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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">UNITED
      STATES</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SECURITIES
      AND EXCHANGE COMMISSION</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Washington
      D.C. 20549</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FORM
      8-K</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CURRENT
      REPORT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to Section 13 OR 15(d) of</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Securities Exchange Act of 1934</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date
      of
      Report 07/27/06</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>ITEC
      ENVIRONMENTAL GROUP, INC.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
      name of registrant as specified in its charter)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Delaware</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(State
      or
      other jurisdiction of incorporation)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">033-31067</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Commission
      File Number)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">311705310</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(IRS
      Employer Identification No.)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5300
      Claus Road</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Riverbank,
      CA 95367</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(209)
      848-3900</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Registrant's
      telephone number, including area code)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check
      the
      appropriate box below if the Form 8-K filing is intended to simultaneously
      satisfy the filing obligation of the registrant under any of the following
      provisions (see General Instruction A.2. below):</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Wingdings">o</font>
      Written communications
      pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-FAMILY: Wingdings">o</font>
      Soliciting material pursuant to Rule
      14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-FAMILY: Wingdings">o</font>
      Pre-commencement communications pursuant
      to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-FAMILY: Wingdings">o</font>
      Pre-commencement communications pursuant
      to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div><br>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Section
      1 Registrant&#8217;s Business and Operations</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      1.01 Entry into a Material Definitive Agreement</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      July
      27, 2006, the Itec Environmental Group, Inc. (&#8220;Itec&#8221; or the &#8220;Company&#8221;) entered
      into a loan agreement (the &#8220;Goldman Loan Agreement&#8221;) with Lois and Leroy Goldman
      (the &#8220;Goldmans&#8221;) pursuant to which the Goldmans loaned the Company the sum of
      Five Hundred Thousand Dollars ($500,000) (the &#8220;Goldman Loan&#8221;). In accordance
      with the Goldman Loan Agreement, the Company executed a 10% Convertible
      Debenture (&#8220;Goldman Debenture&#8221;) for the sum of Five Hundred Thousand Dollars
      ($500,000), with interest at the rate of ten percent (10%) per annum until
      paid
      and issued a warrant to the Goldmans exercisable into Five Million (5,000,000)
      shares of Itec&#8217;s common stock at a per share price of Twelve Cents ($0.12) per
      share. All outstanding principal and accrued and unpaid interest shall become
      due eighteen (18) months from the date upon which the Goldman Debenture is
      executed (the &#8220;Goldman Debenture Maturity Date&#8221;). </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">At
      any
      time prior to or at the Goldman Debenture Maturity Date, at the option of the
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Goldmans</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      all
      principal and accrued interest due on the Goldman Debenture may be converted
      into common stock of the Company at $0.0975 per share. If, upon the expiration
      of the Goldman Debenture Maturity Date, the </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Goldmans</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      elect
      not to convert the Goldman Debenture, all outstanding principal and accrued
      and
      unpaid interest shall become due and payable. The </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Goldmans</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      shall
      provide fifteen (15) days written notice to the Company of their election to
      convert the Goldman Debenture.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      conversion price shall be adjusted downward in the event the Company issues
      common stock (or securities exercisable for convertible into or exchangeable
      for
      common stock) at a price below the conversion amount, to a price equal to such
      issue price.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      the
      event that the Goldmans elect to convert, via written notice to the Company,
      all
      principal and accrued interest payable under the Goldman Debenture and the
      Goldman Loan Agreement will be converted into shares of common stock of the
      Company at a conversion price of $0.0975 per share. Further, upon exercise
      of
      the conversion right, the Company will issue to the Goldmans a warrant
      exercisable into that number of shares of the Company&#8217;s common stock equal to
      the quotient of (i) sixty-five percent (65%) of the value of the Goldman Loan
      divided by (ii) a per share price of Twelve Cents ($0.12) (the &#8220;Goldman
      Conversion Warrant&#8221;). The Goldman Conversion Warrant will be exercisable at a
      per share price of Twelve Cents ($0.12). </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      August
      14, 2006, the Company entered into a loan agreement </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(the
      &#8220;Arbor Malone Loan Agreement&#8221;) </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">with
      Arbor Malone, LLC, a Delaware limited liability company (&#8220;Arbor Malone&#8221;)
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">pursuant
      to which the </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Arbor
      Malone undertook to</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      loan the
      Company an aggregate amount</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      of Two
      Million Dollars ($2,000,000)</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      (the
&#8220;Arbor Malone Loan&#8221;)</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      accordance with the </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Arbor
      Malone</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      Loan
      Agreement,</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      the
      Company </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">executed
      a 10% Convertible Debenture (&#8220;Arbor Malone Debenture&#8221;) for </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">One
      Million Dollars ($1,000,000)</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      with
      interest at the rate of ten percent (10%) per annum until paid and issued a
      warrant to Arbor Malone exercisable into Twenty Million (20,000,000) shares
      of
      Itec&#8217;s common stock at a per share price oft Twelve Cents ($0.12) per
      share.</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      All
      outstanding principal and accrued and unpaid interest shall become due eighteen
      (18) <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">months
