Last checked at 11 Aug 2016 13:33
11 August 2016
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, notes the recent decision of the Montana District Court in respect of the Company's Water Depot Project in the State of Montana. The Court has ruled in favour of the Department of Natural Resources and Conservation ("DNRC") and found that the DNRC's Final Order in respect of a water permit applied for by the Company's wholly owned subsidiary, Atlantis Water Solutions LLC, was reasonable. The effect of this ruling is that the DNRC's denial of the Company's water permit in Montana stands. Accordingly, the Company will not be able to further develop this non-core asset utilizing the existing water permit application.
The Company accepts this decision but stresses that it will have no impact on the Company's core operations at its iodine production plants, which remain on track to produce between 250-270 MT of crystalline iodine in H2 2016. The Company continues to progress the finalisation of the documentation relating to its debt restructuring and looks forward to providing a further update in this regard in due course.
For further information, please contact:
Dr. Tom Becker, CEO & President
Iofina plc
Tel: +44 (0)20 3006 3135
Christopher Raggett/Giles Rolls/Joanna Scott
finnCap Ltd
Tel: +44 (0)20 7220 0500
Media Contact:
Dominic Barretto/Harriet Jackson
Yellow Jersey PR Limited
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 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