International Isotopes Inc. Announces Results of the Annual Meeting and Provides an Update on its Depleted Uranium Processing and Fluorine Extraction Process Plant
IDAHO FALLS, Idaho, July 21 /PRNewswire-FirstCall/ — International Isotopes Inc. (OTC Bulletin Board: INIS) is pleased to announce the results of its annual shareholder meeting and provide an update on the progress the Company is making in advancing its plans for the construction of a depleted uranium de-conversion and fluorine extraction facility using its patented Fluorine Extraction Process (FEP).
The Company’s annual meeting was conducted on July 14, 2009 in Idaho Falls, ID. Voting results of the meeting confirmed re-election of the current Board of Directors (Steve Laflin, Ralph Richart, and Chris Grosso) and approved the Company’s selection of Hansen, Barnett, and Maxwell, P.C. as the Company’s independent accountants for the year ended December 31, 2009.
The Company also provided an update on its plans to design and build the nation’s first commercial facility for the de-conversion of depleted uranium hexafluoride (UF6) and fluorine extraction.
On March 30, 2009, the Company announced the selection of a 640-acre site just west of Hobbs, New Mexico, for the planned facility. Since that time, the Company has been working with the Economic Development Corporation of Lea County, the State of New Mexico, and Lea County to complete the steps necessary for environmental characterization and transfer of this piece of property to INIS for commercial use. The Company currently expects this process to be completed later this fall and intends to begin initial pre-construction civil engineering activities on the property at that time.
The Company is also pleased to announce a major milestone in the project was accomplished in mid-June with the completion of the Conceptual Design Report (CDR) for the project. This project report details the plant flow processes, components, costs, and environment safety and health aspects of the project. The Company’s subcontractor, Advanced Process Technology Services Inc. (APTS) has assembled a team of industry experts to work on the CDR and licensing. The CDR was completed on schedule and provides the operational production and cost data necessary to begin more advanced discussions with prospective customers for the services and products this plant will provide.
The license application to the Nuclear Regulatory Commission (NRC) is currently being prepared by APTS and the Company. The NRC license submission will be an extensive document that will include a detailed environmental report, as required by the NRC. Work on the application is proceeding on schedule and the Company expects to file it’s license application to the NRC late in 2009.
Steve T. Laflin, the Company’s President and CEO, stated, “We are very pleased with the pace of accomplishments to date on this project. The support for this facility in the New Mexico area remains very strong and the progress we are making on the license application and land transfer is right on our original overall schedule for the project. The completion of the CDR has facilitated the commencement of advanced contract negotiations for the services the plant will provide and the products it will produce.”
Mr. Laflin continued, “Our traditional lines of business continue to perform well and have been generally unaffected by the global recession. Our mid-year results will be released in approximately a month and will further detail existing operations.”
The Company continues to caution that it will need to raise significant capital to complete its depleted UF6 de-conversion and fluorine extraction project. While acknowledging it has made progress in this area, the Company noted that given current market conditions there can still be no guarantee the capital necessary to complete the project will be available, or available under acceptable terms.
About International Isotopes Inc.
International Isotopes Inc. manufactures a full range of nuclear medicine calibration and reference standards, high purity fluoride gases, and a variety of cobalt-60 products such as teletherapy sources. The Company also provides a wide selection of radioisotopes and radiochemicals for medical devices, calibration, clinical research, life sciences, and industrial applications and provides a host of analytical, measurement, recycling, and processing services on a contract basis to clients.
International Isotopes Inc. Safe Harbor Statement
Certain statements in this press release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including the statements with respect to the Company’s goals with respect to advancing its plans to acquire the property for the facility in New Mexico, construct a depleted uranium de-conversion processing and fluorine extraction facility, and submit an NRC license application. Information contained in such forward-looking statements is based on current expectations and is subject to change. These statements involve a number of risks, uncertainties and other factors that could cause actual results, performance or achievements of International Isotopes Inc. to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Other factors, which could materially affect such forward-looking statements, can be found in International Isotopes Inc.’s filings with the Securities and Exchange Commission at www.sec.gov, including our annual report on Form 10-K for the year ending December 31, 2008. Investors, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. Additional factors that could materially affect the results, performance or achievements of the Company include the ability to successfully obtain additional funding necessary to complete its planned de-conversion facility and complete construction and licensing of such facility, which may not occur. Achievement by the Company of the project is substantially dependent on success in securing off-take agreements with commercial enrichment companies for depleted uranium hexafluoride for de-conversion services and supply of the raw material for the production of high quality fluoride gasses. The forward-looking statements made herein are only made as of the date of this press release and International Isotopes, Inc. undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
For more information, visit our web site at www.intisoid.com
For More Information, Contact: Steve Laflin, President and CEO (208) 524-5300
SOURCE International Isotopes Inc.