      from the date upon which the Arbor Malone Debenture is executed (the &#8220;Arbor
      Malone Maturity Date&#8221;). </font></font></div><br>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">At
      any
      time prior to or at the </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Arbor
      Malone </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Maturity
      Date, at the option of </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Arbor
      Malone</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      all
      principal and accrued interest due on this </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Arbor
      Malone Debenture</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      may be
      converted into common stock of the Company at $0.0975 per share. If, upon the
      expiration of the </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Arbor
      Malone </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Maturity
      Date or the listing, </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Arbor
      Malone</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      elects
      not to convert this </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Arbor
      Malone Debenture</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      all
      outstanding principal and accrued and unpaid interest shall become due and
      payable. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Arbor
      Malone</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      shall
      provide fifteen (15) days written notice to the Company of </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">its</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      election
      to convert the </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Arbor
      Malone Debenture</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      conversion amount shall be adjusted downward in the event the Company issues
      common stock (or securities exercisable for convertible into or exchangeable
      for
      common stock) at a price below the conversion amount, to a price equal to such
      issue price.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      the
      event that Arbor Malone elects to convert, via written notice to the Company,
      all principal and accrued interest payable under the Arbor Malone Debenture
      and
      the Arbor Malone Loan Agreement will be converted into shares of common stock
      of
      the Company at a conversion price of $0.0975 per share. Further, upon exercise
      of the conversion right, the Company will issue to Arbor Malone, a warrant
      exercisable into that number of shares of the Company&#8217;s common stock equal to
      the quotient of (i) sixty-five percent (65%) of the value of the Arbor Malone
      Loan divided by (ii) a per share price of Twelve Cents ($0.12) (the &#8220;Arbor
      Malone Conversion Warrant&#8221;). The Arbor Malone Conversion Warrant will be
      exercisable at a per share price of Twelve Cents ($0.12).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      August
      29, 2006</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      the
      Company entered into a loan agreement </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(the
      &#8220;Baek Loan Agreement&#8221;) </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">with
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ji
      Y.
      Baek (&#8220;Baek&#8221;)</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">pursuant
      to which the </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Baek</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      loaned
      the Company sum of Two Hundred Two Thousand Dollars ($202,000) (the &#8220;Baek
      Loan&#8221;)</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      accordance with the </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Baek</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      Loan
      Agreement,</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      the
      Company </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">executed
      a 10% Convertible Debenture (&#8220;Baek Debenture&#8221;) for the sum of Two Hundred Two
      Thousand Dollars ($202,000), with interest at the rate of ten percent (10%)
      per
      annum until paid and issued a warrant to Baek for Two Million (2,000,000) shares
      exercisable into Itec&#8217;s common stock at a per share price of Twelve Cents
      ($0.12) per share.</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      All
      outstanding principal and accrued and unpaid interest shall become due eighteen
      (18) months from the date upon which the Baek Debenture is executed (the &#8220;Baek
      Maturity Date&#8221;). </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">At
      any
      time prior to or at the </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Baek
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Maturity
      Date, at the option of </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Baek</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      all
      principal and accrued interest due on this </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Baek
      Debenture</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      may be
      converted into common stock of the Company at $0.0975 per share. If, upon the
      expiration of the </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Baek
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Maturity
      Date, </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Baek</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      elects
      not to convert this </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Baek
      Debenture</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      all
      outstanding principal and accrued and unpaid interest shall become due and
      payable. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Baek</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      shall
      provide fifteen (15) days written notice to the Company of </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">its</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      election
      to convert the </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Baek
      Debenture</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      conversion amount shall be adjusted downward in the event the Company issues
      common stock (or securities exercisable for convertible into or exchangeable
      for
      common stock) at a price below the conversion amount, to a price equal to such
      issue price.</font></div><br>
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    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      the
      event that Baek elects to convert, via written notice to the Company, all
      principal and accrued interest payable under the Baek Debenture and the Baek
      Loan Agreement will be converted into shares of common stock of the Company
      at a
      conversion price of $0.0975 per share. Further, upon exercise of the conversion
      right, the Company will issue to Baek, a warrant exercisable into that number
      of
      shares of the Company&#8217;s common stock equal to the quotient of (i) sixty-five
      percent (65%) of the value of the Baek Loan divided by (ii) a per share price
      of
      Twelve Cents ($0.12) (the &#8220;Baek Conversion Warrant&#8221;). The Baek Conversion
      Warrant will be exercisable at a per share price of Twelve Cents
      ($0.12).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      September 7, 2006, the Company executed an amendment to the August 14, 2006
      Arbor Malone Loan Agreement (the &#8220;Arbor Malone Loan Agreement Amendment&#8221;) in
      connection with Arbor Malone&#8217;s additional loan to the Company of Three Hundred
