GARY, Ind., July 20, 2012 /PRNewswire/ -- Positron
Corporation (OTCBB:POSC), a leading molecular imaging healthcare
company, announces approval of a Pledge Resolution for $15 Million in Tax Increment Financing (TIF)
Bonds, from the Redevelopment Commission of the City of Gary, Indiana towards the development
of Positron's 70 MeV cyclotron project.
In addition to the TIF incentives, the City of Gary will assist in sourcing the
appropriate allocation of New Market Tax Credits (NMTC) that could
cover approximately $15 Million, or
33%, of the estimated total development costs for the project.
Positron seeks to raise approximately $65 million, in total, for this project through a
combination of debt, equity and incentives.
Positron's development plans are expected to create more than 50
permanent jobs in Gary over the
next five years. These jobs are a combination of highly skilled
scientific and technical positions, as well as, production,
manufacturing, maintenance, security, shipping and receiving
positions. In addition, the Company estimates the development of
the facility will create 100-150 construction jobs over the
duration of the project.
The Company believes Gary,
Indiana may realize further economic benefits through
complementary businesses, such as: material manufacturers, medical
and molecular imaging R&D, pharmaceutical and industrial
companies and U.S. Government agencies, locating in Gary in order to be in close proximity to this
unique facility. Gary is an ideal choice for expansion, based
on its growing economy, geographic location, proximity to U.S.
Government facilities and the City's commitment to developing a
thriving healthcare and technology environment.
Patrick G. Rooney, Chief
Executive Officer of Positron, states, "Securing, stabilizing and
growth of the supply chain should have a considerable impact on the
industry; we have built a solid foundation in our core cardiac
imaging products and we continue to vertically expand into medical
isotopes and radiopharmaceuticals, allowing us to offer an
end-to-end solution for cardiac PET imaging. The execution of
our plan, to date, is a tribute to our team's diligence and the
extensive cooperation of Mayor Freeman-Wilson, the Department of
Economic Development and the Redevelopment Commission of
Gary, Indiana."
This cyclotron, once completed, will be the highest energy
commercial cyclotron within the United
States, further advancing Positron's isotope production
mission; the core of Positron's business plan. This project is the
most significant endeavor in the Company's history and strengthens
Positron's position in the marketplace, with far-reaching
implications in and beyond the nuclear cardiology industry.
Positron has entered into a real estate agreement in an economic
redevelopment district of Gary
with interstate frontage and easy access to all major
transportation arteries. Positron and the City of Gary are working to finalize a
definitive agreement regarding the proposed incentive package for
this project.
About Positron: Positron Corporation is a leading
molecular imaging healthcare company providing innovative nuclear
medicine technologies and solutions that are reshaping the field of
nuclear cardiology. Through proprietary PET imaging systems,
services and radiopharmaceutical solutions, Positron enables
healthcare providers to more accurately diagnose disease and
improve patient outcomes while practicing cost effective
medicine. Positron has gained significant traction in a
diverse industry and continues their strong commitment to
excellence and advancing cardiac imaging solutions. More
information about Positron is available at www.positron.com.
Forward Looking Statements: Statements in this
document contain certain 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, as amended. These
statements are based on many assumptions and estimates and are not
guarantees of future performance. These statements may involve
known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of Positron
Corporation to be materially different from future results,
performance or achievements expressed or implied by such
forward-looking statements. Positron assumes no obligation to
publicly update or revise these forward-looking statements for any
reason, or to update the reasons actual results could differ
materially from those anticipated in these forward-looking
statements, even if new information becomes available in the
future. Our actual results may differ materially from the
results anticipated in these forward-looking statements due to a
variety of factors, including, without limitation those set forth
as "Risk Factors" in our filings with the Securities and Exchange
Commission.
SOURCE Positron Corporation