UANI Calls on Honeywell to Comply with the Iran SAD Act

FOR IMMEDIATE RELEASE July 8, 2010 Contact: Kimmie Lipscomb, press@uani.com Phone: (212) 554-3296 UANI Calls on Honeywell to Comply with the Iran SAD Act New York, NY - United Against Nuclear Iran (UANI) today called on Honeywell to comply with the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (the "Iran SAD Act") and end its business in Iran. On July 1, 2010 President Obama signed the Iran SAD Act into law. Honeywell's business in Iran, which is aimed at developing Iran's petroleum refineries, is directly targeted by, and illegal under the Iran SAD Act. Honeywell's association with the Islamic Revolutionary Guard Corps (IRGC) on Iran-based projects is also illegal under the Iran SAD Act. The Iran SAD Act requires companies that contract with the U.S. Government to certify that they do not conduct business in Iran. As the leading U.S. Government contractor among all companies that do business in Iran, Honeywell cannot make such a certification. Honeywell's violation of the Iran SAD Act will result in the loss of billions of dollars in U.S. business, and will have a material adverse effect on Honeywell's financial condition. Honeywell, despite its understanding that the Iran SAD Act could affect its business in Iran, has failed to disclose this risk to investors. In a letter to David M. Cote, the CEO of Honeywell, UANI President, Ambassador Mark Wallace wrote: This letter follows my letter to you of April 8, 2010, which is attached for your review. In that letter, we asked that Honeywell immediately cease doing business in Iran. Honeywell refused to take such action and instead made statements to the press that "[s]hould the U.S. Congress pass a law that prohibits subsidiaries of U.S. companies from doing business in Iran, Honeywell will comply fully as it does with all other laws in the countries in which it operates." On July 1, 2010, President Obama signed into law new Iran sanctions legislation, the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (the "Iran SAD Act")... The new law is focused on Iran's gasoline suppliers and those businesses that assist Iran in developing petroleum refineries. Honeywell's business in Iran is directly covered by the Iran SAD Act. **** In addition, under the Iran SAD Act sanctions may be imposed on any entity that conducts business with a representative or affiliate of Iran's Revolutionary Guard Corps (IRGC)... Honeywell's work in association with the IRGC is in clear violation of the Iran SAD Act. The law requires companies that do business with the U.S. Government to certify that they do not engage in business in Iran that is subject to sanctions. Honeywell is a major U.S. Government contractor. Honeywell cannot make such a certification. If Honeywell continues its business in Iran it will be precluded from contracting with the U.S. Government... The Iran SAD Act requires Honeywell to choose between doing business with Iran and with the U.S. That choice should be clear. Given the foregoing please immediately cease and desist your business in Iran. Click here to read UANI's Letter to Honeywell, dated July 8, 2010. Click here to read UANI's Letter to Honeywell, dated April 8, 2010. # # # United Against Nuclear Iran (UANI) is a program of the American Coalition Against Nuclear Iran, Inc., a tax-exempt organization under Section 501(c)(3) of the Internal Revenue Code. The prospect of a nuclear-armed Iran should concern every American and be unacceptable to the community of nations. Since 1979 the Iranian regime, most recently under President Mahmoud Ahmadinejad's leadership, has demonstrated increasingly threatening behavior and rhetoric toward the US and the West. Iran continues to defy the International Atomic Energy Agency (IAEA) and the United Nations in their attempts to monitor its nuclear activities. A number of Arab states have warned that Iran's development of nuclear weapons poses a threat to Middle East stability and could provoke a regional nuclear arms race. In short, the prospect of a nuclear armed Iran is a danger to world peace. United Against Nuclear Iran (UANI) is a non-partisan, broad-based coalition that is united in a commitment to prevent Iran from fulfilling its ambition to become a regional super-power possessing nuclear weapons. UANI is an issue-based coalition in which each coalition member will have its own interests as well as the collective goal of advancing an Iran free of nuclear weapons. The Objectives of United Against a Nuclear Iran Inform the public about the nature of the Iranian regime, including its desire and intent to possess nuclear weapons, as well as Iran's role as a state sponsor of global terrorism, and a major violator of human rights at home and abroad; Heighten awareness nationally and internationally about the danger that a nuclear armed Iran poses to the region and the world; Mobilize public support, utilize media outreach, and persuade our elected leaders to voice a robust and united American opposition to a nuclear Iran; Lay the groundwork for effective US policies in coordination with European and other allies; Persuade the regime in Tehran to desist from its quest for nuclear weapons, while striving not to punish the Iranian people, and; Promote efforts that focus on vigorous national and international, social, economic, political and diplomatic measures. UANI is led by an advisory board of outstanding national figures representing all sectors of our country.

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