IDAHO FALLS, Idaho, July 8, 2015 /PRNewswire/ -- International Isotopes Inc. (OTCQB:INIS) (the "Company") is pleased to announce that it has executed an amendment with the Lea County, New Mexico Board of Commissioners regarding its Project Participation Agreement (PPA). The PPA granted to the Company direct and indirect assistance for locating its proposed depleted UF6 de-conversion facility in Hobbs, New Mexico. The principal component of assistance was the conveyance of approximately 640 acres for construction and operation of the proposed facility. The conveyance of the land was contingent upon the Company commencing construction on Phase 1 of the facility by December 31, 2014 and hiring a certain number of employees by December 31, 2015. Under the amendment to the PPA, Lea County agreed to extend those dates to December 31, 2016 and December 31, 2017, respectively.
Steve Laflin, President and CEO of the Company stated, "The Lea County Board of Commissioners has been very accommodating and welcoming from the time we first approached them about this project, and they are one of the reasons we chose Lea County for the location of our proposed de-conversion facility. We are appreciative of their understanding regarding the delay we have experienced commencing construction of the facility which has been largely due to the slowdown in nuclear related projects. By taking the project through NRC licensing, we have made a substantial commitment to the project. We remain optimistic about construction and delivering to Lea County the economic impact and jobs that a project of this size entails."
Gregg Fulfer, Lea County Commissioner said, "We understand the nuclear industry has experienced several factors to slow it down in the USA, including natural gas prices being low and the disaster in Fukushima, Japan. We continue to have confidence in International Isotopes to bring their process and business to Lea County. Lea County and the "Energy Plex" continues to work with nuclear related businesses and still feel this will be the nuclear corridor of the nation. International Isotopes is a natural fit into our county and we look forward to them locating here and being a partner in our community."
About International Isotopes Inc.
International Isotopes Inc. (OTCQB:INIS) trades on the OTCQB venture stage marketplace for early stage and developing U.S. and international companies. The Company manufactures a full range of nuclear medicine calibration and reference standards 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, and life sciences and provides a variety of radiological field services 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 prospects of constructing the depleted uranium de-conversion facility. 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 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, 2014. 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 the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
For more information, please visit the Company web site: www.internationalisotopes.com
SOURCE International Isotopes Inc.