      Thousand Dollars ($300,000) resulting in an aggregate loan to the Company of
      Two
      Million Three Hundred Thousand Dollars ($2,300,000). In accordance with the
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Arbor
      Malone</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      Loan
      Agreement Amendment,</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      the
      Company </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">executed
      an additional 10% Convertible Debenture (&#8220;Amended Arbor Malone Debenture&#8221;) for
      One Million </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Three
      Hundred Thousand Dollars ($1,300,000)</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      with
      interest at the rate of ten percent (10%) per annum, which replaced the original
      Arbor Malone Debenture and issued a warrant to Arbor Malone exercisable into
      three million (3,000,000) shares of the Company&#8217;s common stock at a per share
      price of Twelve Cents ($0.12) per share. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
      outstanding principal and accrued and unpaid interest shall become due eighteen
      (18) months from the date upon which the Amended Arbor Malone Debenture is
      executed (the &#8220;Amended Arbor Malone Maturity Date&#8221;). All remaining material
      terms of the Arbor Malone Loan Agreement remain in effect and otherwise
      unchanged.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      1.02 Termination of a Material Definitive Agreement</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      August
      15, 2006, the Company and Capital Growth Equity Fund I, LLC, a Florida limited
      liability company (&#8220;CGF&#8221;) </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">and
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">several
      individuals (the &#8220;Lenders&#8221;), executed a Settlement Agreement and Release (the
&#8220;CGF Agreement&#8221;). </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Itec,
      CGF
      and the Lenders were parties to a certain Loan Agreement (as amended, restated,
      supplemented or otherwise modified from time to time, the &#8220;CGF Loan Agreement,&#8221;
the &#8220;CGF Loans&#8221; or the &#8220;CGF Loan&#8221;). An Event of Default occurred under Section
      6.1 of the CGF Loan Agreement due to the Itec&#8217;s failure to make the mandatory
      payment of the CGF Loans required by the CGF Loan Agreement (such Event of
      Default, the &#8220;CGF Existing Default&#8221;). </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Itec,
      CGF
      and the Lenders entered into a Forbearance Agreement on May 31, 2006 (the &#8220;CGF
      Forbearance Agreement&#8221;) whereby CGF and the Lenders were willing to forbear from
      enforcing their rights that arise because of the CGF Existing Default for a
      limited period of time, provided that Itec complies with the terms of CGF
      Forbearance Agreement. In accordance with the CGF Forbearance Agreement, Itec
      made all payments required thereunder. In acknowledgment that Itec has met
      all
      obligations under the CGF Forbearance Agreement, CGF has provided and the
      Lenders will provide Itec with a full release and settlement. </font></div><br>
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    </div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font size="2">On
      August 15, 2006, Itec and The Elevation Fund, LLC,
      a Delaware limited liability company (&#8220;Elevation&#8221;), executed a Settlement
      Agreement and Release (the &#8220;Elevation Agreement&#8221;). </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Itec,
      and
      Elevation were parties to a certain Loan Agreement (as amended, restated,
      supplemented or otherwise modified from time to time, the &#8220;Elevation Loan
      Agreement,&#8221; the &#8220;Elevation Loans&#8221; or the &#8220;Elevation Loan&#8221;). An Event of Default
      occurred under Section 6.1 of the Elevation Loan Agreement due to the Itec&#8217;s
      failure to make the mandatory payment of the Elevation Loans required by the
      Elevation Loan Agreement (such Event of Default, the &#8220;Elevation Existing
      Default&#8221;). </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Itec
      and
      Elevation entered into a Forbearance Agreement on May 31, 2006 (the &#8220;Elevation
      Forbearance Agreement&#8221;) whereby Elevation was willing to forbear from enforcing
      their rights that arise because of the Elevation Existing Default for a limited
      period of time, provided that Itec complied with the terms of the Elevation
      Forbearance Agreement. In accordance with the Elevation Forbearance Agreement,
      Itec made all payments required thereunder. In acknowledgment that Itec has
      met
      all obligations under the Elevation Forbearance Agreement, Elevation provided
      Itec with a full release and settlement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      5.02(c) Election of Directors; Appointment of Principal
      Officers</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      July
      26, 2006, Gary M. De Laurentiis&#8217;s employment agreement was approved by the Board
      of Directors of the Company, making him the new Chief Technology Officer.
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
      De
      Laurentiis, 61, has previously served as the Chairman, President and CEO since
      founding the Company in 1999. Mr. De Laurentiis has been active in the plastics
      recycling business for nearly twenty (20) years. In partnership with the Chinese
      Government, he designed and built his first plastics recycling plant in 1987.
      In
      the years since, he has designed, remodeled, built and operated plants in
      Mexico, North Carolina, Ohio, Florida, California and Canada for both local
      governments and private industries. From 1992 to 1995, Mr. De Laurentiis worked
      directly with the State Government in Campeche Mexico, living on site for
      eighteen (18) months while directing the entire project. In 1996, an Ohio based
      group recruited Mr. De Laurentiis to open a shuttered recycling plant. Mr.
      De
      Laurentiis left the company in 1999 to start Itec. From collecting, brokering,
      recycling and remanufacturing to lobbying on behalf of the industry, Mr. De
      Laurentiis is intimately familiar with all levels of plastics recycling. The
      depth of Mr. De Laurentiis&#8217; knowledge and his continuing search for newer, safer
      and more efficient ways to recycle waste has earned him the respect of his
      peers, as well as the many regulatory agencies charged with protecting the
      environment who regularly call upon him for advice. Mr. De Laurentiis is not
      a
      director of any other public company, nor is he related to any officer, director
      or affiliate of the Company. Pursuant to the terms of the employment agreement,
      Mr. De Laurentiis shall receive an annual salary of Two Hundred and Ninety
      Thousand Dollars ($290,000) and shall receive equity in the Company equal to
      an
      aggregate amount of twenty-four million (24,000,000) shares of the Company&#8217;s
      common stock, of which he has already received seventeen million nine hundred
      fifty three thousand two hundred and eight (17,953,208) shares. Mr. De
      Laurentiis is also eligible to receive additional equity in connection with
      the
      successful performance of his duties.&#160; </font></div><br>
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    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font size="2">On
      July 31, 2006, Rodney S. Rougelot&#8217;s employment
      agreement was approved by the </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Board
      of
      Directors of the Company, making him the new Chief Executive Officer. Mr.
