International Isotopes ‘Green’ Technology Depleted Uranium Project Remains on Course
IDAHO FALLS, Idaho, March 28, 2011 /PRNewswire/ — International Isotopes Inc. (OTC Bulletin Board: INIS), issued a statement on March 17 emphasizing that the recent problems at Japan’s nuclear power plants, as a result of a devastating earthquake and tsunami, have not changed the Company’s plans to build the first commercial, environmentally friendly, depleted uranium de-conversion facility in the United States. The Company would like to reiterate that the recent termination of its plans to complete an underwritten public offering of common stock was heavily influenced by the devastating events in Japan which for the time being made investors reconsider investments in businesses operating within the nuclear fuel cycle. The termination of the Company’s offering does not impact any of its near term plans for the proposed facility.
Steve T. Laflin, Company President and CEO, stated, “Investors should not confuse the events in Japan as a sign that our Company has, in any way, changed our plans or expectations for the commercial success of our depleted uranium processing facility. We firmly believe that recent events do not affect the need for our proprietary solution to safely address depleted uranium and to produce useful products from that material. Although the Company requires significant additional capital to complete construction of the planned depleted uranium de-conversion facility, it has sufficient cash on hand to continue near term planning and will continue to drive the project forward.”
“In our March 17 news release we suggested that we did not believe that the events in Japan were likely to have any impact on commercial activities at the front end of the uranium fuel cycle. In fact, in recent days, multiple companies involved in uranium ore production, uranium conversion, and uranium enrichment have publically expressed their continued optimistic views of the uranium sector. Our Company’s de-conversion services will exclusively address the front end of the nuclear fuel cycle in the United States. Our business plan does not require a single new reactor to be built in order for it to be successful, and since there presently is no commercial uranium de-conversion option available in this hemisphere, we believe that there is a clear need for the services we intend to offer. Our patented Fluorine Extraction Process will produce important products from the abundant depleted uranium which we plan to de-convert and will provide those products and services more economically, with lower energy requirements, and at a higher purity standard than is currently possible.”
“International Isotopes remains confident in our business plan and undeterred in our efforts. Our progress continues unabated on our licensing, permitting, and design activities. We believe that nuclear power will continue to play an important role in power production. Even a fraction of the current uranium demands to supply existing reactors will produce an abundance of depleted uranium for de-conversion that would otherwise have to be stockpiled. We remain committed to continuing to build a unique company to address the needs of the industry. As the only planned ‘green’ environmentally friendly option for commercial depleted uranium in the United States we are optimistic about our future business.”
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. The Company is in the licensing and design phase of its planned environmentally friendly, green technology, uranium de-conversion and fluorine extraction processing facility located near Hobbs, New Mexico.
International Isotopes Inc. Safe Harbor Statement
Certain statements in this press release or in other documents filed by the Company are “forward-looking statements” within the meaning of applicable United States and Canadian securities laws, including statements with respect to its planned depleted uranium de-conversion and fluorine extraction facility. In particular, statements regarding the Company’s expectations for commercial success, the likelihood that the events in Japan will impact other uranium commercial activities, other companies’ views on the future of the uranium sector, the Company’s ability to complete the planned project, the Company’s ability to raise capital to complete the planned project, the continued role of nuclear power are forward looking. 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 and with certain of the Canadian securities regulatory authorities at www.sedar.com, including our annual report on Form 10-K for the year ending December 31, 2009. 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. 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.
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SOURCE International Isotopes Inc.