Health & Fitness
Health and Fitness
Health and Fitness 
Thu, July 14, 2011
Wed, July 13, 2011
City of Noblesville, Indiana, Passes Global Resolution on Positron Incentive Package
NOBLESVILLE, Ind.--([ BUSINESS WIRE ])--Positron Corporation (OTCBB:POSC) (aPositrona, or the aCompanya), a leading molecular imaging company specializing in the field of nuclear cardiology, announced today that in a meeting last night, the City Council of Noblesville passed a global resolution approving economic development assistance for Positron and its proposed high energy 70 MeV cyclotron project and radiopharmaceutical manufacturing facility.
"The partnership we are establishing with the City of Noblesville is a considerable one and a long-term strategic investment we are both fully committed to. With the commencement of this project, Positrona™s business objectives are being realized as designed."
On June 10, 2011, Positron announced it had entered into a memorandum of understanding (MOU) with the City of Noblesville, signifying its intention to relocate its corporate headquarters, research & development and product manufacturing facilities to Noblesville. Included in the MOU were economic incentives for the development of the Companya™s cyclotron project.
Under the terms of the resolution, the City of Noblesville will provide Positron with certain incentives, in the amount of up to $6.7 million, for the acquisition of economic development property. The $6.7 million will come in the form of Economic Development Bonds, which utilizes tax increment from the project. The bonds will be issued in several series commensurate with Positrona™s achievement of certain milestones in conjunction with the Companya™s securing commitments of financing totaling $42 million. The City also agrees to support the project by pursuing the issuance of tax exempt Midwestern Disaster Area Bonds, which are non-recourse to the City, including but not limited to, supporting Positron in the designation of the Positron project site as a designated Midwestern Disaster Area by the Governor of Indiana. The Company may apply for access to as much as $40 million of Midwestern Disaster Area Bonds as early as July 19th.
In addition to the bonds financing, Positron intends to seek capital through the private offering of a minority equity stake, of up to 49% in its cyclotron project, which will be developed in Positron Isotope Corporation, an Indiana corporation and a wholly owned subsidiary of Positron.
Patrick G. Rooney, CEO of Positron states, aThe partnership we are establishing with the City of Noblesville is a considerable one and a long-term strategic investment we are both fully committed to. With the commencement of this project, Positrona™s business objectives are being realized as designed.a Rooney concluded akey initiatives in our approach have been focused towards our ability to offer radiopharmaceutical consumables to customers in both the cardiac PET and SPECT markets; a critical component for our expansion, strength and long-term strategy was to secure a supply of isotopes. The addition of a company owned cyclotron allows Positron to expand vertically with the ability to offer products and security that our full cardiac imaging and radiopharmaceutical solutions will be available to our customers for the future.a
About Positron: Positron is a molecular imaging company focused on Nuclear Cardiology. Positron Corporation provides innovative molecular technologies and services that are reshaping the field of nuclear cardiology through proprietary PET imaging and radiopharmaceutical solutions with a strong commitment to advancing the practice and technology of nuclear medicine.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 and 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.