the end result of the tests being equal to or exceeding the normal results using water. The companies that provided this test data are Analytical Services Group located in Santa Clara, California and BSK Analytical Laboratories located in Fresno, California.

As of December 2002, the Company had arranged with Cool Clean Technologies, Inc. a company engaged in the utilization of CO2 technology, to manufacture the ECO2 Environmental System. During December 2002, Cool Clean has manufactured four ECO2 Systems at its facility in Burnsville, Minnesota. The four prototype systems are referred to as Generation One systems. In addition, Cool Clean has manufactured a Generation Two system in Europe and Itec delivered the Gen 2 to an Italian customer in January 2003. The Company has relocated two of the Gen 1's systems to Oakdale, California and has established a recycling facility where the Gen 1's can be operated to test new procedures, as well as demonstrate the process for prospective purchasers. While Cool Clean has produced all of Itec's systems to date there are other manufacturers who are capable of manufacturing this type of system using the technology and systems under the control of Itec.

================================================================


Income Statement Get Income Statement for:




View: Annual Data | Quarterly Data All numbers in thousands
PERIOD ENDING 30-Jun-04 31-Mar-04 31-Dec-03 30-Sep-03
Total Revenue - 2 13 -
Cost of Revenue - - 9 -

Gross Profit - 2 4 -

Operating Expenses
Research Development 12 - - -
Selling General and Administrative 399 260 950 265
Non Recurring - - - -
Others 16 16 20 12

Total Operating Expenses - - - -


Operating Income or Loss (428) (274) (966) (277)

Income from Continuing Operations
Total Other Income/Expenses Net 32 (1) (0) -
Earnings Before Interest And Taxes (395) (275) (966) (277)
Interest Expense 137 65 8 9
Income Before Tax (532) (340) (974) (286)
Income Tax Expense - - 4 -
Minority Interest - - - -

Net Income From Continuing Ops (532) (340) (978) (286)

Non-recurring Events
Discontinued Operations - - - -
Extraordinary Items - - - -
Effect Of Accounting Changes - - - -
Other Items - - - -


Net Income (532) (340) (978) (286)
Preferred Stock And Other Adjustments - - - -

Net Income Applicable To Common Shares ($532) ($340) ($978)


======================

Insider Transactions Get Insider Transactions for:




NET SHARE PURCHASE ACTIVITY

Insider Purchases - Last 6 Months
Shares Trans
Purchases N/A N/A
Sales 640,000 2
Net Shares Purchased
(Sold) (640,000) 2
Total Insider Shares Held 20.80M N/A
% Net Shares Purchased
(Sold) (3.0%) N/A


Net Institutional Purchases - Prior Qtr to Latest Qtr
Shares
Net Shares Purchased (Sold) N/A
% Change in Institutional Shares Held N/A


==================================


Itec Environmental Group, Inc. Receives Approval of a $2,000,000 Low Interest Loan from the California Integrated Waste Management Board's Recycle Market Development Zone Loan Program
Tuesday September 7, 7:00 am ET


OAKDALE, Calif.--(BUSINESS WIRE)--Sept. 7, 2004--Itec Environmental Group, Inc. (OTCBB:ITCV - News) today announced that it received approval for a $2,000,000 low-interest loan from the California Integrated Waste Management Board (CIWMB) through the Recycle Market Development Zone Loan (RMDZ) Program. The loan was approved at the August 17, 2004, monthly meeting of the CIWMB at the California EPA headquarters in Sacramento, California.


"We worked with the CIWMB for some time on this project. We are extremely pleased with the Board's approval of the loan and consider the fact that this loan was approved after a prior $256,000 research grant from the CIWMB to develop the ECO2(TM) Environmental System to be an exciting development. We believe this loan will enable Itec to build the first of what we hope to be many plants in the USA," stated Gary M. De Laurentiis, President of Itec Environmental Group, Inc.

"Over the past 18 months we have been testing our Eco2 System technology which uses a environmental friendly co-solvent and CO2 to clean post-consumer plastics, instead of water, to remove dirt, labels, glue and contaminates from the containers from plastics. We've been focusing on recovering very high quality food grade flake from recyclable plastic containers that existing systems either avoid or must ship overseas. The test results proved that this state of the art Eco2 System will produce a finished, odor free product for 30% less than other systems. The fact that the Eco2 System uses absolutely no water, and discharges nothing into the environment, is of great significance when one considers that this is an industry that exists to reduce damage to the environment, not simply substitute one source of pollution with another," added De Laurentiis.

