Last checked at 5 Jun 2015 07:00
5 June 2015
Iofina plc
("Iofina" or the "Company")
(LSE AIM: IOF)
Water Depot Permit Update
Iofina, specialists in the exploration and production of iodine and iodine specialty chemical derivatives, is issuing an update to the market today on the Company's Water Depot Project in the State of Montana.
The Company's wholly owned subsidiary, Atlantis Water Solutions LLC ("AWS"), on 19 February 2015 defended its preliminary granted water permit (No. 40S 30066181) verses an objection filed with the Department of Natural Resources and Conservation ("DNRC") of the State of Montana. In the afternoon of 4 June 2015 the Company was informed of the decision by the Hearing Examiner of the DNRC which was to deny the Company's permit.
The Company disagrees with this decision and intends to take further legal action with respect to this non-core project. With this denial and during the period of Judicial Review, the Company will not be able to further develop this non-core asset. The Company will continue to maintain its leases and right of ways in anticipation of a future favourable ruling.
For further information, please contact:
Dr. Tom Becker, CEO & President
Iofina plc
Tel: +44 (0)20 3006 3135
Christopher Raggett/Giles Rolls/Joanna Weaving
finnCap Ltd
Tel: +44 (0)20 7220 0500
Rob Collins/Emily Morris
GMP Securities
Tel: +44(0)20 7647 2800
Media Contact:
Dominic Barretto/Anna Legge
Yellow Jersey PR
Tel: +44 (0)7768 537 739
About Iofina:
Iofina specializes in the exploration and production of iodine, iodine specialty chemical derivatives and produced water. Iofina's business strategy is to identify, develop, build, own and operate iodine extraction plants currently focused in North America based on Iofina's WET® IOsorb® technology. Iofina has production operations in the United States, specifically in Montana, Kentucky and Oklahoma. It has complete vertical integration from the production of iodine in the field to the manufacture of the chemical end-products derived from iodine to the consumer and the recycling of iodine using iodinated side-streams from waste chemical processes. Iofina utilizes its portfolio of patented and patent pending technology, proprietary methods and trademarks throughout all business lines.
www.iofina.com