      Rougelot was also appointed to the Board of Directors of the Company. Pursuant
      to the terms of the employment agreement, Mr. Rougelot shall receive an annual
      salary of Three Hundred Thousand Dollars ($300,000) and shall receive equity
      in
      the Company equal to eight percent (8%) of the Company&#8217;s issued and outstanding
      stock. Mr. Rougelot is also eligible to receive additional equity in connection
      with the successful performance of his duties.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      CEO,
      Mr. Rougelot shall</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">serve
      as
      such until the earlier of (i) his resignation, (ii) appointment of his successor
      or (iii) his termination. As a director of the Company, he shall serve until
      the
      earlier of (i) his resignation, (ii) election of his successor or (iii) his
      removal by the shareholders of the Company. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
      Rougelot, 42, brings to Itec over 20 years of extensive experience in recycling,
      operations, finance, and mergers and acquisitions. Upon graduating from Harvard
      Business School, Mr. Rougelot founded Recycling Resource LLC (&#8220;Recycling
      Resource&#8221;), which rapidly became one of the leading recycling competitors in
      California. After Recycling Resource was acquired by Tomra Pacific, Inc. (&#8220;Tomra
      Pacific&#8221;), Mr. Rougelot served as President of the commercial division, building
      Tomra Pacific into one of the largest beverage container recyclers in the United
      States. Most recently, Mr. Rougelot was engaged through Stone Yamashita Partners
      as a strategic consultant with The Coca Cola Company. Mr. Rougelot is not a
      director of any other public company, nor is he related to any officer, director
      or affiliate of the Company.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      August
      14, 2006, the Company entered into a loan agreement with Arbor Malone, LLC.
      Pursuant to this agreement, Ronald M. Domingue shall be appointed to the Board
      of Directors of the Company, effective September 15, 2006. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
      Domingue shall serve as a director of the Company until the earlier of (i)
      his
      resignation, (ii) election of his successor or (iii) his removal by the
      shareholders of the Company.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
      Domingue, 44, brings extensive financial, logistics and engineering experience
      to Itec. He is a managing partner at Arbor Malone LLC and was a co-founder
      of
      SupplyBase, Inc. (&#8220;SupplyBase&#8221;), a supply-chain software company that was
      acquired by i2 Technologies, Inc. &#160;Prior to SupplyBase, Mr. Domingue held
      positions in product management, engineering and field marketing at GE Plastics,
      a subsidiary of General Electric Company (&#8220;General Electric&#8221;), over a 13 year
      career. Mr. Domingue holds a Bachelor of Science in Mechanical Engineering,
      Cum
      Laude, from the University of Vermont, a Masters of Science in Mechanical
      Engineering from Rensselaer Polytechnic Institute, and is a graduate of General
      Electric&#8217;s Edison Engineering Program. Mr. Domingue is not a director of any
      other public company, nor is he related to any officer, director or affiliate
      of
      the Company.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      8.01 Other Events</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      August
      31, 2006, the Company entered into a mutual settlement and release agreement
      (the &#8220;Settlement Agreement&#8221;) with George Gitschel (&#8220;Gitschel&#8221;), Rose Waste
      Systems, Inc., a California corporation (&#8220;Rose&#8221;) and Itec Acquisitions, Inc., a
      Delaware corporation (collectively <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">referred
      to as the &#8220;Parties&#8221;) for the express purpose of resolving all of the differences
      among the Parties. In connection with the Settlement Agreement, the Company
      paid
      Rose a total of Three Hundred Thousand Dollars ($300,000) and </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">delivered
      to Gitschel two million five hundred sixty- four thousand one hundred and three
      (2,564,103) shares of the Company&#8217;s common stock.</font></font></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      9.01(d) Financial Statements and Exhibits</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      following exhibits are filed as part of this report:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 36pt;">&#160;</td>
            <td style="width: 36pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.1</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Goldman
                Loan Agreement dated July 27, 2006</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 36pt;">&#160;</td>
            <td style="width: 36pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.2</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Domingue
                Loan Agreement dated August 14,
                2006</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 36pt;">&#160;</td>
            <td style="width: 36pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.3</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Baek
                Loan Agreement dated August 29,
                2006</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 36pt;">&#160;</td>
            <td style="width: 36pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.4</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amendment
                to Domingue Loan Agreement dated September 7,
                2006</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 36pt;">&#160;</td>
            <td style="width: 36pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.5</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gary
                De Laurentiis Employment Agreement dated July 26,
                2006</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 36pt;">&#160;</td>
            <td style="width: 36pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.6</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Rodney
                S. Rougelot Employment Agreement dated July 31,
                2006</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 36pt;">&#160;</td>
            <td style="width: 36pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.7</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mutual
                Settlement and Release Agreement dated August 31,
                2006</font></div>
            </td>
          </tr>

      </table>
    </div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SIGNATURES</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 40.15pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to the requirements of the Securities Exchange Act of 1934, the registrant
      has
      duly caused this report to be signed on its behalf by the undersigned hereunto