In March 2004, Itec entered into a five-year lease with a five-year option on a 51,394 sq ft steel frame building in a heavy industrial complex building in Riverbank, California. The lease includes an additional 3,500 sq ft of office space. All necessary infrastructures, including a rail siding, are in place.

The Company expects to start ordering equipment for the plant in mid-September., with installation of the equipment taking approximately four months. The Company is making every effort to ensure testing of the Eco2 System will commence in December 2004. At full capacity, the Company believes the plant will produce approximately 6,000 pounds per hour of post-consumer PET beverage containers and HDPE used oil containers and employ approximately 48 production personnel. We believe the plant will reach capacity early in its second year of operation. Expected revenues for the plant are approximately $15,000,000 per year.

About the Company

Itec Environmental Group offers many solutions to pressing environmental problems associated with recycling of plastics. Municipal, governmental and both public and private companies throughout the world face these problems.

Please visit our web site at http://www.iteceg.com. Any interested parties wishing to be included in Itec Environmental Group's mailing list, please email your request to info@iteceg.com.

===============================

23-Aug-2004

Quarterly Report

ITEM 2. Management's Discussion and Analysis or Plan of Operation
We use patented technology and proprietary equipment to design and sell worldwide oil and agricultural chemical container recycling equipment and related systems. Itec's initial marketing of the technology is concentrated in California and Italy.

We license environmental technology using a carbon dioxide cleaning process from Honeywell International, Inc. This new environmental technology, the System, is believed by management to be the only pollution reduction and recycling system on the market today that allows for the 100% recycling of plastic motor oil containers and the residual oil left inside each container. By using the carbon dioxide cleaning process, the Company can focus on environmental protection and environmental safety by creating no chemical waste disposal in the oil recycling and plastic recycling process.

We had revenue of $0 & $1,750 for the three and six months ended June 30, 2004 compared with $450,250 & $455,250 for the three & six months period ended June 30, 2003. All the revenues for 2003 consist of sales made to Italian customer.

Management has been pursuing a matching funds loan from the California Integrated Waste Management Board in the amount $2,000,000 for the purchase of equipment to allow the expansion of the plastic recycling operations. To that end, the management entered into a lease on a new facility in Riverbank, California and began moving its Oakdale plant to the new Riverbank plant. As a result, the Company's income producing operations have ceased for the short term. It is anticipated that the award of this loan from the State of California together with committed matching funds from Cornell Capital will result in the complete funding of the expanded and more efficient operations at the new Riverbank plant.

There were no cost of goods sold for the three and six months ended June 30, 2004 as compared with $201,200 for the same period in 2003. No cost of goods sold is a direct result of the no sales in 2004. The components that make up the cost of goods sold include the auxiliary parts, labor and purchased equipment. These sales were for granulated oil bottles and territory fees respectively and have no cost of goods components.

Operating expenses for the three and six months period ended June 30, 2004 were $427,586 & $703,446 increased by $41,161 & $85,206 from the same period in 2003. The increase of $85,206 is mainly attributable to increase of $52,226 in payroll, $64,916 in legal fees for corporate matter and litigation , $ 8,990 in rent as Company acquired a new plant facility in 2004, $11,761 in depreciation & amortization and which is offset by decrease of $20,344 in plant expenses and $ 32,343 in miscellaneous as compared with six months period ended June 30, 2003. In 2004, Company incurred fees in association with debt placement and developing a plan to raise additional debt capital.

Depreciation and amortization expense increased 0.61% & 57% to $16,231 & $32,436 for the three and six months ended June 30, 2004 compared to $16,133 & $20,675 for the same period in 2003. The increase is due to purchases of new plant and office equipment in the remainder of 2003 and to property and equipment being placed in service during 2003 which was purchased in earlier years.


