Corporate update

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® 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® 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: [phone]

Christopher Raggett/Giles Rolls/Joanna Scott

finnCap Ltd

Tel: [phone]

Media Contact:

Dominic Barretto/Harriet Jackson

Yellow Jersey PR Limited

Tel: [phone]

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® IOsorb® 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

 

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