      duly authorized.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 40.15pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>ITEC
      ENVIRONMENTAL GROUP, INC.</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Registrant)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 441pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:
      September ___, 2006</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>&#160;&#160;&#160;
      /s/ Gary De
      Laurentiis&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gary
      De
      Laurentiis, CEO </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit
      Index:</font></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td valign="top" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.1</font></div>
            </td>
            <td align="justify" valign="top" width="68%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Goldman
                Loan Agreement dated July 27, 2006</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.2</font></div>
            </td>
            <td align="left" valign="top" width="68%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Domingue
                Loan Agreement dated August 14, 2006</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.3</font></div>
            </td>
            <td align="left" valign="top" width="68%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Baek
                Loan Agreement dated August 29, 2006</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.4</font></div>
            </td>
            <td align="left" valign="top" width="68%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amendment
                to Domingue Loan Agreement dated September 7, 2006</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.5</font></div>
            </td>
            <td align="left" valign="top" width="68%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gary
                De Laurentiis Employment Agreement dated July 26, 2006</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.6</font></div>
            </td>
            <td align="left" valign="top" width="68%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Rodney
                S. Rougelot Employment Agreement dated July 31, 2006</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.7</font></div>
            </td>
            <td align="left" valign="top" width="68%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mutual
                Settlement and Release Agreement dated August 31,
                2006</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
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{"company-data": {"conformed-name": "ITEC ENVIRONMENTAL GROUP INC", "cik": "0000855372", "assigned-sic": "4955", "irs-number": "311705310", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "033-31067", "film-number": "061099525"}, "business-address": {"street1": "5300 CLAUS ROAD", "city": "RIVERBANK", "state": "CA", "zip": "95367", "phone": "2098483900"}, "mail-address": {"street1": "5300 CLAUS ROAD", "city": "RIVERBANK", "state": "CA", "zip": "95367"}, "former-company": [{"former-conformed-name": "BEECHPORT CAPITAL CORP", "date-changed": "19960911"}, {"former-conformed-name": "COALMONT INC", "date-changed": "19920703"}]}
Unassociated Document
UNITED
      STATES
SECURITIES
      AND EXCHANGE COMMISSION
Washington
      D.C. 20549
FORM
      8-K
CURRENT
      REPORT
Pursuant
      to Section 13 OR 15(d) of
The
      Securities Exchange Act of 1934
Date
      of
      Report 07/27/06
ITEC
      ENVIRONMENTAL GROUP, INC.
(Exact
      name of registrant as specified in its charter)
Delaware
(State
      or
      other jurisdiction of incorporation)
033-31067
(Commission
      File Number)
311705310
(IRS
      Employer Identification No.)
5300
      Claus Road
Riverbank,
      CA 95367
(209)
      848-3900
(Registrant's
      telephone number, including area code)
Check
      the
      appropriate box below if the Form 8-K filing is intended to simultaneously
      satisfy the filing obligation of the registrant under any of the following
      provisions (see General Instruction A.2. below):
o
Written communications
      pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule
      14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant
      to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant
      to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
1
Section
      1 Registrant's Business and Operations
Item
      1.01 Entry into a Material Definitive Agreement
On
      July
      27, 2006, the Itec Environmental Group, Inc. ("Itec" or the "Company") entered
      into a loan agreement (the "Goldman Loan Agreement") with Lois and Leroy Goldman
      (the "Goldmans") pursuant to which the Goldmans loaned the Company the sum of
      Five Hundred Thousand Dollars ($500,000) (the "Goldman Loan"). In accordance
      with the Goldman Loan Agreement, the Company executed a 10% Convertible
      Debenture ("Goldman Debenture") for the sum of Five Hundred Thousand Dollars
      ($500,000), with interest at the rate of ten percent (10%) per annum until
      paid
      and issued a warrant to the Goldmans exercisable into Five Million (5,000,000)
      shares of Itec's common stock at a per share price of Twelve Cents ($0.12) per
      share. All outstanding principal and accrued and unpaid interest shall become
      due eighteen (18) months from the date upon which the Goldman Debenture is
      executed (the "Goldman Debenture Maturity Date").
At
      any
      time prior to or at the Goldman Debenture Maturity Date, at the option of the
Goldmans
,
      all
      principal and accrued interest due on the Goldman Debenture may be converted
      into common stock of the Company at $0.0975 per share. If, upon the expiration
      of the Goldman Debenture Maturity Date, the
Goldmans
elect
      not to convert the Goldman Debenture, all outstanding principal and accrued
      and
      unpaid interest shall become due and payable. The
Goldmans
shall
      provide fifteen (15) days written notice to the Company of their election to
      convert the Goldman Debenture.
The
      conversion price shall be adjusted downward in the event the Company issues
      common stock (or securities exercisable for convertible into or exchangeable
      for
      common stock) at a price below the conversion amount, to a price equal to such
      issue price.
In
      the
      event that the Goldmans elect to convert, via written notice to the Company,
      all
      principal and accrued interest payable under the Goldman Debenture and the
      Goldman Loan Agreement will be converted into shares of common stock of the
      Company at a conversion price of $0.0975 per share. Further, upon exercise
      of
      the conversion right, the Company will issue to the Goldmans a warrant
      exercisable into that number of shares of the Company's common stock equal to
      the quotient of (i) sixty-five percent (65%) of the value of the Goldman Loan
      divided by (ii) a per share price of Twelve Cents ($0.12) (the "Goldman
      Conversion Warrant"). The Goldman Conversion Warrant will be exercisable at a
      per share price of Twelve Cents ($0.12).