23


The Company recorded net interest expense of $137,136 & $202,240 for the three and six months ended June 30, 2004 for an increase of $132,912 and $158,187 for the comparable same period in 2003. The increase is attributed mainly to the amortization of loan origination fees of $164,214 associated with the new loan acquired in 2004 and accrual of 8% interest of $24,000 on MTI loan acquired in second half of 2003 offset by decrease in Glenwood Marketing interest accrual and interest stock discount element in issuances of stock for services received. For three and six month period ending June 30, 2004 there were no accruals of interest expense associated with Glenwood Marketing Associates, Inc. disputed note payable in the amount of $1,100,000. Our position is that we are no longer obligated under the terms of this note, and this matter is currently being litigated.

Our net losses increased 276% & 113% for the three and six months ended June 30, 2004 to $532,371 & $872,385 compared with $141,599 & $410,467 for the three and six months ended June 30, 2003. The increase is due to increases in legal and professional fees and interest expense and decrease in revenues.

At June 30, 2004 we have available approximately $7,823,801 and $500,125 in net operating loss carry-forwards from prior years and current year to date respectively available to offset future federal and state income taxes, respectively, which expire through 2021. Realization is dependent on generating sufficient taxable income prior to expiration of the loss carry-forwards. A change of greater than 50% of the Company ownership could significantly reduce the availability of the tax credits. At December 31, 2003 we have provided a valuation allowance to reduce its net deferred tax asset to zero. The amount of deferred tax asset considered realizable, however, can be revised in the near term based upon future operating conditions during the carry-forwards period.

Liquidity and Capital Resources

Historically, our working capital needs have been satisfied primarily through private placement of our securities and other debt instruments, such as short and long-term notes with certain investors. We reasonably expect to continue to do so in the future, but cannot guarantee that such financing activities will be sufficient to fund our current and future projects and our ability to meet our cash and working capital needs.

At June 30, 2004, we had a working capital deficit of $3,178,266 compared to a working capital deficit of $2,624,051 at December 31, 2003, a net increase of $554,215 in working capital deficit. The 21% increase in our working capital deficit is primarily attributed to increase of $380,214 notes payable, $201,360 in accounts payable and accrued liabilities offset by $28,352 increase in accounts receivable.

Company has acquired new loan of $690,000 from Cornell Capital Partners, LP comprising of $500,000 cash and $190,000 as compensation debenture issued for loan origination fees. The agreement executed on February 24, & May 3, 2004, provides for putting 100 million shares of our Common Stock in escrow with the law firm of Butler Gonzales LLP. The outstanding balance as of June 30, 2004 consists of $275,000 of promissory note and $160,000 on the compensation debenture issued.


24


As of June 30, 2004, we had total assets of $878,655 and a total shareholder's holder's deficit of $3,596,495 compared with total assets of $775,116 and total stockholder's deficit of $3,123,604 at December 31, 2003. Total assets increased due to the increase in receivables, deposits and prepaid expenses. Total shareholders' deficit increased by 15% for the period ended June 30, 2004 due to the Company's additions of $872,385 net loss to accumulated deficit offset by $297,002 increase in paid in capital in 2004 as a result of issuing common stock for services and debt conversion.

For the six months ended June 30, 2004, cash used by operating activities increased to $500,125 from cash flows provided from operating activities of $372,062 for the comparable period ended June 30, 2003. This increase of $872,187 is attributed to the expansion in our development activities and operating expenses in 2004 which is reflected by an increase in net loss of the six months period of $872,385, plus the following : 1) increase in non cash operating expenses and revenue $29,436, amortization of loan fees of $164,214 , increase in shares issued for services and compensation $118,494, with an increase in accounts payable and accrued liabilities of $201,361 offset by increase in accounts receivable, prepaid expenses and other $141,245.

For the six months ended June 30, 2004, we realized $500,000 in aggregate proceeds from notes payables. For the comparable period in 2003, we had a reduction in notes payable of $368,768 and realized proceeds from the sale of common stock in the amount of $88,540.

Off-Balance Sheet Arrangements

We do not have any off balance sheet arrangements that have or are likely to have a material current or future effect on the Company's financial condition, or changes in financial condition, liquidity or capital resources or expenditures.

