Environmental Protection & Preservation
ECO2 Plastics Prepares to Deploy its Eco-Friendly Recycling Process Worldwide
ECO2 Plastics (the "Company" and formerly ITEC Environmental Group), the eco-friendly recycling Company that is changing the way plastics are recycled worldwide, today announced that it has closed its convertible debenture financing round (the "Financing") of $10 million. ECO2 Plastics is now fully capitalized, having raised $13 million, $3 million of which was announced previously. The Financing included an investment by Roaring Fork Capital SBIC, L.P., and investments by a number of high net worth investors, a certain number of whom were introduced to the Company by KW Securities Corporation. The Financing will be used to ramp up the first recycling plant in Northern California to full-scale operation and begin development on a second plant in Southern California.
ECO2 Plastics is pursuing a strategy of owning and operating plastic recycling plants worldwide. The Company's proprietary technology positions ECO2 Plastics as the lowest cost, highest quality producer of recycled plastic flake in the industry, deploying an innovative process, which delivers significantly improved financial performance while minimizing environmental impact.
"With its unique technology, strong management team, compelling business model, and commitment to revolutionizing recycling, ECO2 Plastics is an outstanding addition to Roaring Fork's portfolio of investments," said Eugene McColley, co-founder and Managing Partner, Roaring Fork Capital Management. "We see tremendous potential for ECO2 Plastics and are excited to play an important role through its next stage of growth."
ECO2's typical recycling plant can produce 9,000 lbs. of clean plastic flake per hour. A similarly sized water-based plant consumes up to 4,500 gallons of water per hour, twenty-four hours a day, seven days a week, then disposes the water, chemical contaminants, paper and plastic residue back into the environment. ECO2 uses no water and delivers the same high quality recycled plastic flake without the waste or chemicals found in existing water-based processes.
"ECO2's goal is to establish its clean technology as the standard for all plastics recycling in the United States and ultimately worldwide," said Rod Rougelot, CEO of ECO2 Plastics. "With this Financing we have a strong balance sheet and an aggressive growth plan that will drive the Company through its next stage of growth. We believe that 2007 will be the year that plastic recycling truly exhibits its potential through fiscally and environmentally sound operating practices."
ECO2's patented and patent-pending recycling process enables the Company to be the lowest-cost producer of recycled plastic flake, affording it the highest profit margins. The Financing, combined with ECO2's higher profit margin per pound, positions the Company to grow rapidly, invest in the state-of-the-art equipment, and ride out commodity market cycles, even in volatile market conditions.
"As the only recycling solution that does not use water or pour harmful pollutants down the drain, ECO2 Plastics
has the technology to change the way plastic is recycled worldwide," said Lawrence A. Krause, Principal of KW Securities Corporation. "We are pleased to have the opportunity to deepen our financial and business relationship with the Company."
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