International Isotopes Inc. Announces Results of the Meeting of the Board of Directors and Annual Meeting of Shareholders
Company Financial Performance Remains In Line with Management Expectations and Shareholders Approved All Proposals Presented at the Annual Meeting.
Aug 01, 2018, 10:00 ET
IDAHO FALLS, Idaho, Aug. 1, 2018 /PRNewswire/ -- International Isotopes Inc. (OTCQB: INIS) (the "Company") announces the highlights of the recent Board of Directors meeting and voting results on proposals made to shareholders at the Company's 2018 annual meeting of shareholders (the "Annual Meeting"). The Board of Directors meeting and Annual Meeting were held on July 24, 2018 in Idaho Falls, ID.
At the Annual Meeting, Steve T. Laflin, Dr. Robert Atcher, and Christopher Grosso were elected by shareholders to continue as Directors of the Company, and the Company also announces that Christopher Grosso will continue to serve as the Chairman of the Board of Directors.
In addition, shareholders approved the selection of Eide Bailly LLP as the Company's independent accounting firm for the 2018 fiscal year, an amendment to the Company's 2015 Incentive Plan to increase the number of authorized shares under the plan, and an amendment to the Company's Restated Certificate of Formation to give the Board of Directors the ability to effect a reverse stock split of the Company's common stock in its discretion in the future.
The Company notes that the timing of a reverse stock split has not been determined, but is anticipated to be reviewed by the Board next year after the Company's successful achievement of one or more noteworthy business objectives and business development activities currently underway.
Some of the business highlights discussed by the Company's Board of Directors during its recent meetings included:
- The continued progress towards expansion of products and the expected growth in revenue within the Company's radiochemical products segment.
- The strong performance of the cobalt products segment during for the first half of 2018 and the Company's high expectations for continued growth of revenue in this segment throughout 2018 and beyond. A major reason cited for the highly optimistic outlook for this segment is because of the long-awaited resumption of high specific activity cobalt deliveries from the U.S. Department of Energy's Advanced Test Reactor late in 2018.
- The continued revenue growth in the Company's radiological services segment which is being driven by growing contract opportunities for field services involving the recovery and disposal of disused therapy and industrial devices.
Dr. Robert Atcher, a member of the Board of Directors said, "We are seeing good progress across all the business segments and we believe these new developments in each of the segments should portend improved financial results for the Company's future."
About International Isotopes Inc.
International Isotopes Inc. manufactures a full range of nuclear medicine calibration and reference standards, a variety of Cobalt-60 products, and provides a wide selection of radioisotopes and radiochemical for medical applications, calibration, and clinical research. The Company also provides radiological services including source installation/removal, and decommissioning of various radiation units on a contract basis to clients.
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 the Company's future growth expectations for the various business segments. 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 of the Company expressed or implied by these forward-looking statements. Other factors, which could materially affect such forward-looking statements, can be found in the Company's filings with the Securities and Exchange Commission at www.sec.gov, including its Annual Report on Form 10-K for the year ended December 31, 2017. 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. and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
FOR MORE INFORMATION, CONTACT:
David Drewitz
Creative Options Communications
Investor and Public Relations
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www.creativeoptionsmarketing.com
Phone: 972-814-5723
SOURCE International Isotopes Inc.