We have experienced cash flow shortages due to operating losses primarily attributable to development, marketing, administrative and other costs associated with our business. Cash flows from operations have not been sufficient to meet our obligations. Therefore, we have had to raise funds through several financing sources and transactions. At least until we reach breakeven volume in sales and/or acquire the capability to manufacture and sell our products profitably, or acquire other lines of business that will enable us to breakeven, we will continue to rely on cash from external financing sources. While we anticipate being able to utilize our current financing arrangements with Cornell Capital during the next 12 months as described in our prior SEC filings, there can be no assurance that these funds will be available or available in a timely manner.

Over the next 12 months, we intend to continue marketing our ECO2TM Environmental System on a world wide basis and open a plastic recycling plant in Stanislaus County, California.

In 2000 and 2001 we received funds from Italian investors who are also business owners or partners in companies that have signed purchase orders for equipment being sold by Itec. During 2003, $368,768 of the notes payable have been reclassified from debt to deferred revenue. An additional $200,917 may be reclassified from deferred revenue to revenue in 2004. The balance of $245,546 may be reclassified to revenue during 2005. However, no assurances can be given in this regard, to future activity.


25


The note holders are also customers of Itec to purchase ECO2 systems who have signed purchase orders. Knowing that the research and development schedule could last many months or years, Itec suggested that they instead receive a note receivable from Itec at a rate of 5% per annum until Itec was prepared to deliver their order for an ECO2 system. So instead of simply placing their deposits for systems in a deferred revenue account, Itec is showing this as a note payable. During 2003, Itec started its deliveries; these various notes are being converted to deferred revenue as the customers system moves through the assembly process. Then upon deliver and acceptance of the ECO2 system in Italy, Itec will then recognize the revenue from the sale.

Concurrently in the United States, we plan to both sell the ECO2 Environmental System and in California operate a full scale recycling plant. We have signed a two year lease on a 6,900 sq ft building and have purchased or leased all equipment necessary for the plastic recycling test plant in California. The recycling pilot plant opened for operations in June 2003 and is located in Oakdale, CA. with two full time employees being hired for this operation.

We currently have contacts in place for all needed raw product.

We continue to market 3 different sizes of Granulators to Cities, Counties and private businesses throughout California.

In March 2004 Itec completed a lease for a larger building to install a full production recycling operation in Stanislaus County, California. It is a five year lease with a five year option. It has a sliding scale rent structure starting at $4,000 per month in month 5 and reaching $18,370 in month 10, with CPI increases on an annual basis. This lease would be for a 50,000 sq ft steel frame building in a heavy industrial complex, and it would include approximately 3,500 sq ft of office space. All infrastructure including rail sidings are in place. Installation of equipment will take three months with the first testing of systems in June 2004. After completing the testing of the system, the start-up operational phase with take an additional two months. Employment would ramp up with the new recycling plant starting with four new employees, then adding an additional 18 employees. Itec will utilize both buildings, continuing to use the current location in Oakdale as our corporate offices and as a testing and research facility.

In addition to general administrative expenses, payroll and benefits, and legal and audit expenses, our cash needs for the next twelve months to implement portions of our business plan will require at least the following: Sales and marketing - approximately no less than $445,000 to fund both the European office and our US activities, brochures and trade show meetings, advertising and promotions. Research and development - approximately no less than $380,000 comprised of continuing research and testing in the use of bio-solvents and their effect on the cleaning process, testing of all samples of plastic for residue after the CO2 process, developing additional suppliers and manufactures of the ECO2 system and related equipment. Capital projects - approximately no less than $700,000 to start up the full scale recycling/processing plant in California.

Strategic Alliance Agreements

Itec continues to engage in discussions for the purpose of entering into manufacturing, technology and sales alliances. Such discussions are ongoing.


26


While the Company has not signed any definitive agreements, the Company is also actively seeking acquisitions or business opportunities to, among other things, increase revenues and improve stockholder value, which businesses or lines of business may or may not relate to the current core business of the Company.

Significant Accounting Policies and Estimates

Management's Discussion and Analysis of Financial Condition and Results of Operations discusses the Company's consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis, management evaluates its estimates and judgments, including those related to reserves and intangible assets. Management bases its estimates and judgments on historical experiences and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. The most significant accounting estimates inherent in the preparation of the Company's financial statements include estimates as to the appropriate carrying value of certain assets and liabilities which are not readily apparent from other sources, primarily allowance for doubtful accounts recovery of intangible assets. These accounting policies are described at relevant sections in this discussion and analysis and in the notes to the consolidated financial statements included in our Annual Report on Form l0-KSB for the fiscal year ended December 31, 2003.