On
      August
      14, 2006, the Company entered into a loan agreement
(the
      "Arbor Malone Loan Agreement")
with
      Arbor Malone, LLC, a Delaware limited liability company ("Arbor Malone")
pursuant
      to which the
Arbor
      Malone undertook to
loan the
      Company an aggregate amount
of Two
      Million Dollars ($2,000,000)
(the
"Arbor Malone Loan")
.
In
      accordance with the
Arbor
      Malone
Loan
      Agreement,
the
      Company
executed
      a 10% Convertible Debenture ("Arbor Malone Debenture") for
One
      Million Dollars ($1,000,000)
,
      with
      interest at the rate of ten percent (10%) per annum until paid and issued a
      warrant to Arbor Malone exercisable into Twenty Million (20,000,000) shares
      of
      Itec's common stock at a per share price oft Twelve Cents ($0.12) per
      share.
All
      outstanding principal and accrued and unpaid interest shall become due eighteen
      (18)
months
      from the date upon which the Arbor Malone Debenture is executed (the "Arbor
      Malone Maturity Date").
2
At
      any
      time prior to or at the
Arbor
      Malone
Maturity
      Date, at the option of
Arbor
      Malone
,
      all
      principal and accrued interest due on this
Arbor
      Malone Debenture
may be
      converted into common stock of the Company at $0.0975 per share. If, upon the
      expiration of the
Arbor
      Malone
Maturity
      Date or the listing,
Arbor
      Malone
elects
      not to convert this
Arbor
      Malone Debenture
,
      all
      outstanding principal and accrued and unpaid interest shall become due and
      payable.
Arbor
      Malone
shall
      provide fifteen (15) days written notice to the Company of
its
election
      to convert the
Arbor
      Malone Debenture
.
The
      conversion amount shall be adjusted downward in the event the Company issues
      common stock (or securities exercisable for convertible into or exchangeable
      for
      common stock) at a price below the conversion amount, to a price equal to such
      issue price.
In
      the
      event that Arbor Malone elects to convert, via written notice to the Company,
      all principal and accrued interest payable under the Arbor Malone Debenture
      and
      the Arbor Malone Loan Agreement will be converted into shares of common stock
      of
      the Company at a conversion price of $0.0975 per share. Further, upon exercise
      of the conversion right, the Company will issue to Arbor Malone, a warrant
      exercisable into that number of shares of the Company's common stock equal to
      the quotient of (i) sixty-five percent (65%) of the value of the Arbor Malone
      Loan divided by (ii) a per share price of Twelve Cents ($0.12) (the "Arbor
      Malone Conversion Warrant"). The Arbor Malone Conversion Warrant will be
      exercisable at a per share price of Twelve Cents ($0.12).
On
      August
      29, 2006
,
      the
      Company entered into a loan agreement
(the
      "Baek Loan Agreement")
with
Ji
      Y.
      Baek ("Baek")
pursuant
      to which the
Baek
loaned
      the Company sum of Two Hundred Two Thousand Dollars ($202,000) (the "Baek
      Loan")
.
In
      accordance with the
Baek
Loan
      Agreement,
the
      Company
executed
      a 10% Convertible Debenture ("Baek Debenture") for the sum of Two Hundred Two
      Thousand Dollars ($202,000), with interest at the rate of ten percent (10%)
      per
      annum until paid and issued a warrant to Baek for Two Million (2,000,000) shares
      exercisable into Itec's common stock at a per share price of Twelve Cents
      ($0.12) per share.
All
      outstanding principal and accrued and unpaid interest shall become due eighteen
      (18) months from the date upon which the Baek Debenture is executed (the "Baek
      Maturity Date").
At
      any
      time prior to or at the
Baek
Maturity
      Date, at the option of
Baek
,
      all
      principal and accrued interest due on this
Baek
      Debenture
may be
      converted into common stock of the Company at $0.0975 per share. If, upon the
      expiration of the
Baek
Maturity
      Date,
Baek
elects
      not to convert this
Baek
      Debenture
,
      all
      outstanding principal and accrued and unpaid interest shall become due and
      payable.
Baek
shall
      provide fifteen (15) days written notice to the Company of
its
election
      to convert the
Baek
      Debenture
.
The
      conversion amount shall be adjusted downward in the event the Company issues
      common stock (or securities exercisable for convertible into or exchangeable
      for
      common stock) at a price below the conversion amount, to a price equal to such
      issue price.
3
In
      the
      event that Baek elects to convert, via written notice to the Company, all
      principal and accrued interest payable under the Baek Debenture and the Baek
      Loan Agreement will be converted into shares of common stock of the Company
      at a
      conversion price of $0.0975 per share. Further, upon exercise of the conversion
      right, the Company will issue to Baek, a warrant exercisable into that number
      of
      shares of the Company's common stock equal to the quotient of (i) sixty-five
      percent (65%) of the value of the Baek Loan divided by (ii) a per share price
      of
      Twelve Cents ($0.12) (the "Baek Conversion Warrant"). The Baek Conversion
      Warrant will be exercisable at a per share price of Twelve Cents
      ($0.12).
