KENNEWICK, Wash., May 20, 2008 (PRIME NEWSWIRE) -- Advanced Medical Isotope Corporation (AMIC) (Other OTC:ADMD.PK - News) has signed a Letter of Intent for the purchase of all the assets, tangible and intangible, of the Center of Molecular Research, based in Moscow, Russia, with closing subject to due diligence and entering into definitive agreements.
Established in 1993, the Center of Molecular Research (CMR) specializes in the production and sales of stable and radioactive isotopes and enjoys a broad base of clients worldwide. The acquisition by AMIC includes CMR technologies of separation processes, and analytical works from multiple production and scientific partners, as well as several proprietary contracts. Currently, CMR has nine manufacturing partners throughout Russia, and has a global sales presence including government research centers and commercial ventures.
``Today, CMR is in a leadership position between the sales of isotopes in and from the Russian Federation throughout the world,’' said Dimitry Dirinko, General Director for the Center of Molecular Research. ``I expect that the new combination will greatly accelerate our presence in the growing revenue stream of commercial and research isotopes.’'
The outlook for the medical isotope industry for diagnostic isotopes is expected to grow from approximately $1.7 billion to $3.5 billion and sales of therapeutic isotopes from $900 million to $1.9 billion by 2012.
``The Center of Molecular Research and its unique history, combined with AMIC, is expected to create a seamless activity level of increased revenue and delivery standards,’' commented AMIC’s president and chairman, James C. Katzaroff. ``Our purchase of CMR is expected to change the strategic landscape and assist in furthering our competitive position. The dynamics of further penetrating the marketplace will now accelerate, as CMR will operate as a wholly owned subsidiary with expanded organizational capabilities.’'
About The Center of Molecular Research
Since 1993, The Center of Molecular Research has been providing clients throughout the world with high quality stable isotopes as well as having developed a recycled O-18 water re-enrichment process. For further information, please see http://www.h2o18.com
About Advanced Medical Isotope Corporation
Advanced Medical Isotope Corporation (AMIC) is a medical isotope production company engaged in the production and distribution of medical isotopes and medical isotope in vivo delivery systems for advanced diagnostic and non-surgical therapeutic application. AMIC’s goal is to empower physicians, medical researchers, and ultimately patients by providing them with essential medical isotopes that, until recently, have not been feasible or economical, in an effort to detect and cure human disease. For more information, please visit our website at http://www.isotopeworld.com.
Safe Harbor Statement
The information posted in this release may contain forward-looking statements with the meaning of Section 27A of the Securities Exchange Act of 1993, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. While AMIC is working to achieve those goals, actual results could differ materially from those projected in the forward-looking statements as a result of a number of factors, including difficulties in marketing their products and services, need for capital, competition from other companies and other factors, any of which could have an adverse effect on the business plans of AMIC, its reputation in the industry or its expected financial return from operations. Factors such as these could have an adverse effect on AMIC results of operations. In light of significant uncertainties inherent in forward-looking statements included herein, the inclusion of such information should not be regarded as a representation of AMIC or any other person that the objectives and plans of AMIC and its subsidiaries will be achieved.
Contact:
Advanced Medical Isotope Corporation James C. Katzaroff 509-736-4000 The Investor Relations Group Public Relations Erika Moran Steven Melfi Lynn Granito 212-825-3210
Source: Advanced Medical Isotope Corporation
