Navigation Links
Positron Accepts Economic Incentives Offer From The City Of Gary, Indiana For $30 Million Towards 70 MeV Cyclotron Project

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

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
Copyright©2012 PR Newswire.
All rights reserved

Related biology technology :

1. Economic Alliance of Greater Baltimore Inks Business Partnership with BioHealth Innovation to Bring Health and Life Sciences Research to Market
2. Pharmacoeconomic Analysis Shows SURFAXIN® May Reduce Hospital Cost Associated with Reintubation in Premature Infants
3. HealthCare Institute of New Jersey Releases 2011 Biopharmaceutical and Medical Technology Economic Impact Data
4. New Incentives to Help Combat Antimicrobial Resistance, but Overuse of Strong Antibiotics Still Needs to Be Curbed
5. Afraxis and PsychoGenics Form Alliance to Offer Afraxis ESP Technology for Drug Discovery
6. Silence Therapeutics Announces Subscription and Open Offer to Raise up to £5.7 Million
7. Dr. Ross Kaplan Offers New State-of-the-Art Wrinkle, Fine Line, and Skin Texture Improvement Treatment
8. AMRESCO Offers New Prism Protein Marker With Vibrant Colors For Easy Band Identification
9. Salimetrics Offers New Saliva Collection Aid for Easy Collection of Passive Drool Samples
10. Top 10 “Best Children’s Hospitals” Include 3 Pediatric Centers Offering SynCardia Total Artificial Heart
11. Qualyst Transporter Solutions, LLC Announces Launch of New FDA Services Offering
Post Your Comments:
(Date:11/25/2015)... , November 25, 2015 ... cat and human plaque and pave the way for more ... problems in cats     --> ... most commonly diagnosed health problems in cats, yet relatively little ... now. Two collaborative studies have been conducted by researchers from ...
(Date:11/25/2015)... Orexigen® Therapeutics, Inc. (Nasdaq: OREX ) ... chat discussion at the Piper Jaffray 27th Annual Healthcare ... discussion is scheduled for Wednesday, December 2, at 8:00 ... replay will be available for 14 days after the ... NormartVP, Corporate Communications and Business Development , BrewLife(858) 875-8629 ...
(Date:11/24/2015)... , Nov. 24, 2015 Cepheid (NASDAQ: ... be speaking at the following conference, and invited investors ... York, NY      Tuesday, December 1, 2015 at ... York, NY      Tuesday, December 1, 2015 at ... Healthcare Conference, New York, NY ...
(Date:11/24/2015)... , Nov. 24, 2015 /PRNewswire/ - Aeterna Zentaris Inc. ... IIROC on behalf of the Toronto Stock Exchange, confirms ... there are no corporate developments that would cause the ... --> --> About Aeterna Zentaris ... . --> Aeterna Zentaris is a specialty ...
Breaking Biology Technology:
(Date:11/10/2015)... 2015 About signature verification ... to identify and verify the identity of an ... the secure and accurate method of authentication and ... individual because each individual,s signature is highly unique. ... dynamic signature of an individual is compared and ...
(Date:10/29/2015)... Oct. 29, 2015   MedNet Solutions , an ... spectrum of clinical research, is pleased to announce that ... Association (MHTA) as one of only three finalists for ... – Small and Growing" category. The Tekne Awards honor ... shown superior technology innovation and leadership. ...
(Date:10/29/2015)... , October 29, 2015 ... authentication company focused on the growing mobile commerce ... announces that StackCommerce, a leading marketplace to discover ... the Wocket® smart wallet on StackSocial for this ... ("NXT-ID" or the "Company"), a biometric authentication company ...
Breaking Biology News(10 mins):