11 January 2013
Iofina plc
("Iofina" or the "Group")
(LSE AIM: IOF)
Commissioning of IO#2 IOsorb™ Plant
Iofina, specialists in the exploration and production of iodine and iodine specialty chemical derivatives, is pleased to announce that, following completion of construction, testing and final hook up stage, the Group's IO#2 iodine extraction plant based on Iofina's WET® IOsorb™ technology ("IO#2"), has now been fully commissioned.
IO#2, located in Oklahoma, receives its brine input directly from the producing wells, giving greater certainty as to iodine concentration and higher temperatures, which are typically greater than 40 degrees Celsius. This helps yield efficiency for volume throughput. The commissioning phase took longer than envisioned. IO#2 has more automated features than our IO#1 plant which has taken a longer time to program with production during plant commissioning. This, along with extreme cold weather conditions and the Christmas period, proved to be challenging.
The WET® IOsorb™ IO#3 plant is currently being fabricated with equipment expected early February 2013, and the Board looks forward to updating shareholders on this next plant in due course.
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. The board believes that the success experienced by the Company in 2012 will be the catalyst for the construction and commissioning of many more successful plants throughout Iofina's targeted regions.
Commenting on today's news, Lance Baller, CEO and President stated:
"The Board is pleased with the commissioning of the Group's second IO#2 iodine extraction plant, which takes Iofina one step closer to becoming a major player in the global iodine market.
I would like to thank all Iofina employees for their relentless dedication, commitment and focus in making 2012 a highly successful year. I would also like to thank Iofina shareholders for their patience and commitment to the Group from our inception as our business model developed into what we have today and the success that it will afford. We are looking forward to an exciting next twelve months."
For further information, please contact:
Lance Baller, CEO Iofina plc Tel: +44(0)20 3006 3135 www.iofina.com |
Ben Colegrave/Chris Sim/Neil Elliot Investec Tel: +44(0)20 7597 5970 |
Media Contact: Dominic Barretto Yellow Jersey PR Limited Tel: +44(0) 7768 537 739 |
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About Iofina
Iofina specialises in the exploration and production of iodine, iodine specialty chemical derivatives, produced water and natural gas. 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 iodine production operations in the United States, specifically in Texas, California, Montana, Oklahoma and Wyoming. The Group 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 in Europe, North America and Asia. The Group utilises its portfolio of patented and patent pending technology, proprietary methods and trademarks throughout all business lines.
