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EPIC: IOF
Market: AIM:IOF
52-week High/Low: 24.00p / 9.60p
Sector: Energy
Market Cap: 20.86M
Website: www.iofina.com
Iofina plc (LON:IOF)

Iofina plc

Iofina plc is involved 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 Wellhead Extraction Technology® (WET®) IOsorb® technology. Iofina has production operations in the...

Iofina plc

www.iofina.com

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Big picture - Why invest in Iofina plc


Iofina plc Snapshot

Iofina plc is the holding company of a group of companies involved in the exploration and production of iodine, produced water and natural gas with complete vertical integration into the specialty chemical iodine derivatives business. Iofina also provides third party brine stream operators with a turnkey mid stream fee based solution to extract iodine. The Group has production operations in the United States in the states of Texas, Montana, Oklahoma and Kentucky.

The presence of both iodine and natural gas has been discovered on acreages (Atlantis Field) which the Company holds through its wholly owned subsidiary Iofina Resources, Inc. The presence of iodine, co-produced water and natural gas allows the Group to generate three revenue streams over a single cost structure. A dual revenue approach has worked successfully in the Mobara field in Japan, which has been produced iodine and natural gas for over 50 years.

Iodine is a rare element that is only produced in a few countries in the world, with over 92 per cent. coming from Chile (58 per cent.) and Japan (21 per cent.). This has resulted in the US and Western Europe becoming major net importers to meet growing demands from pharmaceutical and industrial manufacturers. Iodine demand is growing at over 6 per cent. per annum driven by a combination of increased usage in a wide variety of sectors from pharmaceutical manufacturing, LCD screen manufacturing, medical imaging, cosmetics, biocides in paints and pesticides, as well as the emergence of new uses for iodine and greater consumption from developing countries such as India and China.

MID STREAM

Iofina’s Wellhead Extraction Technology® (WET®) can quickly and efficiently be deployed to any location and adapt to variations in brine water streams. As a result, Iofina is able to deploy WET® units to producers’ sites throughout North America, presenting a mid-stream option to third party producers and a new revenue source from their waste brine streams. Co-produced brine water from oil and gas production is the largest waste stream in North America. Thus turning in a cost to a cash flow.

The WET® approach employs two different iodine extraction methods, depending on brine chemistry and temperature for optimal efficiency. This flexibility removes some of the operational issues experienced previously by adapting to the specific characteristics of each operator’s brine streams.

The first technology for cold brine streams is a chemical-based method using an anion exchange resin as an absorption media, to which the iodine anions are attracted. It can also be based on a “physical system” that separates out iodine molecules in a physical trap using carbon. This method, which may require pre-filtration, has lower iodine yield efficiency.

The second method is called the WET® IOsorb® method; it is used on larger higher temperature brine streams which may include oil and other impurities.

Iofina larger WET® IOsorb® plants are capable of handling up to 30,000 barrels per day (bpd). The plants are built to ensure full redundancy, meaning production can be switched across to backup twin components to maintain 24/7 operation for lower down times and high iodine yield efficiency. Custom designed plants or multiple WET® IOsorb® plants can be used together in the event that a site produces more than a single unit can handle. The WET® units are crucial to Iofina’s ability to extract third party brine streams from oil, gas and salt water disposal (SWD) producers in a rapid and highly cost effective manner that had not previously been available in the iodine industry.

Iofina compact mobile WET® units are capable of production rates of up to 6,000 bbpd per unit. The mobile WET® units are mounted in a standard trailer or skid mounted that can be rapidly deployed to locations using an articulated truck. Iofina has technology including a patent and patent applications relating to its technology for capturing iodine from iodine-rich brine from wells and converting it into a range of iodine molecules.

Our WET® IOsorb® plants are capable of producing between 50mt to over 450mt of iodine per annum each, depending on flow and iodine concentrations at these target locations. Locations with abnormally high concentrations will produce even more iodine than stated above.

 

IOFINA CHEMICAL OVERVIEW

  

IOFINA FACTS:

• Technology Leaders in Iodine®
• Proprietary and patented technology
• Contract/Toll manufacturer
• Ability to deliver its products globally
• Flexible gram to multi-ton production
• Regulatory Expertise
• SOCMA Member
• ChemStewards Certified

PRODUCTS/APPLICATIONS:

• Fine Halogen Chemicals
• Disinfectants
• Electronic specialty Gases
• Sanitizers
• Heat Stabilizers
• Preservatives
• Specialty Intermediates
• Animal Health
• Mineral Separation
• Odor Control

MARKETS SUPPLIED:

• Electronics/ Semiconductor
• Pharmaceutical
• Food and Beverage
• Personal Care
• Paints and Coatings
• Dairy
• Chemical Intermediates
• Gemological
• Fish and Wildlife
• Nylon

IOFINA OPERATIONS:

• USA production
• Solids, liquids, and gases
• Direct R&D support
• 10 million lbs/yr liquids, solids
• 10 metric tons/yr specialty gases
• EPA Registered Facility
• FDA Site Registered

Iofina Chemical, Inc., since its founding in 1983 continues to be very dedicated on research and development. In close cooperation with its customers Iofina stays on the leading edge of its technologies and strives to deliver its customers the products and solutions they need. It recently added an isotainer loading facility for one of its core products. Iofina Chemical is a proud member of SOCMA and is ChemStewards Certified. Iofina Chemical is an EPA registered facility manufacturing biocides for various applications.


