Itronics Reports 94 Percent Increase in 2020 First Nine Month's Silver Sales; GOLD'n GRO Fertilizer Sales Down Two Percent
Oct 20, 2020, 06:30 ET
RENO, Nev., Oct. 20, 2020 /PRNewswire/ -- Itronics Inc. (OTC: ITRO), an emerging "Cleantech Materials" growth Company that manufactures GOLD'n GRO Multi-Nutrient Fertilizers and produces Silver, reported today that its first nine-month GOLD'n GRO fertilizer sales were down two percent to $1,488,812 in the current year from $1,517,293 in the prior year period. Silver bullion nine-month sales were $84,257, up 94 percent from $43,500 in the same period last year.
"We are pleased that GOLD'n GRO fertilizer sales were only down slightly in the face of major negative pressure on fertilizer demand due to COVID-19, and the loss of foreign tourists significantly reducing demand for food products, combined with a large reduction in exports of nuts and vegetables to major foreign markets," said Dr. John Whitney, Itronics President. "Our GOLD'n GRO sales team is successfully continuing the expansion of sales to additional distributor retail branches started in 2019. This has made it possible to maintain sales in 2020 under very challenging conditions."
In August the Company received approval to sell a new copper micronutrient fertilizer commercially in California under a provisional label. The Company is assembling the information needed to formally register the fertilizer in Nevada and California. Commercial sales into the California strawberry market are expected to begin this fall.
The GOLD'n GRO sales team has begun field testing a GOLD'n GRO magnesium fertilizer. In recent years, widespread magnesium deficiencies have emerged in the California vegetable and berry growing areas. At the request of our distributor, we have upgraded the fertilizer to a fully chelated magnesium fertilizer and have generated the information needed for registration. This magnesium fertilizer is registered and being sold in Nevada. Field testing began in California in September to validate baseline application rates and to provide new nutrient uptake data needed to support commercial use in California vegetable and berry growing areas.
Late in the third quarter the Company made a silver bullion shipment. In early October a silver-bearing glass shipment was made, and a shipment of silver-bearing film is planned for late October. These shipments are expected to be settled by year end and will contribute to silver sales in the fourth quarter.
In early August, Whitney & Whitney, Inc., the Company's technical services subsidiary, signed a second research contract to further evaluate the potential for silver tailings processing for a silver mining company. The project is using the Company's newly developed Rock Kleen Technology to accomplish the processing. The test work is on-going and is producing positive silver, manganese, and other metal recovery results.
Whitney & Whitney, Inc. has also been soliciting and negotiating confidentiality agreements with potential mining companies to become joint venture partners for developing the Auric Fulstone Project. It has high expectations that one or more mining companies will have an interest in co-developing the Auric Fulstone project in 2021, especially if gold and silver prices continue to increase.
Itronics Inc. is an emerging Clean Tech Materials Growth Company that produces GOLD'n GRO Multi-Nutrient Fertilizers and Silver. The Company is also an emerging "Critical Minerals" producer. The Company's growth forecast centers upon its 10-year business plan designed to integrate its Zero Waste Energy Saving Technologies and to grow annual sales from $2 million in 2019, to $113 million in 2025.
Headquartered in Reno, Nevada, Itronics Inc. is an emerging Cleantech Growth Company that uses proprietary multi-nutrient fertilizer manufacturing technologies to produce GOLD'n GRO multi-nutrient fertilizers and breakthrough Zero Waste Technologies to recover fertilizer ingredients, silver bullion, and silver-bearing glass from waste streams that contain silver, gold, copper, zinc, tin, and other metals. The Company's goal is to achieve profitable green technology driven organic growth in specialty GOLD'n GRO fertilizers, silver, zinc, and minerals. The Company's technologies maximize the recovery and uses of metals and minerals and by doing this maximize sustainability.
The Company's environmentally friendly award winning GOLD'n GRO liquid fertilizers, which are extensively used in agriculture, can be used for lawns and houseplants, and are available at the Company's "e-store" on Amazon.Com at http://www.amazon.com/s/ref=bl_sr_lawn-garden?ie+UTF8&field-brandtextbin=GOLD%27n+GRO&node+2972638011. Due to expanded retail customer interest, GOLD'n GRO fertilizer may now be purchased in Reno, Nevada at "Buy Nevada First Gift Shop", 4001 S. Virginia St.
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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.)
SOURCE Itronics Inc.
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