San Francisco, US: ECO2 Plastics, Inc., announced yesterday that it has filed results of third quarter operations in a Form 10-QSB. The results report a significant increase in revenue, indicating success in bringing the ECO2 recycling system online, according to the company.
"We are pleased to report record quarterly revenue of $1,449,000 and $1,966,000 during the three and nine months ended September 30, 2007, as compared to $0 and $50,000 for the same respective periods ended September 30, 2006," said Rod Rougelot, ECO2's CEO.
"We continue to track accelerated growth in accordance with our plan and are forecasting continued growth in revenue of over $4,000,000 in Q4. Most importantly, Q4 will represent the first quarter in which the Company expects to generate an operating profit. With projected revenues of approximately $6,000,000 for year-end 2007, the Company is on track to achieve its 2008 revenue goal of approximately $30,000,000."
ECO2 Plastics', formerly ITEC Environmental Group, operates in PET plastic recycling.
The PET recycling process
The Company's patented process was developed through a research partnership with Honeywell FM&T and the US Department of Energy. ECO2 Plastics says that it is the exclusive worldwide licensee of the patented and patent-pending technology. The company operates a recycling plant in Riverbank, California and another plant is currently under development in Southern California.
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, according to the company. ECO2 Plastics claims to be the only recycling company that can say that its plastic recycling technology has a negligible impact on the environment and is distinguishable from existing technologies when it comes to water waste and chemical contamination.
During the quarter ended June 30, 2007, ECO2 says that it focused on increasing volume and addressing mechanical constraints within its proprietary process design.
Recent new equipment installed will allow the Company to adopt 24/7 operations, and ECO2 says it will endeavor to reach maximum volume throughput in Q4.
Rougelot added: "As our expected growth and profit trajectory becomes clearer to the public, the share price of our stock should more accurately reflect the value of our enterprise, which we believe to be significantly undervalued at this time."
Further information
For more information please email press@eco2plastics.com or call 415-829-5984.
Web site: http://www.eco2plastics.com/
[This article is adapted from a press release from PRNewswire-FirstCall with an original source: ECO2 Plastics, Inc.]
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"Forward-looking statements," as defined in the Private Securities Litigation Reform Act 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.