Last checked at 8 Mar 2010 07:00
8 March 2010
Iofina plc
("Iofina" or "the Company" or "the Group")
MANAGEMENT CHANGE
The Board of Iofina announces that following an organisation review in the light of the broadening scope of the Company's business Lance Baller, currently Finance Director of the Group, has been appointed as CEO of the Group in place of David Schneider, with immediate effect. It is expected that a new appointment to the role of Finance Director will be made shortly.
Also, effective immediately, Dr Tom Becker has been appointed as President of Iofina Chemical Inc.
Dr. Becker was the former vice president of Research and Development at H&S/Iofina Chemical. Iofina bought H&S Chemical in July 2009 for complete vertical integration into the iodine chemical derivatives market. Dr. Becker has conducted extensive research in both inorganic and organic halogen based chemistry. Dr. Becker has written a magnitude of published technical papers in his career. Prior to H&S Dr. Becker worked as an Oak Ridge Scholar on behalf of the US EPA and worked for various other chemical manufacturing companies. Dr. Becker earned a BS in Chemistry from Indiana University, and a PhD in Chemistry from the University of Cincinnati. He has extensive experience in scale-up of chemical processes from laboratory to pilot to full scale production and is the inventor on several chemical patents/patent applications.
Dr. Chris Fay CBE, Non Executive Chairman commented:
"We are continually looking to strengthen Iofina's management team and Board as evidenced by a number of personnel announcements. As the Company's focus now transitions from one of exploration and technology development towards production, contract negotiations and cash generation, the Board has concluded that Lance is best placed to lead the Company through this next phase of growth to drive shareholder value creation."
For further information, please contact:
| Chris Fay, Non-Exec Chairman Iofina plc Tel: +44(0)20 3006 3135
| Nominated Adviser: James Harris/Angela Peace Strand Hanson Limited Tel: +44(0)20 7409 3494
|
| Broker: Rory Scott Mirabaud Securities Limited Tel: +44(0)20 7878 3360
| Media Contact: Klara Kaczmarek Pelham Bell Pottinger Tel: +44 (0)20 7337 1524 |
About Iofina
Iofina is involved in the exploration and production of both iodine and natural gas with complete vertical integration into the specialty chemical iodine derivatives business. It also provides third party brine stream operators with a turnkey 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 allows the Group to generate dual 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