Equity

Itec filed in June 2003 a SB-2 registration statement with the Securities and Exchange Commission seeking approval to issue up to 260,250,000 shares of its common stock for $5,000,000 of equity with Cornell Capital Partners, LP. On February 12, 2004 Itec received notice ordering declared effective that registration statement.

Forward-Looking Statements

In addition to historical information, this Quarterly Report on Form 10-QSB contains forward-looking statements that involve risks and uncertainties that could cause our actual results to differ materially. Factors that might cause or contribute to such differences include, but are not limited to, those discussed in the section entitled "Management's Discussion and Analysis of Financial Position and Results of Operations--Risk Factors." When used in this report, the words "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions are generally intended to identify forward-looking statements. You should not place undue reliance on these forward-looking statements, which reflect our opinions only as of the date of this Quarterly Report. We undertake no obligation to publicly release any revisions to the forward-looking statements after the date of this document. You should carefully review the risk factors described in other documents we file from time to time with the Securities and Exchange Commission, including the Annual Report on Form 10-KSB for the fiscal year ended December 31, 2003 and the other Quarterly Reports on Form 10-QSB filed by us in our fiscal year 2004, which runs from January 1, 2004 to December 31, 2004.


27


RISK FACTORS

The following risk factors should be considered carefully in addition to the other information presented in this report. This report contains forward looking statements that involve risks and uncertainties. Our actual results may differ significantly from the results discussed in the forward looking statements. Factors that might cause such differences include, but are not limited to, the following:

IF WE CANNOT OBTAIN ADDITIONAL FUNDS WHEN NEEDED, OR ACHIEVE PROFITABILITY WE MAY NOT BE ABLE TO CONTINUE AS A GOING CONCERN.

Our independent auditors have included an explanatory paragraph in their 2003 audit report referring to our recurring operating losses and a substantial doubt about our ability to continue as a going concern. We have sufficient cash for the next twelve months ended March 31, 2005. However, there can be no assurance that we will be able to raise additional funds or achieve planned sales volumes. If we do not secure additional funding, we will be unable to conduct all of our product development efforts as planned, and we may need to cease operations or sell assets. In addition, the existence of the explanatory paragraph in the audit report may in and of itself cause our stock price to decline as certain investors may be restricted or precluded from investing in companies that have received this notice in an audit report.

Our management has implemented plans designed to reduce our cash requirements through reductions in operating expenditures and reductions in development activities should collaborative partners or additional funding not be secured. However, there can be no assurance that we will be able to successfully implement these plans or that we will be able to do so without significantly harming our business, financial condition or results of operations.

WE DO NOT HAVE A LONG OPERATING HISTORY, WHICH MAKES IT DIFFICULT FOR YOU TO EVALUATE OUR BUSINESS.

Because limited historical information is available on our revenue trends and operations, it will be difficult for you to evaluate our business. Our prospects must be considered in light of the substantial risks, expenses, uncertainties and difficulties encountered by any emerging technology.

WE HAVE A HISTORY OF LOSSES.

We have never been profitable, and we have had operating losses since our inception. To date, we have engaged primarily in research and development efforts. The further development and commercialization of our products will require substantial development, regulatory, sales and marketing, manufacturing and other expenditures. We have only generated limited revenues from product sales. Our accumulated deficit was about $8.1 million at March 31, 2004.


28


IF WE CANNOT OBTAIN ADDITIONAL FUNDS WHEN NEEDED, WE WILL NOT BE ABLE TO IMPLEMENT OUR BUSINESS PLAN.

We will require substantial additional capital to develop our products, beginning and scaling up manufacturing, and marketing our products. We have historically funded a significant portion of our activities through stock issuance. We are seeking additional equity investment through various sources. If we are not able to secure additional equity investment or lines of credit it may seriously limit our ability to execute our business plan.

===================================


Key Statistics Get Key Statistics for:




Data provided by Reuters, except where noted.

