International Isotopes Announces the Termination of Its Currently Planned Public Offering of Common Stock
IDAHO FALLS, Idaho, March 17, 2011 /PRNewswire/ — International Isotopes Inc. (OTC Bulletin Board: INIS), a leading manufacturer of nuclear medicine products, announces it has terminated its planned underwritten public offering of common stock which was previously announced February 25, and will withdraw the registration statement on Form S-3 (File No. 333-167566) and related prospectus supplement filed on February 25, 2011. The proposed offering was intended to raise proceeds of between Cdn.$20 million and Cdn.$30 million. The earthquake, tsunami and resulting nuclear reactor damage in Japan have, for the time being, caused a dramatic shift in investor sentiment away from nuclear projects. The Company has sufficient capital on hand to continue to support high priority activities on its depleted uranium de-conversion and FEP project, including Nuclear Regulatory Commission licensing, advancing the Department of Energy loan process, working towards securing additional de-conversion and/or fluorine gas contracts, and some further design activities for the remainder of the year.
Steve T. Laflin, Company President and CEO, stated, “The events in Japan are truly tragic but it is premature to speculate about the long term impact to the global nuclear industry. Regardless, we believe these events are unlikely to impact the Company’s business plans for uranium de-conversion and fluorine extraction. Most of the developing uranium enrichment capacity currently taking place in the US will provide fuel for existing reactors. Although we still need to obtain substantial additional financing to complete our state-of-the-art, “green” technology plant we believe that our planned facility is the only commercial de-conversion plant currently planned for construction in the U.S., and our business plan does not require new reactors to come on line in order to be successful.”
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 ability to continue to fund the project with the current capital on hand for the remainder of the year, potential impact to the nuclear industry, the likelihood of events in the nuclear industry impacting the Company plans for uranium de-conversion and fluorine extraction, the existing demand for uranium enrichment, and the prospects for future opportunities to raise further capital to support the planned project 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.
FOR MORE INFORMATION CONTACT: Jim Drewitz Creative Options Communications Investor and Public Relations firstname.lastname@example.org Phone: 830-669-2466
For more information, please visit the Company web site: www.intisoid.com
SOURCE International Isotopes Inc.