dutton associates coverage on intec

Not sure if you people have seen this, but just in case.

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Dutton Associates Announces Investment Opinion: Intec Strong Speculative Buy Rating In Initiating Coverage By Dutton Associates

ROSEVILLE, Calif., May 19, 2008 (BUSINESS WIRE) -- Dutton Associates initiates coverage of Intec Limited (OTCQX: ICLJY) (ASX: INL) with a Strong Speculative Buy rating and an ADR price target of $4.00 (20-1). The 23-page report by Dutton senior analyst Mike Niehuser is available at www.jmdutton.com as well as from First Call, Bloomberg Professional, Zacks, Reuters, Knobias, and other leading financial portals. Merriman Curhan Ford & Co. has been selected by Intec as its Principal American Liaison (PAL) for listing on the OTCQX.
Intec is the world leader in developing and commercializing a chloride hydrometallurgical process providing a revolutionary alternative to current practices to "unlock" valuable metals contained within resources that were previously considered uneconomic by traditional metallurgical processes. The most immediate and lucrative application of the Intec Process is the recovery of zinc from electric arc furnace dust (EAFD), which is a by-product of the steel recycling process and a recognized hazardous waste substance. Intec is rapidly advancing toward the profitable commercialization of a facility to recover zinc from EAFD. Consequently, this achievement should demonstrate the versatility of Intec's processes for extracting other metals and the potential market opportunity to offer a variety of other equally promising solutions. Successful construction and profitable operation of a 35,000 tpa EAFD facility in Tasmania will serve as a proof-of- concept for advancing the Intec Process into larger markets in North America, Europe and Asia. At modest levels of production at current metal prices, we estimate the value of the operation to equal Intec's current market capitalization. Should Intec secure buyers for the potential higher-grade industrial minerals, the value of the operation could triple. Our price target may prove to be wholly conservative should Intec move forward with more aggressive production scenarios while securing buyers for its industrial minerals.