US Nuclear Corp. (OTCMKTS:UCLE) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement
On June 5, 2018, US Nuclear Corp. and MIFTEC signed a definitive agreement which formally appoints US Nuclear as the exclusive manufacturer of MIFTEC’s medical isotope generators for North America and Asia, and makes US Nuclear a sales representative for all MIFTEC products. This definitive agreement replaces the Letter of Intent signed in December 2017. MIFTEC’s parent company, MIFTI Nuclear Fusion, is developing fusion power and has shown that their staged Z-pinch fusion technique produces high neutron flux which in turn can be used to produce medical isotopes.
There are two main uses for medical isotopes: diagnosis and treatment. Diagnostic procedures using radioisotopes are now routine, and can be used to examine blood flow to the brain, functioning of the liver, lungs, heart, or kidneys—the advantage over other techniques being that it can image both bone and soft tissue, and assess what is happening physiologically. The most prominent treatment application is for cancer, using radiation to weaken or destroy targeted cancer cells.
There are no effective suppliers of medical isotopes in the USA and existing international suppliers cannot expand because of prohibitive costs and pollution problems. All new/existing competitors in the market rely on fission/cyclotrons/accelerators to produce the isotopes, which all require enriched uranium as a fuel supply, and require significant money and time to commission. This has resulted in a shortage of radioisotopes and an unfilled demand.
MIFTEC’s fusion approach for generating medical isotopes uses seawater as the fuel supply and poses no radiation issues. The design is small compared to other methods, and could be installed on-site at medical facilities. With production at a planned 50% of the current cost, more patients will have the opportunity to receive these diagnostic scans and treatment.
About US Nuclear Corp. (OTCMKTS:UCLE)
US Nuclear Corp., formerly APEX 3 Inc., provides a range of radiation detection equipment and services. The Company operates through two segments: Optron and Overhoff. Optron is located in Canoga Park, California and Overhoff is located in Milford, Ohio. It designs and manufactures nuclear radiation detection and safety equipment, survey meters, air and water monitors, port security equipment and tritium air monitors. The Company’s products consist of radiation water monitors, tritium monitors, air and water monitors, nano-second x-ray monitors, and vehicle, personnel, exit and room monitors. The Company also offers handheld survey meters/dosimeters, and port security equipment, along with supporting software and services. Its two divisions consisting of Optron Scientific Company Inc., doing business as Technical Associates, and Overhoff Technology Corporation (Overhoff) offer over 200 products that service and address the nuclear power industry, domestically and internationally.