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In the third quarter of 2007, Diazem Corporation acquired the VanTek
Corporation of Midland, Michigan. VanTek produces vanadous formate solution, which is one
of the critical components of the LOMI (low oxidation state metal ion) process for the chemical
decontamination of radioactive scales in boiling water reactors at nuclear power plants.
This multistep process has proven to be particularly effective in dissolving chromium- and
nickel-rich films in boiling water reactors operating under hydrogen water chemistry.
Decontamination using the LOMI process has been documented to minimize the critical path
time and reduce workers' exposure to radioactivity during subsequent routine and maintenance
activities, an important economic consideration for performing decontaminations. Diazem and
its subsidiaries welcome this chemistry as an additional tool in its chest of mining and
environmental chemistries. We anticipate full integration of VanTek into the Diazem/DiaKhem
family by the end of the third quarter.
Market
With the global recognition of the role nuclear energy will and must play in mitigating
future energy needs, Diazem Corporation and the Diazem Divisions believe this acquisition to
be a significant investment in the future growth of the company. Diazem/DiaKhem/VanTek, in
partnership with its service partners, views the 444 operating nuclear power plants in the
world as potential customers for our environmental products. VanTek is to date the only producer
of vanadous formate.
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