Nordion International Provides Update on AECL MAPLE Arbitration
7/2/2012 9:17:53 AM
OTTAWA, June 29, 2012 /PRNewswire/ - Nordion Inc. (TSX: NDN) (NYSE: NDZ), a
leading provider of products and services for the prevention, diagnosis
and treatment of disease, today released an update to the ongoing
arbitration process with Atomic Energy of Canada Limited (AECL)
relating to the MAPLE facilities. The MAPLE facilities are the nuclear
reactors and processing facility that were being constructed to serve
as the Company's source of long-term medical isotope supply.
Nordion has been informed by the arbitration tribunal that, subject to
agreement by Nordion and AECL, the tribunal proposes to render a
decision in September 2012. Nordion will provide an update as to the
specific date of the decision as soon as it is confirmed.
Nordion served AECL with a notice of arbitration proceedings on July 8,
2008, after AECL and the Government of Canada unilaterally announced
their intent to discontinue development work on the MAPLE facilities.
The arbitration seeks to compel AECL to fulfil its contractual
obligations to Nordion to complete the MAPLE facilities and, in the
alternative and in addition to such order, to pay significant monetary
damages. Hearings in the arbitration were completed at the end of May
Forward Looking Statements
Certain statements contained in this news release constitute
"forward-looking statements". These statements are based on current
beliefs and assumptions of management, however are subject to known and
unknown risks, uncertainties and other factors that may cause actual
results to differ materially from the forward-looking statements in
this news release. For additional information with respect to certain
of these beliefs, assumptions, risks and uncertainties, please refer to
Nordion's Annual Information Form for fiscal 2011 available on SEDAR at
www.sedar.com and on EDGAR on www.sec.gov.
About Nordion Inc.
Nordion Inc. (TSX: NDN) (NYSE: NDZ) is a global health science company
that provides market-leading products used for the prevention,
diagnosis and treatment of disease. We are a leading provider of medical isotopes, targeted therapies and sterilization technologies that benefit the lives of millions of people in more than 60 countries
around the world. Our products are used daily by pharmaceutical and
biotechnology companies, medical-device manufacturers, hospitals,
clinics and research laboratories. Nordion has more than 500 highly
skilled employees in three locations. Find out more at www.nordion.com and follow us at http://twitter.com/NordionInc.
SOURCE Nordion Inc.