Iofina Chemical’s core products include:

• 3-iodo-2-propynylbutyl carbamate (IPBC) – is an iodine-based biocide that serves as a preservative for the lumber and personal care industry as well as fungicide for oil-based and latex paints.
• Hydriodic Acid (HI) - is an iodine based chemical used to produce sanitizing products (iodine antiseptics). It is also used as a catalyst in the manufacture of other chemical products (including acetic acid). This product is used in the pharmaceutical and dairy industries.
• Methyl Fluoride (MeF) - is a specialty gas utilized in the etching of silicon compound films for semiconductor and electronic products.
• Methyl iodide, also called iodomethane and commonly abbreviated "MI" (CH3I) - is a chemical used in the acetic acid production and manufacturing process. In the 1970s, Monsanto developed the rhodium/iodide catalyst system for methanol carbonylation. In 1986, ownership of the Monsanto technology was acquired by BP Chemicals, which further developed the process. Methyl iodide is also used in pharmaceutical and various chemical processes as a methylating agent
• Trichloromelamine (TCM) – is an EPA registered sanitizer/disinfectant used in the food and beverage industry and for other disinfection applications.
• Chloramine-T (CHT) – is a chlorine- based chemical used in a variety of biocide applications as well as antiseptic products. It is a very effective odor control compound and is currently an investigational animal drug used in the aquaculture industry.

For information on products, please click here

 

Company owned production

THE ATLANTIS FIELD

The Group's Atlantis Field is located between two of the most significant biogenic gas fields in North America, which have so far produced a total of 6.5 Tcf, valued at over US$50 billion at current prices. Since its incorporation the Group has steadily acquired over c.290,000 acre land position in northern Montana, on which a major aquifer containing natural gas has been discovered in the Eagle and Virgelle formations, sedimentary formations of Cretaceous age lying at depths of 1,000 to 1,500 ft below the surface. This unconventional, shallow natural gas resource can only be produced in conjunction with large volumes of formation water, and consequently the industry has previously struggled to commercialise gas discoveries in the area. The formation water is an unusual sodium chloride brine with high concentrations of iodide but relatively low levels of dissolved salts (approximately 6,500 mg/L), and has no contaminants or hydrocarbons other than methane, thereby reducing processing costs. Iofina intends to produce gas along with water, but to also extract the high levels of iodine which the formation water contains.

The Group has acquired lease rights to produce both iodine, co-produced water and natural gas at the Atlantis Field. To date the Group has acquired approximately c.290,000 acres. In addition, the Group owns a thirty four miles of pipelines and has 34 wells. The pipeline is already ultimately linked to the TransCanada pipeline system, offering Iofina access to national gas markets.

The Atlantis Field target region is located between two of the most significant biogenic gas fields in North America; Medicine Hat field to the north, has already produced 5 Tcf of gas while Tiger Ridge field to the southeast has produced 1.5 Tcf. The Company estimates that as much as 1.8 Tcf OGIP of natural gas exists in the Atlantis Field, within Cretaceous age sandstones of the Eagle and Virgelle Formations.

In the Medicine Hat gas field, the gas lies down-dip from a regional, non-gaseous aquifer (the opposite to most conventional gas pools), and is trapped by down-dip water flow through the poor quality reservoir rock. In the Atlantis Field, the reservoir quality is significantly better, but as a result, the gas saturations are lower.

MANAGEMENT TEAM

Dr. Thomas M. Becker, CEO and President of Iofina plc

Dr. Becker was the former vice president of Research and Development at H&S/Iofina Chemical. Iofina bought H&S in July 2009. Dr. Becker has conducted extensive research in both inorganic and organic halogen based chemistry. Dr. Becker has written a magnitude of published technical papers in his career. Prior to H&S Dr. Becker worked as a Oak Ridge Scholar on behalf of the US EPA and for various other chemical manufacturing companies. Dr. Becker earned a BS in Chemistry from Indiana University, and a PhD in Chemistry from the University of Cincinnati. He has extensive experience in the scale-up of chemical processes from laboratory to pilot to full scale production.

