MOSCOW, Aug. 16, 2007 (PRIME NEWSWIRE) -- NNRF, Inc. (Pink Sheets:NNRF), formerly known as NUCON-RF, today announced that it has successfully completed the testing and certification of its radiation shielding technologies, FEECOM and BIECOM. Based on the results of the radiological, mechanical and technological investigations, NNRF is now able to commence manufacturing and sales.
The final report of the testing of these technologies is being presented at a seminar at the Fachhockschule Hannover, in Hannover, Germany on September 18, 2007. This seminar is being conducted for the plant and technical site managers of the largest German utility company, E.ON. There will also be a roundtable discussion between NNRF's shielding managers and the E.ON personnel in attendance to discuss the applications and installations of the materials at their nuclear power plants. NNRF is also in contract discussions with other utility holding companies in Germany, Western Europe and South Korea.
The traditional use of lead as a shielding material is being phased out as the European Union has banned the use of lead in all facilities after the year 2010. Completion of the testing phases of FEECOM and BIECOM permits NNRF to market these technologies directly to nuclear utility managers. Presently, one German nuclear utility evaluating the use of NNRF's shielding materials has 95 metric tons of lead that must be replaced. In Germany, there are 17 nuclear utilities with 1,615 metric tons of lead, which is the equivalent of 1,300 metric tons of BIECOM. A replacement program of 10% per year would require 130 metric tons of BIECOM annually in Germany. Similar quantities of BIECOM may be required at other utilities in Western Europe. Further, the site managers of the nuclear power stations are currently considering the use of FEECOM and BIECOM to cover the tubes and pipes within the power stations. These applications have also been successfully tested and engineered and are being included in present contract discussions.
The successful results of the testing and certification concluded that the shielding characteristics of FEECOM and BIECOM were greater than previously announced. As a result of these findings, a proposal was received by NNRF in which NNRF and the Federal State of Lower Saxony will each contribute 50% of the funding for the creation of a manufacturing production facility and preparation of technical manuals for the field installations of the materials. The forms necessary to start manufacturing have been fabricated and the equipment and raw materials ordered. A copy of the latest public report on FEECOM/BIECOM can be found at www.nnrf.com.
This manufacturing facility will also undertake the completion of the final specifications for applications of FEECOM and BIECOM in the Northern Dimension Environmental Partnership in Northwestern Russia (http://ec.europa.eu/external_relations/north_dim/). NNRF has already been chosen as a sub-contractor in this US$4 Billion G-8 funded project in Northwestern Russia and it anticipates that it will be listed as a sub-contractor in the Far-Eastern projects that are to be announced. NNRF shielding and disposal technologies for these G-8 funded projects are currently undergoing final engineering specification, and NNRF anticipates commencing field installations in the fourth quarter of 2007.
ABOUT NNRF:
NNRF is a U.S. corporation with executive and operations offices in Moscow, Berlin and Washington. NNRF offers design and manufacturing of specialized products for nuclear reactors and nuclear waste management; proprietary nuclear shielding, decommissioning and decontamination technologies; and engineering/design services for a range of environmental challenges. NNRF owns manufacturing facilities and provides both equipment and services for nuclear power plants and compliance, shielding, transport and interim and final storage requirements for government agencies and nuclear service companies. NNRF also owns or licenses proprietary leading edge technologies which provide NNRF with a market edge in manufacturing, design, engineering and services capabilities. NNRF's management team has extensive industry and government service including extensive in-house expertise in all aspects of radiological protection and radiological waste management. NNRF has entered into strategic alliance agreements with government agencies of the Russian Federation. Access through NNRF's strategic alliances to key processing and disposal facilities in the Russian Federation enables it to complete a broad range of projects efficiently and cost effectively. NNRF believes that this access provides vertically integrated services that distinguish it from competitors. NNRF manufactures nuclear power plant equipment in Russia and has multi-year sales contracts for a significant portion of current production with ROSATOM, the owner and operator of all Russian nuclear reactors. NNRF also provides products, services and proprietary technology-based solutions through its strategic alliances to multilateral and bilateral funded projects located in Northwestern Russia known as the Northern Dimension Environmental Partnership (NDEP). This area contains the largest repository of spent nuclear fuel and radioactive waste in the world. The projects involve the decommissioning and disposal of nuclear powered naval vessels of the former Soviet Union. The projects are funded by G-8 member countries. NNRF currently is expanding its marketing to include the European Union, China, India and North America in 2007-08 through strategic marketing partnerships with multinational energy service companies. NNRF is currently engaged in the due diligence phase of potential further acquisitions in 2007-2008 which are intended to substantially increase its current asset and revenue base.
SAFE HARBOR STATEMENT:
Statements in this press release that are not historical facts are forward-looking statements, including statements regarding announcements of financial results, business potential and other prospective presentations by NNRF. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, our ability to obtain additional financing that will allow us to continue our current and future operations and whether demand for our products in domestic and international markets will continue to expand. NNRF undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in NNRF's expectations with regard to these forward-looking statements or the occurrence of unanticipated events.