RENO, Nev., Sept. 21, 2022 /PRNewswire/ -- Itronics Inc. (OTC: ITRO) announced today that it has signed a contract for valuation of its Intellectual Property and is providing investors an update on current Company progress.
Itronics has entered a Statement of Work Engagement Letter with Fallingst Technologies LLC to develop a valuation of Itronics' Intellectual Property (IP) assets to support a leverage structured, IP-backed non-dilutive financing transaction. Fallingst Technologies works in a strategic partnership with Genoa Capital Partners to enable needed product development and sales generation for technology companies by leveraging their IP assets. Genoa Capital Partners has arranged financing to enable this transaction for Itronics. Fallingst Technologies financing can range from $10 million to more than $100 million.
"The work program is staged to include a valuation to be followed by a funding event," said Dr. John Whitney, Itronics President. "The valuation work is scheduled to start immediately and is expected to be completed before the end of the year. This will be followed by a funding event. Itronics' business is based on use of its proprietary technologies. Completion of this work is expected to significantly increase the value of the Company."
A summary of progress on related Company developments follows:
- The rising cost of energy is increasing the value of the Company's portfolio of 'Zero Waste Energy Saving Technologies'. A recently completed internal study concludes that the new Rock Kleen Technology meets the requirements to qualify for Greenhouse Gas Energy Offset Credits. Rock Kleen is a revolutionary, disruptive technology that recovers residual precious metals, base and ferrous metals, nutrient materials, and industrial minerals from 'sub-ore grade' mine tailings.
- The benefit of this is, after qualification by an independent third party, the Company can sell Energy Offset Credits. Offset credits are a transferrable instrument certified by governments or independent certification bodies to represent a CO2 emissions reduction. "Rock Kleen projects could generate millions of dollars in Energy Offset Credits for smaller projects while the potential for long term projects is in the hundreds of millions of dollars" stated Dr. Whitney.
- After qualification, each Rock Kleen project that the Company develops would be able to sell Energy Offset Credits. The revenue generated by the sale of these credits would enhance the economics of each project without any increase in project costs.
- The Company now has four potential Rock Kleen projects under study for development. One project is for processing iron mine tailings and iron-rich copper mine tailings which were produced without the use of any cyanide. One project is for processing silver mine cyanide heap leach tailings. One project is for processing gold mine cyanide heap leach tailings and one project is for processing gold mine cyanide mill tailings. These are expected to be multi-year projects ranging from 10 to more than 50 years of project life.
- The Company now believes that its spent Printed Circuit Board Refining technology and its line of GOLD'n GRO fertilizers may each be able to be qualified for generating Energy Offset Credits. The energy savings in refining were measured when the new furnace technology was being developed. The energy savings was found to be 40 percent and the Company received an award for that development. The Company believes the refining technology can be qualified for the Energy Offset Credits. Qualification of the GOLD'n GRO fertilizers will be more complex, but the Company believes it may be possible to separately qualify them for Energy Offset Credits as well.
- This year it is becoming apparent that the cost of energy is being adjusted to much higher levels due to shortages of all forms of energy on a global basis. Therefore, the value of energy saving technologies will also increase significantly. Itronics, with its portfolio of 'Zero Waste Energy Saving Technologies', is well positioned to benefit from the profound changes now occurring worldwide.
- Itronics reports that work on the audit of its financial statements is advancing with completion expected towards the end of 2022. Once Itronics' U.S. Securities and Exchange Commission filings are current, trading of the stock will resume for the public.
"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 now being positioned to enhance the Company's continued drive to profitability."
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.
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("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.)
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