Change in Reporting Currency

RNS Number : 8119D

Iofina PLC

02 May 2013

 



 

2 May 2013

Iofina plc

("Iofina" or the "Company")

(LSE AIM: IOF)

Change in Reporting Currency

Iofina, a specialist in the exploration and production of iodine and specialty chemical iodine derivatives, announces that following consultation with its major shareholders, the Directors have decided to change the Company's reporting currency from Sterling to US Dollars. The Directors believe that, as the functional currency of the Company is US Dollars the change will allow for greater transparency and limit exchange rate risk experienced by the Company.

The change in the Company's reporting currency will be effective from the results for the year ending 31 December 2012.  These results and all subsequent financial information for the foreseeable future will be prepared using US Dollars as the presentation currency.  In accordance with relevant accounting standards, comparative information will be provided in US Dollars. 

About Iofina

Iofina specialises 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® IOsorb™ 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 utilises its portfolio of patented and patent pending technology, proprietary methods and trademarks throughout all business lines.  

For further information, please contact:

Dr Chris Fay, Executive Chairman Stuart Eaton, Executive Operations Director Iofina plc Tel: [phone]  www.iofina.com	Ben Colegrave/Chris Sim/Neil Elliot Investec Tel: [phone]
Media Contact: Dominic Barretto/Anna Legge Yellow Jersey PR Limited Tel: [phone]

 

END

 

 

MSCUGUQAAUPWPUG