OTTAWA, Ontario--(BUSINESS WIRE)--Oct. 22, 2012--
Nordion Inc. (TSX: NDN) (NYSE: NDZ) today provided an update regarding
proceedings to determine the potential award of costs from Atomic Energy
of Canada Limited (AECL) associated with Nordion’s arbitration with AECL
over the cancelled MAPLE project.
On September 10, 2012, Nordion stated that in the arbitration tribunal’s decision,
the arbitrators had yet to decide on the issue of arbitration-related
costs, and requested that Nordion and AECL make submissions within 30
days. Nordion had previously indicated that it may be responsible for a
portion of AECL’s costs, which could be material.
Nordion and AECL have agreed upon a schedule with the tribunal to
determine the allocation of arbitration-related costs. The parties are
expected to make submissions with regard to costs, following which the
tribunal is expected to hold proceedings to hear both parties during the
Company’s second fiscal quarter of 2013. Nordion expects to receive a
decision thereafter. The Company intends to provide an update on this
issue as more information becomes available.
Forward Looking Statements
Certain statements contained in this news release constitute
"forward-looking statements". These statements are based on current
beliefs and assumptions of management, however are subject to known and
unknown risks, uncertainties and other factors that may cause actual
results to differ materially from the forward-looking statements in this
news release. For additional information with respect to certain of
these beliefs, assumptions, risks and uncertainties, please refer to
Nordion’s Annual Information Form for fiscal 2011 available on SEDAR at www.sedar.com
and on EDGAR on www.sec.gov.
About Nordion Inc.
Nordion Inc. (TSX: NDN) (NYSE: NDZ) is a global health science company
that provides market-leading products used for the prevention, diagnosis
and treatment of disease. We are a leading provider of medical isotopes,
targeted therapies and sterilization technologies that benefit the lives
of millions of people in more than 60 countries around the world. Our
products are used daily by pharmaceutical and biotechnology companies,
medical-device manufacturers, hospitals, clinics and research
laboratories. Nordion has approximately 500 highly skilled employees in
four locations. Find out more at www.nordion.com
and follow us at http://twitter.com/NordionInc
Source: Nordion Inc.
Tanya Pobuda, 613-592-3400 x. 2280
Benjamin, 613-592-3400 x. 1022