Malcolm Lewin, CFO of Iofina plc

Mr. Lewin is based in the UK and has over 30 years of experience in finance and accounting for both public and private companies. As well as being a partner in a chartered accounting firm for 11 years, he has acted for various companies listed on AIM and other exchanges. In particular, from 2000 to 2003 he was the Finance Director of Oxford Metrics plc, an AIM company supplying motion capture and visual geometry systems. From 2004 to 2006 he was the Finance Director of Real Estate Investors plc, an AIM property investment company with interests in quality commercial and industrial properties. From 2006 to 2011 he was a Director and CFO of Hunter Bay Minerals plc, a junior mining company listed on the Toronto Venture Exchange with interests in South America and Canada. From 2011 to 2014 he was CFO and Treasurer of VolitionRX Limited, an OTC life sciences company focused on developing blood tests for a broad range of cancer types and other conditions. Mr. Lewin has an MA in Classics from Oxford University and qualified as a chartered accountant with Coopers & Lybrand.

Forest D. Dorn, COO of Iofina Resources Inc.

Mr. Dorn brings over 30 years of broad oil and gas experience to Iofina. Prior to Mr. Dorn’s appointment he was a Member/Manger of Avanti Exploration, LLC since 2004. Mr. Dorn began his career with Forest Oil Corporation as a scout in Midland, Texas in 1977. He later became a landman in Midland, and in 1980 became Assistant Division Manager of the Company’s MAFLA (Mississippi, Alabama and Florida) Division located in Jackson, Mississippi. In 1984 he was appointed Assistant Division Manager of the Company’s Southern Division located in Lafayette, Louisiana. In 1990 he assumed the position in Denver of Division Manager - Onshore Division, and was appointed a Vice President of the Company in 1991, General Business Manager in December 1993, and Senior Vice President of the Gulf Coast Region in 1996, and Senior Vice President Corporate Services in 2000 until his departure in 2004. Mr. Dorn holds a Liberal Arts Degree from the University of Arizona in Tucson where he graduated in 1977.

Kurt Jones, COO of Iofina Chemical Inc.

Mr. Jones began his service with Iofina/H&S Chemical in 1997. Mr. Jones has held various roles in many departments including operations, research, sales and business development. In March 2010, Mr. Jones was named Vice President of Sales and Business Development at Iofina Chemical and was subsequently named COO of Iofina Chemical in September of 2014. He is also a named inventor on a patent for the production of IPBC. Mr. Jones has extensive knowledge of the global iodine and specialty chemicals market and is well-known throughout the industry. Prior to his career at Iofina he served as a chemist at Shepherd Chemical. Mr. Jones earned a Bachelor’s Degree in Chemistry from Eastern Kentucky University.

 

BOARD OF DIRECTORS

The current composition of the Board is as follows:

Lance J Baller, Non-Executive Chairman

Mr. Baller was co-founder, CEO and President (2010-2013) of Iofina Plc since prior to his departure for health reasons in June 2013. Mr. Baller returned to Iofina plc as Non-Executive Chairman April 2014. Mr. Baller is the former managing partner of The Elevation Fund and Elevation Capital Management. Mr. Baller is the former managing partner of Shortline Equity Partners, Inc., a mid-market merger and acquisitions consulting and investment company in the United States. He has actively served on the investment, audit, corporate governance, and compensation committees, while on the board of directors of companies in Asia and North America. Mr. Baller is also a former vice president of mergers and acquisitions, financing and corporate development at Integrated Biopharma, Inc. and prior to this a vice president of the investment banking firms UBS AG and Morgan Stanley. He has served as Chairman to various companies and has lead successful restructurings. Mr. Baller is on the board of trustees of Index Funds and also serves as the chairman of the audit committee and as the audit committee financial expert under the Sarbanes-Oxley Act of the United States for Index Funds. Mr Baller is Chairman of the Audit Committee and Member of the Compensation Committee.

Dr. Thomas M. Becker, CEO and President

Dr Becker has served as President/CEO of Iofina plc since September 2014 and has led Iofina Chemical since March 2010. Dr. Becker is a recognized expert in the global iodine market and has extensive production knowledge of iodine and iodine derivatives. Dr. Becker holds a PhD from the University of Cincinnati and a BS from Indiana University, both in Chemistry. Prior to Iofina/H&S Chemical, Dr. Becker worked as an Oak Ridge Scholar on behalf of the US EPA and worked for various other chemical manufacturing companies. He has extensive experience in scale-up of chemical processes from laboratory to pilot to full scale production.

