A Buying Group Has Purchased All Of The Member Shares Of RadQual Not Owned By INIS. INIS Retains Its 25% Ownership And Has Been Designated Overall Management Responsibility For RadQual
IDAHO FALLS, Idaho, Aug. 21, 2017 /PRNewswire/ -- International Isotopes Inc. (OTCQB: INIS) (the "Company" or "INIS") announced that a group of buyers has acquired all the units of RadQual, LLC ("RadQual") not already held by INIS. The buying group is comprised of a group of affiliates of the Company, including the current Chairman of the Board, the former Chairman of the Board, and the Chief Executive Officer of the Company. This group has acquired approximately 75% of the member units of RadQual. INIS still retains its 25% ownership in RadQual.
Following this purchase, INIS has been voted by the new members to become the primary managing member of RadQual, and will be responsible for oversight of all business activities and management of RadQual. Messrs. Keith Allberg and Peter Ouimette had been the long-standing managers of RadQual prior to this acquisition and both have since resigned as managers.
Steve T. Laflin, President and CEO of INIS and new Managing Member of RadQual, said, "The most important message we want to send to our customers is that this transition of ownership will positively impact the RadQual product line and we will work to maintain our excellent customer service and product quality and pricing. In fact, after we complete our initial transition of basic business functions of RadQual we plan to actively examine an expansion of the RadQual product line and broaden our distribution reach. RadQual and the Benchmark line of products have a proven history of high quality and reasonable pricing and this change in management will not alter that."
Messrs. Keith Allberg and Peter Ouimette, the past majority owners and managers of RadQual in a prepared statement said, "We have greatly enjoyed our sixteen years of owning and managing RadQual and we're very proud of the great reputation the RadQual products have achieved in that time. INIS, has been the sole manufacturing facility for all RadQual products since the beginning and their contract manufacturing performance has been a key reason for our product success. RadQual has always taken pride in providing the best customer service in the industry and we are certain that INIS will continue that proud tradition after this management change is complete."
Steve T. Laflin further noted, "We will be reaching out to all of RadQual's customers and distributors to update everyone for all changes to points of contact and contact information for RadQual. Customers having any questions about this change in ownership of RadQual should feel free to call us directly in the Idaho Falls office at (800) 699-3108."
About International Isotopes Inc.
International Isotopes Inc. manufactures a full range of nuclear medicine calibration and reference standards and provides radiochemicals for pharmacy compounding, clinical research, and life sciences. The Company also produces bulk cobalt-60 and manufactures a variety of cobalt-60 products such as teletherapy sources, and provides a wide range of radiological field services on a contract basis to clients.
International Isotopes Inc. Safe Harbor Statement
Certain statements in this press release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, but not limited to, statements with respect to revenue performance within any of the Company's business segments and the success of new products or contract opportunities. Information contained in such forward-looking statements is based on current expectations and is subject to change. These statements involve a number of risks, uncertainties and other factors that could cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Other factors, which could materially affect such forward-looking statements, can be found in the Company's filings with the Securities and Exchange Commission at www.sec.gov, including our Annual Report on Form 10-K for the year ended December 31, 2016. Investors, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are only made as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
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International Isotopes Inc.
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