On
      September 7, 2006, the Company executed an amendment to the August 14, 2006
      Arbor Malone Loan Agreement (the "Arbor Malone Loan Agreement Amendment") in
      connection with Arbor Malone's additional loan to the Company of Three Hundred
      Thousand Dollars ($300,000) resulting in an aggregate loan to the Company of
      Two
      Million Three Hundred Thousand Dollars ($2,300,000). In accordance with the
Arbor
      Malone
Loan
      Agreement Amendment,
the
      Company
executed
      an additional 10% Convertible Debenture ("Amended Arbor Malone Debenture") for
      One Million
Three
      Hundred Thousand Dollars ($1,300,000)
,
      with
      interest at the rate of ten percent (10%) per annum, which replaced the original
      Arbor Malone Debenture and issued a warrant to Arbor Malone exercisable into
      three million (3,000,000) shares of the Company's common stock at a per share
      price of Twelve Cents ($0.12) per share.
All
      outstanding principal and accrued and unpaid interest shall become due eighteen
      (18) months from the date upon which the Amended Arbor Malone Debenture is
      executed (the "Amended Arbor Malone Maturity Date"). All remaining material
      terms of the Arbor Malone Loan Agreement remain in effect and otherwise
      unchanged.
Item
      1.02 Termination of a Material Definitive Agreement
On
      August
      15, 2006, the Company and Capital Growth Equity Fund I, LLC, a Florida limited
      liability company ("CGF")
and
several
      individuals (the "Lenders"), executed a Settlement Agreement and Release (the
"CGF Agreement").
Itec,
      CGF
      and the Lenders were parties to a certain Loan Agreement (as amended, restated,
      supplemented or otherwise modified from time to time, the "CGF Loan Agreement,"
the "CGF Loans" or the "CGF Loan"). An Event of Default occurred under Section
      6.1 of the CGF Loan Agreement due to the Itec's failure to make the mandatory
      payment of the CGF Loans required by the CGF Loan Agreement (such Event of
      Default, the "CGF Existing Default").
Itec,
      CGF
      and the Lenders entered into a Forbearance Agreement on May 31, 2006 (the "CGF
      Forbearance Agreement") whereby CGF and the Lenders were willing to forbear from
      enforcing their rights that arise because of the CGF Existing Default for a
      limited period of time, provided that Itec complies with the terms of CGF
      Forbearance Agreement. In accordance with the CGF Forbearance Agreement, Itec
      made all payments required thereunder. In acknowledgment that Itec has met
      all
      obligations under the CGF Forbearance Agreement, CGF has provided and the
      Lenders will provide Itec with a full release and settlement.
4
On
      August 15, 2006, Itec and The Elevation Fund, LLC,
      a Delaware limited liability company ("Elevation"), executed a Settlement
      Agreement and Release (the "Elevation Agreement").
Itec,
      and
      Elevation were parties to a certain Loan Agreement (as amended, restated,
      supplemented or otherwise modified from time to time, the "Elevation Loan
      Agreement," the "Elevation Loans" or the "Elevation Loan"). An Event of Default
      occurred under Section 6.1 of the Elevation Loan Agreement due to the Itec's
      failure to make the mandatory payment of the Elevation Loans required by the
      Elevation Loan Agreement (such Event of Default, the "Elevation Existing
      Default").
Itec
      and
      Elevation entered into a Forbearance Agreement on May 31, 2006 (the "Elevation
      Forbearance Agreement") whereby Elevation was willing to forbear from enforcing
      their rights that arise because of the Elevation Existing Default for a limited
      period of time, provided that Itec complied with the terms of the Elevation
      Forbearance Agreement. In accordance with the Elevation Forbearance Agreement,
      Itec made all payments required thereunder. In acknowledgment that Itec has
      met
      all obligations under the Elevation Forbearance Agreement, Elevation provided
      Itec with a full release and settlement.
Item
      5.02(c) Election of Directors; Appointment of Principal
      Officers
On
      July
      26, 2006, Gary M. De Laurentiis's employment agreement was approved by the Board
      of Directors of the Company, making him the new Chief Technology Officer.
Mr.
      De
      Laurentiis, 61, has previously served as the Chairman, President and CEO since
      founding the Company in 1999. Mr. De Laurentiis has been active in the plastics
      recycling business for nearly twenty (20) years. In partnership with the Chinese
      Government, he designed and built his first plastics recycling plant in 1987.
      In
      the years since, he has designed, remodeled, built and operated plants in
      Mexico, North Carolina, Ohio, Florida, California and Canada for both local
      governments and private industries. From 1992 to 1995, Mr. De Laurentiis worked
      directly with the State Government in Campeche Mexico, living on site for
      eighteen (18) months while directing the entire project. In 1996, an Ohio based
      group recruited Mr. De Laurentiis to open a shuttered recycling plant. Mr.
      De
      Laurentiis left the company in 1999 to start Itec. From collecting, brokering,
      recycling and remanufacturing to lobbying on behalf of the industry, Mr. De
      Laurentiis is intimately familiar with all levels of plastics recycling. The
      depth of Mr. De Laurentiis' knowledge and his continuing search for newer, safer
      and more efficient ways to recycle waste has earned him the respect of his
      peers, as well as the many regulatory agencies charged with protecting the
      environment who regularly call upon him for advice. Mr. De Laurentiis is not
      a
      director of any other public company, nor is he related to any officer, director
      or affiliate of the Company. Pursuant to the terms of the employment agreement,
      Mr. De Laurentiis shall receive an annual salary of Two Hundred and Ninety
      Thousand Dollars ($290,000) and shall receive equity in the Company equal to
      an
      aggregate amount of twenty-four million (24,000,000) shares of the Company's
      common stock, of which he has already received seventeen million nine hundred
      fifty three thousand two hundred and eight (17,953,208) shares. Mr. De
      Laurentiis is also eligible to receive additional equity in connection with
      the
      successful performance of his duties.