VALUATION MEASURES

Market Cap (intraday): 553.61K
Enterprise Value (3-Oct-04)³: 3.08M
Trailing P/E (ttm, intraday): N/A
Forward P/E (fye 31-Dec-05)¹: N/A
PEG Ratio (5 yr expected)¹: N/A
Price/Sales (ttm): 32.44
Price/Book (mrq): N/A
Enterprise Value/Revenue (ttm)³: 192.44
Enterprise Value/EBITDA (ttm)³: N/A


FINANCIAL HIGHLIGHTS

Fiscal Year
Fiscal Year Ends: 31-Dec
Most Recent Quarter (mrq): 30-Jun-04


Profitability
Profit Margin (ttm): N/A
Operating Margin (ttm): N/A


Management Effectiveness
Return on Assets (ttm): -151.15%
Return on Equity (ttm): N/A


Income Statement
Revenue (ttm): 16.00K
Revenue Per Share (ttm): 0
Revenue Growth (lfy)³: 1848.60%
Gross Profit (ttm)²: 258.02K
EBITDA (ttm): -1.89M
Net Income Avl to Common (ttm): -2.26M
Diluted EPS (ttm): -0.027
Earnings Growth (lfy)³: N/A


Balance Sheet
Total Cash (mrq): N/A
Total Cash Per Share (mrq): 0
Total Debt (mrq)²: 2.56M
Total Debt/Equity (mrq): N/A
Current Ratio (mrq): 0.1
Book Value Per Share (mrq): -0.021


Cash Flow Statement
From Operations (ttm)³: -972.90K
Free Cashflow (ttm)³: N/A

TRADING INFORMATION


Stock Price History
Beta: 0.902
52-Week Change: -91.43%
52-Week Change (relative to S&P500): -92.20%
52-Week High (13-Apr-04): 0.12
52-Week Low (29-Sep-04): 0.0015
50-Day Moving Average: N/A
200-Day Moving Average: 0.03


Share Statistics
Average Volume (3 month): 4,026,545
Average Volume (10 day): 14,821,000
Shares Outstanding: 173.00M
Float: 152.20M
% Held by Insiders: 12.02%
% Held by Institutions: 0.00%
Shares Short : N/A
Daily Volume : N/A
Short Ratio : N/A
Short % of Float : N/A
Shares Short (prior month): N/A


Dividends & Splits
Annual Dividend: N/A
Dividend Yield: 0.00%
Dividend Date: 26-Aug-99
Ex-Dividend Date: 27-Aug-99
Last Split Factor (new per old)²: 27:20
Last Split Date: 27-Aug-99


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Rags2BetahRags
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"The ECO2 System consists of a washing chamber, storage tank, distilling unit, compressor, refrigeration unit, pumps and compressors"

That sounds like would be good for Beer too.

Sorry had to say it. Just messing around.


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aktienking
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it is starting...
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aktienking
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+37,5%...
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salemm
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Has this thing reached bottom yet?
Sitting at 0027 now... seems wayyyy low!
Please add comments/DD if you have some.
Doing my own DD now and will post.
May be time to buy NOW!
salemm.

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salemm
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News today.

ITec Environmental Group Expected to Move into Riverbank Industrial Facility in Fall 2004

BusinessWire, Tuesday, October 05, 2004 at 05:02


OAKDALE, Calif.--(BUSINESS WIRE)--Oct. 5, 2004--ITec Environmental
Group, Inc. (OTCBB:ITCV) has entered into a five-year use agreement
with a five-year option on a 51,394 sq. ft. steel frame building in
the heavy industrial complex building in Riverbank, California. The
agreement includes an additional 3,500 sq. ft. office space.


With funds from private investors, public grants and through
partnerships with government organizations and environmental groups,
ITec has developed a new cost-effective, environmentally sensitive
technology, Eco2, for cleaning plastic contaminated by substances that
make most types of plastic ineligible or simply uneconomic for
conventional recycling programs.


ITec has developed what it believes will be the next generation of
plastics recycling technology that is cost effective, profitable and,
more importantly, environmentally friendly. Its proprietary
closed-loop recycling system does not exchange one contaminate for
another, but rather eliminates this problem prevalent in most existing
technology.


