Iofina PLC Corporate update (5143R)
12 December 2016 - 7:00AM
UK Regulatory
TIDMIOF
RNS Number : 5143R
Iofina PLC
12 December 2016
December 12, 2016
Iofina plc
("Iofina" or the "Company")
(LSE AIM: IOF)
CORPORATE UPDATE
Iofina, specialists in the exploration and production of iodine
and iodine specialty chemical derivatives, today updates the market
regarding current sales and production.
Total 2016 sales, through Iofina Chemical, have now surpassed
2015 totals despite iodine prices falling 20% during the course of
the year. In particular, the Company has experienced increased
sales volumes compared to last year for iodine products, including
the Company's produced IOflo(R) crystalline iodine. Sales of
non-iodine based products have outperformed our expectations.
Iodine production has been consistent during the year but
recently production at our IOsorb(R) plants has slowed due to
suppliers diverting water from Iofina to their own fracking
operations. Water quality issues have also contributed to the
recent slowdowns. While fracking is good for long-term brine
supply, Iofina will not meet its previous H2 2016 iodine production
guidance of 250-270 MT. The Company now expects second half
production of crystalline iodine to be 215-225 MT, but anticipates
a return to its higher production levels in early 2017.
Commenting on today's update, President and CEO Dr. Tom Becker
stated: "We have been encouraged by the demand for Iofina's iodine
and non-iodine based products during the second half of 2016 and
anticipate that this demand will carry into the start of 2017.
Whilst recent iodine production has fallen due to external factors,
we are confident that production will return to normal levels very
soon."
Enquiries:
Dr. Tom Becker, CEO & President
Iofina plc
Tel: +44 (0)20 3006 3135
Christopher Raggett/Giles Rolls/Joanna Scott
finnCap Ltd
Tel: +44 (0)20 7220 0500
Media Contact:
Dominic Barretto/Harriet Jackson
Yellow Jersey PR Limited
Tel: +44 (0)7544 275 882
About Iofina:
Iofina specialises 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(R) IOsorb(R) technology. Iofina has operations in
the United States, specifically in Montana, Kentucky and Oklahoma.
It 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. Iofina
utilises its portfolio of patented and patent pending technology,
proprietary methods and trademarks throughout all business
lines.
www.iofina.com
This information is provided by RNS
The company news service from the London Stock Exchange
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December 12, 2016 02:00 ET (07:00 GMT)