Itec Receives Investment Commitment

The Elevation Fund’s commitment allows Itec to draw on the $2 million low-interest Recycle Market Development Zone loan from the CIWMB to order equipment for and to begin construction on Itec's first Eco2 Environmental System Plant. A press release from Itec says the company expects to break escrow on The Elevation Fund loan before the end of August and to complete initial construction of its first Eco2 Environmental System Plant sometime in October.

Itech reports that the CIWMB has informed Itec that it is prepared to distribute from escrow the initial disbursement of the $2 million loan upon receipt and approval of equipment invoices, 75 percent of each invoice to be paid from the CIWMB loan funds, with the remaining 25 percent coming from Itec's working capital, including The Elevation Fund commitment.

"The commitment from The Elevation Fund represents the completion of another important goal for Itec that will enable Itec to initiate operation its first Eco2 Environmental System Plant," Gary De Laurentiis, chairman and CFO of Itec, says. "Once the plant is operational and the first phase of our business plan complete, Itec intends to begin deployment of Eco2 Environmental System Plants on both a national and international scale.”

The Eco2 system uses a patent pending process to clean PET and HDPE post-consumer plastics. Itec expects to begin initial operations of its first Eco2 Environmental System Plant within before the end of October and to be fully operational within the next four months.