HOBBS, N.M., Aug. 24, 2011 /PRNewswire/ -- International Isotopes Inc. (OTC Bulletin Board: INIS), a leading manufacturer of nuclear medicine products, is pleased to announce that it has completed the process for the receipt of property transferred from the State of New Mexico and Lea County to the Company. The Company now holds title to the property consisting of 640 acres located about ten miles west of Hobbs, NM. and about 25 miles from the URENCO USA enrichment facility in Eunice, NM. The planned INIS de-conversion facility is expected to occupy approximately 40 acres near the center of this property. The Company plans to use the remaining property as a buffer zone for future expansion and for the potential co-location of prospective customer facilities utilizing the fluoride products produced from de-conversion and fluorine extraction.
The property was originally offered to INIS as part of an incentives package prepared by the Economic Development Corporation of Lea County. INIS announced the selection of this location for the planned facility in March 2009. Since that time, the Company has been working closely with the State of New Mexico, Lea County, and the Economic Development Corp. to complete the land transfer in accordance with the Local Economic Development Act, a Project Participation Agreement, and an Industrial Revenue Bond transaction.
Steve T. Laflin, President and CEO of INIS stated, "We are extremely pleased with the successful completion of this property transfer and look forward to the start of site development and construction activities. The land transfer process was complex and required a lot of hard work and diligence on the part of many individuals at the state and county level. INIS wants to express our appreciation to the numerous individuals, organizations, and municipalities that contributed to seeing this transfer process through to completion. This is a significant step forward in our plans to construct the nation's first 'green technology', commercial depleted uranium de-conversion facility in Lea County. Although our Nuclear Regulatory Commission (NRC) license is not expected to be issued before June 2012, we are still permitted to conduct certain limited pre-license construction activities, the scope of which will be based upon NRC concurrence and the Company's ability to raise capital for the project. The initial facility is expected to employ about 125 to 150 full-time staff. The Company is excited about this opportunity and looks forward to beginning the project on the ground in Lea County."
"This land signing is an exciting day for the city of Hobbs, Lea County and the state of New Mexico," said Jon Barela, Cabinet Secretary of Economic Development. "Our department looks forward to seeing this project through and will do all it can to assist International Isotopes Inc. to become a successful company in our state, to create jobs for New Mexicans and to grow the nuclear industry cluster in this region."
Lisa Hardison, President & CEO of the Economic Development Corporation of Lea County said, "We're looking forward to working with International Isotopes Inc. towards the accomplishment of many more milestones. INIS will add another layer of economic diversity and prosperity to the EnergyPlex."
"The Lea County Commission is very supportive of economic development opportunities and has worked hand-in-hand with the EDC of Lea County to create new jobs. We are pleased to see this project moving ahead and look forward to the positive impact that INIS will have on our economy," stated Gregg Fulfer, Lea County Commission Chairman.
About International Isotopes Inc.
International Isotopes Inc. manufactures a full range of nuclear medicine calibration and reference standards, high purity fluoride gases, and a variety of cobalt-60 products such as teletherapy sources. The Company also provides a wide selection of radioisotopes and radiochemicals for medical devices, calibration, clinical research, life sciences, and industrial applications and provides a host of analytical, measurement, recycling, and processing services on a contract basis to clients. The Company is in the licensing and design phase of its planned environmentally friendly, green technology, uranium de-conversion and fluorine extraction processing facility located near Hobbs, New Mexico.
International Isotopes Inc. Safe Harbor Statement
Certain statements in this press release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements with respect to its planned depleted uranium de-conversion and fluorine extraction facility. In particular, statements regarding the timing of the start of site development and construction activities, and the timing for receipt of the NRC license for the planned project. Information contained in such forward-looking statements is based on current expectations and is subject to change. These statements involve a number of risks, uncertainties, and other factors, including the risk that we may not be able to raise sufficient funds to construct the planned facility that could cause actual results, performance or achievements of International Isotopes Inc. to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Other factors, which could materially affect such forward-looking statements, can be found in International Isotopes Inc.'s filings with the Securities and Exchange Commission at www.sec.gov, including our annual report on Form 10-K for the year ending December 31, 2010. Investors, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are only made as of the date of this press release and International Isotopes Inc. undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
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SOURCE International Isotopes Inc.