Itec Receives Loan Guarantee from California State Department of Conservation

California Assembly Bill 28 authorizes up to $10 million for transfer on a one-time basis by the Department of Conservation to the Beverage Container Recycling Infrastructure Loan Guarantee Account. Funds from this account are continuously appropriated to the department to issue capital expenditure loan guarantees to provide new recycling infrastructure in California through its Beverage Recycling Infrastructure Loan Guarantee Program.

"This loan guarantee illustrates the state's commitment to develop and deploy new recycling infrastructure,” Gary De Laurentiis, president of Itec, says. “This loan enables us to buy additional equipment necessary to produce finished recycled resin products. The fact that we've received a substantial portion of the first loan guarantee funds distributed, in addition to the $2 million loan from the California Integrated Waste Management Board, further validates our expectations regarding the value of the recycling technology we've developed with our partners."

 DeLaurentiis says that Itec is excited to ramp up production next week. “Since we anticipate that our facility will be able to start testing the proprietary parts of our system by Nov. 1, 2005, we expect our facility to reach 50 percent capacity by mid-January 2006,” he says. “We are extremely excited to start demonstrating the technology developed by Itec and Honeywell to international and domestic companies."