LIS Technologies Inc. Appoints Former 33rd Assistant Commandant of the Marine Corps General John M. Paxton Jr. USMC (Ret.) as its Executive Chair of Military and Defense.
Oak Ridge, Tennessee, Sept. 09, 2024 (GLOBE NEWSWIRE) -- LIS Technologies Inc. (“LIST” or “the Company”), a proprietary developer of advanced laser technology and the only USA-origin and patented laser uranium enrichment company, today announced that it has appointed General John M. Paxton Jr. USMC (Ret.) as its Executive Chair of Military and Defense.
General Paxton’s distinguished 42-year career in the United States Marine Corps culminated in his role as the 33rd Assistant Commandant of the Marine Corps, a position he held from 2012 until his retirement in 2016. Throughout his career, General Paxton earned numerous awards and decorations, including the Defense Distinguished Service Medal, Defense Superior Service Medal, and the Legion of Merit.
“The United States is the home of nuclear power and the key to that is enriched uranium,” said Gen. John M. Paxton Jr., Executive Chair of Military and Defense of LIS Technologies Inc. “Recent geopolitical events have made it clear that it is no longer prudent to depend primarily on foreign governments for the critical resources needed in nuclear energy. LIST, a U.S.-based company headquartered in the cradle of America’s nuclear history, is poised to play a significant role in ensuring the United States remains a global leader in the nuclear energy sector, thanks to its innovative technology and forward-thinking management. I am honored to take on this role and continue serving the best interests of the American people.”
Figure 1 - LIS Technologies Inc. Appoints General John M. Paxton Jr. USMC (Ret.) as its Executive Chair of Military and Defense.
General Paxton graduated from Cornell University and was commissioned as a Marine officer in 1974. His service included a wide range of command and staff assignments, at every level, from platoon to division, including serving as the Commanding General of the 1st Marine Division and successively as Commander of Marine Forces in Africa and Europe. He was also deeply involved in joint and multinational operations, holding significant positions such as the Director of Operations (J-3) for the Joint Staff, where he was responsible for overseeing global operations and crisis response.
“It is a pleasure to have Gen. Paxton’s support in our mission to bring innovative, proven technology back to the United States in this pivotal moment for the nuclear industry,” said Christo Liebenberg, Chief Executive Officer of LIS Technologies Inc. “His deep knowledge of the country's energy requirements and unique understanding of geopolitical events will greatly enhance our efforts, enabling us to streamline our approach to commercialization. His extensive experience and leadership style will be invaluable, and the relationships he has cultivated over his career will play a crucial role as we continue to scale and pursue our goals.”
General Paxton joins the Company as part of its rapid expansion strategy and will oversee efforts to align its strategic initiatives with U.S. defense and military priorities, fostering partnerships with key government agencies and industry leaders to address critical energy needs. Despite the U.S. government's pledge, alongside Canada, France, Japan, and the United Kingdom, of $4.2 billion in investments at COP28 for a reliable global uranium supply chain, domestic enrichment capabilities in the U.S. still lag projected demand. Additionally, the Biden Administration’s ban on importing low-enriched uranium (LEU) from Russia presents significant opportunities for companies like LIST to innovate and bridge the gap in domestic production capabilities.
About LIS Technologies Inc.
LIS Technologies Inc. (LIST) is a USA based, proprietary developer of a patented advanced laser technology, making use of infrared wavelengths to selectively excite the molecules of desired isotopes to separate them from other isotopes. The Laser Isotope Separation Technology (L.I.S.T) has a huge range of applications, including being the only USA-origin (and patented) laser uranium enrichment company, and several major advantages over traditional methods such as gas diffusion, centrifuges, and prior art laser enrichment. The LIST proprietary laser-based process is more energy-efficient and has the potential to be deployed with highly competitive capital and operational costs. L.I.S.T is optimized for LEU (Low Enriched Uranium) for existing civilian nuclear power plants, High-Assay LEU (HALEU) for the next generation of Small Modular Reactors (SMR) and Microreactors, the production of stable isotopes for medical and scientific research, and applications in quantum computing manufacturing for semiconductor technologies. The Company employs a world class nuclear technical team working alongside leading nuclear entrepreneurs and industry professionals, possessing strong relationships with government and private nuclear industries.
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Forward Looking Statements
This news release contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as "expects", "anticipates", "intends", "plans", "believes", "will", "should", "could", "would" or "may" and other words of similar meaning. These forward-looking statements are based on information available to us as of the date of this news release and represent management's current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve known and unknown risks, uncertainties and other factors, which may be beyond our control. For LIS Technologies Inc., particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following which are, and will be, exacerbated by any worsening of global business and economic environment: (i) risks related to the development of new or advanced technology, including difficulties with design and testing, cost overruns, development of competitive technology, loss of key individuals and uncertainty of success of patent filing, (ii) our ability to obtain contracts and funding to be able to continue operations and (iii) risks related to uncertainty regarding our ability to commercially deploy a competitive laser enrichment technology, (iv) risks related to the impact of government regulation and policies including by the DOE and the U.S. Nuclear Regulatory Commission; and other risks and uncertainties discussed in this and our other filings with the SEC. Only after successful completion of our Phase 2 Pilot Plant demonstration will LIS Technologies be able to make realistic economic predictions for a Commercial Facility. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.
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