The Eco2 System has demonstrated the ability to produce clean,
100% recyclable High Density Polyethylene (HDPE) flake from used
motor-oil containers and other HDPE containers used to transport used
oil and to recover the residual oil attached to the plastic, with no
waste by-products. Although first focused on recycling used motor oil
containers, further research and development (R&D) has now made it
possible to expand its application to three additional usages: (i)
pesticide containers of HDPE, (ii) mixed HDPE color containers
(detergent, shampoo, and Clorox containers), and (iii) Polyethylene
Terephthalate (PET soft drink containers).


"Over the past 18 months we have been testing our Eco2 System
technology which uses an environmentally friendly co-solvent and
carbon dioxide to clean post-consumer plastics, instead of water, to
remove dirt, labels, glue and contaminates from the containers of
certain plastics," stated Gary De Laurentiis, President of ITec
Environmental Group. "We've been focusing on recovering very high
quality food grade flake from recyclable plastic containers that
existing systems either avoid or must ship overseas. The test results
proved that this state of the art Eco2 System will produce a finished,
odor free product for 30% less than other systems. The fact that the
Eco2 System uses absolutely no water, and discharges nothing into the
environment, is of great significance when one considers that this is
an industry that exists to reduce damage to the environment, not
simply substitute one source of pollution with another."


ITec has been conducting this R&D in a small plant in Oakdale, CA.


"We believe ITec is now ready to take the Eco2 System to the next
step and our needs for space have increased," stated De Laurentiis.
"ITec would not be moving forward at our current pace were not for the
efforts of the individuals at NI Industries (the operating contractor
at the Riverbank Army Ammunition Plant for the U.S. Army). NI
Representatives were flexible and creative with issues including rent
and tenant improvements. A huge factor in our decision to locate at
Riverbank was the fact that we were able to put down a significantly
smaller deposit -- we were able to save almost $1 million. NI
Industries also offered a graduated rent scale that will result in a
51% savings on the rent for the first year."


NI Industries has made all the necessary capital improvements
including installing heating/cooling and improving electrical using
ARMS program money to meet the facility needs of ITec.


"Usually one of the biggest costs in securing a location for a
company like this is finding a facility with ample power," stated De
Laurentiis. "The Riverbank facility came equipped with more than
enough power. Also, we were able to get a much better electrical rate
through the Riverbank AAP. Our electrical rate is almost a third less
than the rate at other facilities in California. That's a major cost
savings. Another attractive feature of the Riverbank AAP was the fact
that they already had rail service. Most facilities don't have this
and it helps us cut down on the shipping costs of our final product."


ITec believes, at full capacity, this new plant will produce
approximately 6,000 pounds per hour of post-consumer PET beverage
containers and HDPE used oil containers and employ approximately 48
production personnel. We believe the plant will reach capacity early
in its second year of operation. Further, we anticipate revenues for
the plant will be approximately $15,000,000 per year.


ITec expects to start ordering equipment for the plant in
mid-September, with installation of the equipment taking approximately
four months. ITec is making every effort to ensure testing of the
Eco2 System will commence in December 2004.


About the Company


ITec Environmental Group offers many solutions to pressing
environmental problems associated with recycling of plastics.
Municipal, governmental and both public and private companies
throughout the world face these problems.


Please visit our web site at
http://www.iteceg.com

. Any interested
parties wishing to be included in ITec Environmental Group's mailing
list, please email your request to

info@iteceg.com

.


Cautionary Warning Regarding Forward-Looking Statements


This press release may contain "forward-looking statements." In
some cases, you can identify forward-looking statements by terminology
such as "may," "will," "should," "could," "expects," "plans,"
"intends," "anticipates," "believes," "estimates," "predicts,"
"potential" or "continue" or the negative of such terms and other
comparable terminology. These forward-looking statements include,
without limitation, statements about our market opportunity, our
strategies, competition, expected activities and expenditures as we
pursue our business plan, and the adequacy of our available cash
resources. Although we believe that the expectations reflected in any
forward-looking statements are reasonable, we cannot guarantee future
results, levels of activity, performance or achievements. Actual
results may differ materially from the predictions discussed in these
forward-looking statements. Changes in the circumstances upon which we
base our predictions and/or forward-looking statements could
materially affect our actual results. Additional factors that could
materially affect these forward-looking statements and/or predictions
include, among other things: the ability of the Company's vendors to
manufacture and deliver a successful commercial version of the Eco2
System, the company's ability to generate customer demand, to achieve
acceptable pricing, to respond to competition, to manage growth, to
make timely payment on it outstanding obligations, to manage
regulatory and legislative developments that affect its system, and to
obtain the necessary working capital to finance business operations.

