IDAHO FALLS, Idaho, July 13, 2011 /PRNewswire/ -- International Isotopes Inc. (OTC Bulletin Board: INIS), a leading manufacturer of nuclear medicine products, is pleased to announce it has selected Parsons Corporation (Parsons), a global engineering, construction, technical, and management services firm, as the prime contractor for the design-build of the planned depleted uranium de-conversion facility in Lea County, New Mexico. The Parsons team consists of Merrick and Company, Burns and Roe Enterprises Inc., and Baker Concrete Construction. Parsons, Merrick, and Burns and Roe represent the top fuels cycle engineering firmsParsons and Baker are currently working together on nuclear projects in southeast New Mexico as well as nationally and look forward to expanding their relationship.
The selection of the Parsons team represents the culmination of a nine-month-long effort during which time INIS completed a competitive contractor selection process and then conducted contract negotiations with Parsons. INIS and Parsons have executed a letter of intent ("LOI") documenting the agreed upon contract terms for the project. The contract is intended to engage the Parsons team for a complete "turnkey" scope of work on the project. Parsons will be the lead contractor on the project responsible for design, engineering, fabrication, procurement, and construction of the project, complete in every detail.
Steve T. Laflin, President and CEO of INIS stated, "We are very pleased with the level of experience and expertise represented by the assembled Parsons team. Parsons' direct engineering experience with many similar or related DUF6 processes and its most recent experience with the URENCO USA enrichment facility gives our Company a great deal of confidence in its ability to help us successfully design and construct this project on time, on budget, and in the safest manner possible. We look forward to executing this contract and initiating formal design work on the project in the coming months."
"Parsons is very pleased to be working on this important project with INIS, which continues our leadership in nuclear fuel cycle processing design and construction," said Mike Walsh, Parsons Group President. "INIS has developed an important and innovative treatment process for spent tailings that will benefit the medical, electronics, nuclear, and other industries. Our team looks forward to a successful project and we anticipate a long relationship with INIS."
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.
Parsons, celebrating more than 65 years of growth in the engineering and construction industry, is a leader in many diversified markets with a focus on infrastructure, environmental, and defense/security. Parsons delivers design/design-build, program/construction management, professional services, and innovative alternative delivery solutions to federal, regional, and local government agencies, as well as to private industrial customers worldwide. For more about Parsons, please visit www.parsons.com.
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 progress on the Company's depleted uranium de-conversion and fluorine extraction processing facility; time periods for design and construction of the depleted uranium de-conversion and fluorine extraction processing facility are forward looking. 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.