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Positron Proposes to Build High Energy Commercial Cyclotron in U.S.

Positron Corporation (OTCBB:POSC) ("Positron", or the "Company"), a leading molecular imaging company specializing in the field of nuclear cardiology, is pleased  to announce that it has executed a Memorandum of Understanding (“MOU”) with the City of Noblesville, Indiana to relocate its corporate headquarters,  research & development and product manufacturing facilities to Noblesville. Included in the MOU are economic incentives for the development of the Company’s high energy 70 MeV cyclotron project and radiopharmaceutical manufacturing facility also to be located in Noblesville.

Positron is proposing to make a capital investment of approximately $55 million dollars for this project in conjunction with significant economic development incentives from the City of Noblesville and the States of Indiana, as well as various other project financing opportunities.

This cyclotron, once completed, will be the highest energy commercial cyclotron for isotope production within the United States and will advance Positron’s objectives for the production of medical isotopes and radiopharmaceuticals used in cardiac PET imaging, diagnostic and therapeutic medical radiopharmaceuticals. This project is the most significant endeavor in the Company’s history and strengthens Positron’s position in the marketplace; which will have far-reaching implications in the nuclear cardiology industry.

Patrick G Rooney, CEO of Positron states,”The securing of critical components of the supply chain realized from this project will be considerable; we have built a solid foundation in our core cardiac imaging product and continue to vertically expand into medical isotopes and radiopharmaceuticals, allowing us to offer a complete solution for cardiac PET imaging. The execution of our plan to date is a tribute to our team’s diligence and extensive cooperation of Noblesville Mayor, John Ditslear, the City Council and the community of Noblesville.”

Positron’s development plans are expected to create more than 80 jobs in Noblesville over the next three to five years, a majority of which would be highly-skilled, professional positions. In addition, the city is expected to realize further economic benefits through complementary businesses locating in Noblesville in order to be in close proximity to this unique facility. The Company believes Noblesville to be the ideal choice for expansion plans based on its growing economy strategic location, and the city’s commitment to promoting a thriving healthcare and technology environment. 

“We are extremely pleased to have signed this MOU with Positron,” stated Mayor Ditslear,”attracting a company of this quality and the ripple effects its presence will produce is exactly what the city had in mind when developing our Corporate Campus.”

Positron, the City of Noblesville, and the State of Indiana are working to finalize a definitive agreement regarding the proposed incentive package for this project. The pending economic incentive package is subject to funding approval from the Noblesville Common Council and is scheduled to be presented and voted upon later this month.

Source: Positron Corporation