CONTACT: ITec Environmental Group, Inc.
Gary M De Laurentiis, 209-848-3900
Fax: 209-848-3906
Email:

info@iteceg.com

http://www.iteceg.com

SOURCE: ITec Environmental Group, Inc.


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salemm
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bought some at 2 tics UNDER ask... and it filled instantaneously. Strange.... like they were baiting me! Ominous.
Ethically speaking, this is a quite interesting company.
salemm.

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MxPx
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Hmmm that is odd salemm I wonder if this will break .01 anytime soon.
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salemm
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Don't make me jizz all over myself, MxPx... we're talking 'fantasy' here.
Not greedy... just a slight rise and I'll be quite happy.
Know something?
salemm.

quote:
Originally posted by MxPx:
Hmmm that is odd salemm I wonder if this will break .01 anytime soon.


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salemm
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hey... movin' up already!!
salemm.

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MxPx
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No I don't know anything but it does seem like we are moving nicely this afternoon after a morning dip it would even be nice if we closed positive I do not know what you got in at but you could possibly sell for a nice little gain today. Good Luck

[This message has been edited by MxPx (edited October 05, 2004).]


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salemm
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That's what I'm hoping for.
In at 0028... would like 0036... basically the amount of my salary here at work for one day, after deductions.
Double pay!
salemm.

quote:
Originally posted by MxPx:
No I don't know anything but it does seem like we are moving nicely this afternoon after a morning dip it would even be nice if we closed positive I do not know what you got in at but you could possibly sell for a nice little gain today. Good Luck

[This message has been edited by MxPx (edited October 05, 2004).]



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MxPx
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Now thats how I like to trade I work 3:30-Mid. and I atleast like to make what I make in a day at my night job. There are many times I make what I make in a week at my job and make it in less than 1 hour trading. Although don't forget about down days, as time goes on I learn from my mistakes which will make me a better trader. Atleast I think so

quote:
Originally posted by salemm:
That's what I'm hoping for.
In at 0028... would like 0036... basically the amount of my salary here at work for one day, after deductions.
Double pay!
salemm.



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aktienking
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look at this stock!

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aktienking
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BID and ASK going higher.
.004 now!

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aktienking
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it´s looking good today. No selling, a lot of bying...
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aktienking
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BID goes up...
.0038
.004

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aktienking
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close was .004. Very good I think.
Next week we will see .006.

Good weekend!


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aktienking
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BID an ASK going higher...
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Sgt. of ARMS
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good morning to all. It seems like this is going to creep up slowly today. Does any body have news on it. It is already at .005 with the ask at .0055. !million+ in trading so far today. where is the site that shows if the ceo's and co. personel are buying their stock? Let's hope that this thing climbs up to a penny or more within the next couple of weeks.

------------------
This is the Sgt. of ARMS saying good day and GOD BLESS all.


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aktienking
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@Sgt. of ARMS,

You are right!
What will we see this week? Over .01?


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Kurupt
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Well done Aktienking ,i followed you from the beginning and it paid ,do you think we gonna go higher,0.0080 maybe?
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aktienking
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Yes!
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salemm
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hummm... too bad I sold Friday!!
salemm.

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Ktrain420
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watch for the dip to play agin!! made hella bank first go round....
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aktienking
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we will break .01 this week,
and next week?

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Ktrain420
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missed the dip...ahhhhhhh......come on dip again baby!!
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Bill FSM
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Anyone have an opinion as too what point is this going to drop back down today? Or are just going to keep climbing?
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Ktrain420
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NITE needs to get off the ask and this thig will fly more than it already has!! hope you people are in on this one...I have played three time already for good bank!!
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salemm
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HAHA!
Back on...
Back off.
$100, free and clear!
May try again today.
salemm.

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Ktrain420
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this baby is bout to pop....should touch hight 8's.....gotta love this chit!!
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GHOSTRADER
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it hit .006 but my order didnt fill but i got plenty i guess
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Bill FSM
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i think you will get plenty more at .006 if you want it.
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GHOSTRADER
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.006 would makea good place to reenter for another run today or this week would it not ??
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