Nordion Provides Update on AECL MAPLE Arbitration
Nordion Inc. (NYSE: NDZ) today released an update to the ongoing arbitration process with Atomic Energy of Canada Limited (AECL) relating to the MAPLE facilities. The MAPLE facilities are the nuclear reactors and processing facility that were being constructed to serve as the Company's source of long-term medical isotope supply.
Nordion has been informed by the arbitration tribunal that, subject to agreement by Nordion and AECL, the tribunal proposes to render a decision in September 2012. Nordion will provide an update as to the specific date of the decision as soon as it is confirmed.
Nordion served AECL with a notice of arbitration proceedings on July 8, 2008, after AECL and the Government of Canada unilaterally announced their intent to discontinue development work on the MAPLE facilities. The arbitration seeks to compel AECL to fulfil its contractual obligations to Nordion to complete the MAPLE facilities and, in the alternative and in addition to such order, to pay significant monetary damages. Hearings in the arbitration were completed at the end of May 2012.
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