IO#4 and IO#5 Update
28 February 2014
Iofina plc.
("Iofina" or the "Group")
(LSE AIM: IOF)
Completion of IO#4 Iodine Extraction Plant
IO#5 on track for completion in March
Iofina, specialists in the exploration and production of iodine and iodine specialty chemical derivatives, is pleased to announce that the construction of the Group's IO#4 iodine extraction plant based on Iofina's WET® IOSorb™ technology is complete and under the control of Iofina's operation team. The tie-in to the well operator is also complete and has been approved by the operator. The plant is located in the vicinity of IO#2 and IO#3.
The Board is pleased to announce that the Group's experienced startup and production staff have taken charge of the facility from construction and fabrication teams on site and are in the process of hydro testing the plant prior to the acceptance of brine water, as well as testing of in-line automation systems. The Group hoped to begin hydro testing at IO#4 earlier in February but was limited by winter storms and cold weather. Operator tie-in was also scheduled to be complete at that time but was delayed due to cold weather in the area.
Completion of construction of IO#5 is expected in March and the plant will be turned over to operations staff at that time. Production of iodine for both IO#4 and IO#5 is conditional upon final regulatory inspection and approval. Inspection is expected to occur in mid-March with approval thereafter.
Construction of IO#6 continues with completion expected in the 2nd quarter of 2014.
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® and IOsorb™ technology. Today's news follows on from the successful commissioning of the Group's IO#1, IO#2, and IO#3 iodine extraction plants.
Commenting on today's news, Iofina's Chief Executive George Lantz commented:
"The completion of IO#4 solidifies Iofina's capabilities of constructing and operating multiple plants simultaneously. Production from IO#1-IO#3, shortly to be complemented by IO#4, together with anticipated production from IO5# and IO6#, further advances Iofina as a major player in the iodine market."
For further information, please contact:
George Lantz, CEO
Iofina plc
Tel: +44 (0) 20 3006 3135
John Prior/Rupert Krefting/Huw Jeremy
Numis
Tel: +44(0)20 7260 1000
Rob Collins
GMP Securities
Tel: +44(0)20 7647 2800
Media Contact:
Dominic Barretto/Anna Legge
Yellow Jersey PR Limited
Tel: +44(0) 7768 537 739
About Iofina
Iofina specializes in the exploration and production of iodine, iodine specialty chemical derivatives, and produced water. 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, Montana, and Oklahoma. 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 utilizes its portfolio of patented and patent pending technology, proprietary methods and trademarks throughout all business lines.
This information is provided by RNS
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