Iofina PLC Operational Update (4504T)
November 20 2013 - 1:00AM
UK Regulatory
TIDMIOF
RNS Number : 4504T
Iofina PLC
20 November 2013
20 November 2013
Iofina plc
("Iofina" or the "Group")
(LSE AIM: IOF)
IO#3 Producing Iodine
Record October Production
Iofina, specialists in the exploration and production of iodine
and iodine specialty chemical derivatives, is pleased to announce
the Group's IO#3 iodine production plant has recently been approved
for brine water delivery by the well operator and is now producing
iodine. The complex tie-in and the automated computerized
integration with the operator's systems were finalized last week
and with that approval the brine stream was turned on, allowing
production to commence. The initial production batches of iodine
meet the Group's quality standards.
The Group is also pleased to announce that October production
set a new monthly record. This achievement was based on increased
brine stream at IO#2 and the continuing production improvement at
IO#1. The Group is looking forward to surpassing this record, at
the current locations, and adding to this total with the production
at IO#3. Construction continues on IO#4 and IO#5. The tower
delivery times have been extended and this will cause the expected
completion timeframe to be extended into Q1 2014. The new
management team is working with multiple vendors for improved
delivery performance going forward. As announced on 31 October 2013
the Group is continuing to evaluate the brine stream at IO#2 to
determine the advantages of repositioning IO#6 to a location nearer
to IO#2.
Commenting on today's news, CEO George Lantz, said: "Record
iodine production coupled with production commencing at the state
of the art IO#3 facility is an exciting achievement for the team.
We look forward to steadily increasing production as additional
plants continue to come on line."
For further information, please contact:
George Lantz, CEO
Iofina plc
Tel: +44 (0) 20 3006 3135
www.iofina.com
Ben Colegrave/Chris Sim/ James Rudd
Investec
Tel: +44(0)20 7597 5970
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, produced water and natural
gas. 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(R) IOsorb(TM) technology. Iofina has
iodine production operations in the United States, specifically in
Texas, California, Montana, Oklahoma and Wyoming. 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
The company news service from the London Stock Exchange
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