5
On
      July 31, 2006, Rodney S. Rougelot's employment
      agreement was approved by the
Board
      of
      Directors of the Company, making him the new Chief Executive Officer. Mr.
      Rougelot was also appointed to the Board of Directors of the Company. Pursuant
      to the terms of the employment agreement, Mr. Rougelot shall receive an annual
      salary of Three Hundred Thousand Dollars ($300,000) and shall receive equity
      in
      the Company equal to eight percent (8%) of the Company's issued and outstanding
      stock. Mr. Rougelot is also eligible to receive additional equity in connection
      with the successful performance of his duties.
As
      CEO,
      Mr. Rougelot shall
serve
      as
      such until the earlier of (i) his resignation, (ii) appointment of his successor
      or (iii) his termination. As a director of the Company, he shall serve until
      the
      earlier of (i) his resignation, (ii) election of his successor or (iii) his
      removal by the shareholders of the Company.
Mr.
      Rougelot, 42, brings to Itec over 20 years of extensive experience in recycling,
      operations, finance, and mergers and acquisitions. Upon graduating from Harvard
      Business School, Mr. Rougelot founded Recycling Resource LLC ("Recycling
      Resource"), which rapidly became one of the leading recycling competitors in
      California. After Recycling Resource was acquired by Tomra Pacific, Inc. ("Tomra
      Pacific"), Mr. Rougelot served as President of the commercial division, building
      Tomra Pacific into one of the largest beverage container recyclers in the United
      States. Most recently, Mr. Rougelot was engaged through Stone Yamashita Partners
      as a strategic consultant with The Coca Cola Company. Mr. Rougelot is not a
      director of any other public company, nor is he related to any officer, director
      or affiliate of the Company.
On
      August
      14, 2006, the Company entered into a loan agreement with Arbor Malone, LLC.
      Pursuant to this agreement, Ronald M. Domingue shall be appointed to the Board
      of Directors of the Company, effective September 15, 2006.
Mr.
      Domingue shall serve as a director of the Company until the earlier of (i)
      his
      resignation, (ii) election of his successor or (iii) his removal by the
      shareholders of the Company.
Mr.
      Domingue, 44, brings extensive financial, logistics and engineering experience
      to Itec. He is a managing partner at Arbor Malone LLC and was a co-founder
      of
      SupplyBase, Inc. ("SupplyBase"), a supply-chain software company that was
      acquired by i2 Technologies, Inc.  Prior to SupplyBase, Mr. Domingue held
      positions in product management, engineering and field marketing at GE Plastics,
      a subsidiary of General Electric Company ("General Electric"), over a 13 year
      career. Mr. Domingue holds a Bachelor of Science in Mechanical Engineering,
      Cum
      Laude, from the University of Vermont, a Masters of Science in Mechanical
      Engineering from Rensselaer Polytechnic Institute, and is a graduate of General
      Electric's Edison Engineering Program. Mr. Domingue is not a director of any
      other public company, nor is he related to any officer, director or affiliate
      of
      the Company.
Item
      8.01 Other Events
On
      August
      31, 2006, the Company entered into a mutual settlement and release agreement
      (the "Settlement Agreement") with George Gitschel ("Gitschel"), Rose Waste
      Systems, Inc., a California corporation ("Rose") and Itec Acquisitions, Inc., a
      Delaware corporation (collectively
referred
      to as the "Parties") for the express purpose of resolving all of the differences
      among the Parties. In connection with the Settlement Agreement, the Company
      paid
      Rose a total of Three Hundred Thousand Dollars ($300,000) and
delivered
      to Gitschel two million five hundred sixty- four thousand one hundred and three
      (2,564,103) shares of the Company's common stock.
6
Item
      9.01(d) Financial Statements and Exhibits
The
      following exhibits are filed as part of this report:
10.1
Goldman
                Loan Agreement dated July 27, 2006
10.2
Domingue
                Loan Agreement dated August 14,
                2006
10.3
Baek
                Loan Agreement dated August 29,
                2006
10.4
Amendment
                to Domingue Loan Agreement dated September 7,
                2006
10.5
Gary
                De Laurentiis Employment Agreement dated July 26,
                2006
10.6
Rodney
                S. Rougelot Employment Agreement dated July 31,
                2006
10.7
Mutual
                Settlement and Release Agreement dated August 31,
                2006
7
SIGNATURES
Pursuant
      to the requirements of the Securities Exchange Act of 1934, the registrant
      has
      duly caused this report to be signed on its behalf by the undersigned hereunto
      duly authorized.
ITEC
      ENVIRONMENTAL GROUP, INC.
(Registrant)
Date:
      September ___, 2006
/s/ Gary De
      Laurentiis
Gary
      De
      Laurentiis, CEO
Exhibit
      Index:
10.1
Goldman
                Loan Agreement dated July 27, 2006
10.2
Domingue
                Loan Agreement dated August 14, 2006
10.3
Baek
                Loan Agreement dated August 29, 2006
10.4
Amendment
                to Domingue Loan Agreement dated September 7, 2006
10.5
Gary
                De Laurentiis Employment Agreement dated July 26, 2006
10.6
Rodney
                S. Rougelot Employment Agreement dated July 31, 2006
10.7
Mutual
                Settlement and Release Agreement dated August 31,
                2006
8