ITG Corporate Overview:
Innovative Technologies Group Inc. ("ITG" or "the Company") is a growth-oriented, technology company that believes by bringing new technologies and innovations to commercialization, we will provide the marketplace with enhanced and lower-cost solutions to meet the needs of individuals and companies. ITG's strategy is to develop, scale and generate revenue from our proprietary technologies. Our initial focus has been to create nature-based solutions to replace chemical and fossil fuel-based processes and end products.
The Company was founded in 2019, is headquartered in Jacksonville, FL., and is led by a seasoned team of business and engineering professionals and shareholder-value focused Executive Management Team and Board of Directors.
As the first phase of our mission, we will utilize our proprietary adaption to create THC-free distillate from hemp crude oil through our crude to distillate (CTD) process, as well as clean, high-value hemp-based cannabinoids, both of which will be developed at low cost and solvent free. ITG also plans to acquire a license to a patent pending processing technology that give it a unique, one-of-a kind competitive advantage over other processors, and which the Company believes will be a major disruptive force in the processing industry. Once the acquisition is complete, we will use this processing technology to create carbon-based products as well.
Our initial project will encompass the creation of a CTD processing facility in Tennessee which should be generating revenue by the beginning of the first quarter of 2021. It will generate revenue from a tolling/service contract for products produced by the initial CTD unit which is in final development and on track to be online by the end of the year. Our contract provides healthy gross and operating margin profiles. The contract revenue will produce a steady stream of revenue which will require no cost for the raw material. The only cost will be the operational expenses of the facility. There will be an agreed-upon price to process the oil on a per liter basis. That amount will be paid to us when the client receives the processed THC-free distillate. There will be no sales effort required on our part. The agreement will be a straight servicing fee contract.
Once we have the tolling revenue stream established, we will look to augment this revenue stream with a concerted sales effort. At that time, we plan to purchase our own crude, process the crude, and then market and generate revenue from sales of the crude. We have developed excellent opportunities in this area which we will pursue with a second processing unit which should be online in the first quarter of 2021 and a third unit which should come online by the end of 2021. The cost of the second and third machines has been included in our initial round of capital funding. At this point, without any other funding, ITG should be profitable and will be able to service the investor debt as outlined in the term sheet regarding investment in our first private placement offering.
Currently, the Company is focused on the following activities:
Finalizing and completing production for the first processing plant in Tennessee.
Completing financial and engineering models of the Company's processing plant in Tennessee and future processing plants.
Finalize agreements for joint ventures.
Evaluating potential new processing projects, joint venture opportunities and potential acquisition opportunities.
Ongoing development of innovative patent designs to develop lower-cost processing systems and applications.
Adding qualified members to the Company's Board of Directors and Board of Advisors.
Chief Executive Officer