IDAHO FALLS, Idaho, Dec. 15, 2010 /PRNewswire-FirstCall/ -- International Isotopes Inc. (OTC Bulletin Board: INIS) announces the Company has formed a new joint venture business on a 50-50 ownership basis with RadQual LLC, and has acquired the assets of Technology Imaging Services Inc. (TIS). TIS had been a major distributor of products and services for nuclear medicine, nuclear cardiology, and PET imaging. In 2009 Technology Imaging had gross revenues of about $6 million. The new joint venture will be called T I Services LLC.
The purchase was completed for an undisclosed sum between the joint venture and Huntington Bank, which had recently foreclosed on the assets of TIS. The assets acquired included all of TIS's accounts receivable, customer data base, office equipment, and inventory. RadQual and the Company plan to rehire employees of TIS and to continue business in the same manner as Technology Imaging. TIS had been a profitable business but became overwhelmed with debt from past management practices.
Steve T. Laflin, President and CEO of International Isotopes Inc. said, "We are working to make this transition a seamless process to our customers. TIS had been nationally recognized as a major distributor for a wide range of nuclear medicine and nuclear cardiology products and had an excellent reputation for offering complete product lines, customer service, and competitive pricing. We plan to work closely with RadQual in establishment of the new TI Services joint venture and to aggressively expand sales in this new organization. The formation of the joint venture with RadQual also represents a further expansion of the strong business relationship that has existed between RadQual and International Isotopes since we began providing contract manufacturing services for RadQual in 2001. We believe this joint venture will more closely integrate manufacturing with distribution and sales of our products and anticipate it will improve our margins and facilitate the expansion of sales."
Peter Ouimette of RadQual states, "We are excited to have this opportunity to build a new sales focused organization from the foundation of the former Technology Imaging Services. It's an additional bonus to acquire a core group of people with a high level of market knowledge and dedication to customer service. This as an extraordinary doorway to growth of our existing and future product lines within both the domestic and international marketplace and we welcome the challenge."
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 expectations for profit and expansion of sales of the joint venture. 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 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, 2009. 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.