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28 Sep 2010 07:00
28 September 2010
Iofina plc
("Iofina" or "the Company")
Appointment of Finance Director
Iofina plc (LSE AIM: IOF), the holding company of a group of companies involved in the exploration and production of iodine and natural gas,is pleased to announce the appointment of Mr. Mike Coddington as Finance Director effective immediately.
Mr. Coddington has 30 years of Accounting and Finance experience in various manufacturing industries. He began his career in 1980 with Cincinnati Milacron, a world leader in manufacturing of machine tools, and advanced to Accounting Manager of the Electronic Systems Division. In 1990 he joined Printpack Inc., a manufacturer of printed flexible packaging, as a Plant Finance Controller. In 1995, Printpack created a joint venture company called Orflex Ltd., and Mr. Coddington served as Finance Controller for six years. Orflex Ltd was acquired by Diversapack LLC in 2001, and he served as Corporate Finance Controller until 2010. In February 2010 Mr. Coddington was hired as CFO of our wholly owned subsidiary Iofina Chemical, Inc to strengthen the Finance controls, procedures and budgeting aspects. Mr. Coddington earned a BBA in Finance and Accounting from the University of Cincinnati.
Mr. Coddington has not been appointed to the Board of Iofina and therefore no further disclosures are required for the purposes of the AIM Rules.
Lance Baller, Iofina plc's CEO and President commented:
"I am pleased to have Mike Coddington come on as Finance Director for Iofina plc. Mike already has a full understanding of our business and he will be a key member of the team as the Company moves forward in its growth and development. Mike brings a wealth of knowledge and expertise to the role and I look forward to working closely with him in the future."
For further information, please contact:
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Lance Baller, CEO Iofina plc Tel: +44(0)20 3006 3135
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Nominated Adviser: James Harris/Angela Peace Strand Hanson Limited Tel: +44(0)20 7409 3494
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Broker: Rory Scott Mirabaud Securities Limited Tel: +44(0)20 7878 3360
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Media Contact: Klara Kaczmarek Pelham Bell Pottinger Tel: +44 (0)20 7861 3883 |
About Iofina
Iofina is involved in the exploration and production of iodine, natural gas and water and has achieved complete vertical integration into the specialty chemical iodine derivatives business. It also provides third party brine stream operators with a turnkey fee based solution to extract iodine. The presence of both iodine and natural gas has been discovered on acreages which the Company holds through its wholly owned subsidiary Iofina Natural Gas, Inc. The presence of both iodine and natural gas, together with the ability to sell the co-produced water, allows the Group to generate triple revenue streams over a single cost structure.
Iofina is traded on the London Stock Exchange's AIM Market under the ticker: IOF
www.Iofina.com
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