Malcolm T. Lewin, CFO

Mr. Lewin is based in the UK and has over 30 years of experience in finance and accounting for both public and private companies. As well as being a partner in a chartered accounting firm for 11 years, he has acted for various companies listed on AIM and other exchanges. In particular, from 2000 to 2003 he was the Finance Director of Oxford Metrics plc, an AIM company supplying motion capture and visual geometry systems. From 2004 to 2006 he was the Finance Director of Real Estate Investors plc, an AIM property investment company with interests in quality commercial and industrial properties. From 2006 to 2011 he was a Director and CFO of Hunter Bay Mineralo Venture Exchange with interests in South America and Canada. From 2011 to 2014 he was CFO and Treasurer of VolitionRX Limited, an OTC life sciences company focused on developing blood tests for a broad range of cancer types and other conditions. Mr. Lewin has an MA in Classics from Oxford University and qualified as a chartered accountant with Coopers & Lybrand.

Dr. William D. Bellamy, Non-Executive Director

Dr. Bellamy is the former Senior Vice President of the Water Business Group at CH2M HILL, Inc. (“CH2M”), a company he had worked at for 30 years until his recent retirement. CH2M is one of the largest consulting engineering companies in the world providing leadership and strategic direction for the water business and application of technologies worldwide. Dr. Bellamy has participated in energy and sustainability forums, including as a panellist at the World Future Energy Conference in Abu Dhabi, the World Bank Sustainable Cities Symposium and the Future of Water Economic Forum. Dr. Bellamy serves as Professor of Practice at the University of Wyoming, where he teaches graduate courses and is responsible for securing grants and research funding in the areas of water resources, water treatment and sustainable energy development. Dr. Bellamy has a PhD in Civil Engineering from Colorado State University, an MSc in Civil (Environmental) Engineering from the University of Wyoming and a BSc in Electrical (Bio-Medical) Engineering from the University of Wyoming. Dr Bellamy is Chairman of the Compensation Committee and Member of the Audit Committee.

Shareholder Percentage
Luna Nominees Limited (2252340 Acct) (1) 7.8%
Hargreaves Lansdown (Nominees) Limited (HLNOM Acct) 7.1%
Vidacos Nominees Limited (2701 Acct) 6.1%
TD Direct Investing Nominees Europe Limited (SMKTNOMS Acct) 5.0%
Barclayshare Nominees Limited 5.0%
Hargreaves Lansdown (Nominees) Limited (VRA Acct) 4.0%
Hargreaves Lansdown (Nominees) Limited (15942 Acct) 3.9%
Directors (2) 3.5%
Hargreaves Hale Nominees Limited (LON Acct) 3.4%

 

(1) Stena Investments is the beneficial owner of 9,900,000 ordinary shares in the Company, representing 7.8 per cent of the Company's issued share capital

(2) Mr. Lance J Baller is the beneficial owner of 4,500,000 ordinary shares in the Company, representing 3.54 per cent of the Company's issued share capital.

Iofina plc

Registered address:

200 Strand
London WC2R 1DJ
(c/o Kerman & Co. LLP; Attn: Simon Holden)

Iofina plc

8480 East Orchard Road, Suite 4900
Greenwood Village, Colorado 80111
+44 (0) 20 3006 3135
+1 303-222-1215
+1 303-222-1201 fax

Iofina, Inc.

8480 East Orchard Road, Suite 4900
Greenwood Village, Colorado 80111
+1 303-222-1215
+1 303-222-1201 fax

Iofina Chemical, Inc.

1025 Mary Laidley Drive
Covington, KY 41017
+1 859-356-8000
+1 859-356-8712 fax

Iofina Resources, Inc.

8480 East Orchard Road, Suite 4900
Greenwood Village, Colorado 80111
+1 303-222-1215
+1 303-222-1201 fax

Investor relations

+44 (0) 20 3006 3135
Please email us at [email protected]

ADVISERS

finnCap Ltd.

Broker and Nominated Adviser

60 New Broad Street
London EC2M 1JJ
Tel: +44 (0) 20 7220 0500
http://www.finncap.com

RSM UK

Reporting Accountants and Auditors

25 Farringdon Street
London, EC4A 4AB
Tel: +44 (0) 20 3201 8000
http://www.rsmuk.com

Yellow Jersey PR Limited

Financial PR Consultants to the Company

7th floor, 22 Upper Ground
London, SE1 9PD
Tel: +44 (0) 7544 275 882
http://www.yellowjerseypr.com

Kerman & Co LLP

Solicitors to the Company

200 Strand
London WC2R 1DJ
(c/o Kerman & Co LLP; Attn: Simon Holden)
Tel: +44 (0) 20 7539 7272
Fax: +44 (0) 20 7240 5780
http://www.kermanco.com/

Capita Asset Services

Registrars to the Company

The Registry
34 Beckenham Road
Beckenham
Kent
BR3 4TU
Tel : 0870 162 3100
Tel (overseas): +44 (0) 20 3728 5000
Fax: +44 (0) 20 8639 2342
http://www.capitaregistrars.com

Iofina plc Timeline

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