Iofina PLC Q3 2018 Update (4852D)
October 10 2018 - 2:00AM
UK Regulatory
TIDMIOF
RNS Number : 4852D
Iofina PLC
10 October 2018
Iofina plc
("Iofina", the "Group", or the "Company")
(LSE AIM: IOF)
Q3 2018 Update
Record Quarterly Iodine Production Since Company Inception
Iofina, specialists in the exploration and production of iodine
and halogen-based specialty chemical derivatives, today provides an
update to the market regarding its activities during the third
quarter ("Q3" or the "Period") of 2018.
During the Period, the Company produced the largest quarterly
total of crystalline iodine in the history of the organisation,
producing a total of 172.3 metric tonnes ("MT") of crystalline
iodine from its four operating IOsorb(R) plants in Oklahoma. This
was an increase of 37.8 per cent from the prior year (Q3 2017: 125
MT). This record production reflected a full quarter of strong
performance at the new IO#7 plant, as well as continued consistent
operation of our mature IOsorb(R) plants.
The Directors anticipate that this positive momentum will
continue as the Company moves into the fourth quarter and the
winter months. The Directors also remain confident that the Company
will achieve the 2018 forecast total of 575-605 MT of crystalline
iodine. Iofina's current total of 436.4 MT of produced crystalline
iodine through September positions the Company well to
significantly surpass 2017 totals (FY 2017: 503 MT).
Commenting, President and CEO Dr. Tom Becker, stated:
"I am proud of the record quarterly production that has been
achieved in the history of Iofina, in the third quarter this year.
The execution of the Company's growth strategy, in particular the
advantageous location of IO#7, and the performance of the
operations team, continues to pay off for the Company and its
stakeholders.
"Iofina Chemical continues to trade well and is exploring
additional revenue streams. Not only have we been marketing the
Company's IOflo(R) crystalline iodine, but also its other chemical
products.
"As recently stated in our interim results, announced on 20th
September 2018, production and profitability continue to move in a
positive direction. Debt restructure and growth in 2019 remain the
top priority for myself and the management team as we move towards
the end of 2018. We expect the positive momentum we are currently
achieving to significantly increase the Group's revenues and
profits versus the first half of this year."
Enquiries:
Iofina plc
Dr. Tom Becker, CEO & President
Tel: +44 (0)20 3006 3135
www.iofina.com
finnCap Ltd
Christopher Raggett/Anthony Adams/Camille Gochez
Tel: +44 (0)20 7220 0500
Media Contact:
Yellow Jersey
Charles Goodwin/Harriet Jackson
Tel: +44 (0)7544 275 882
About Iofina:
Iofina specialises in the exploration and production of iodine,
halogen based 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
production operations in the United States, specifically in
Kentucky and Oklahoma. It is a vertically integrated company,
covering the process from the production of iodine in the field, to
the manufacture of the chemical end-products derived from iodine,
supplying them 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,
and proprietary methods and trademarks throughout all business
lines.
www.iofina.com
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END
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