BERLIN, Oct. 2, 2007 (PRIME NEWSWIRE) -- NNRF, Inc. (Pink Sheets:NNRI) today announced the completion of a strategic plan developed for the Cabinet of Ministers, Ministry of State for Environmental Affairs, Egyptian Environmental Affairs Agency. NNRF will present the plan to the Ministry following the end of Ramadan in October, 2007. NNRF intends to sign a global agreement thereafter regarding the handling, containment and the disposal of high level hazardous wastes in Egypt. This global agreement will identify the priorities, amounts and terms of the engagement of NNRF by the Arab Republic of Egypt.
The joint undertaking will include a ten year plan for the replacement of toxic lead with NNRF's proprietary materials, FEECOM and BIECOM.
The plan also includes and identifies the involvement of current strategic partners of NNRF for the manufacture of the materials required, the appropriate engineering services and identification of suitable repositories for final disposal of the hazardous wastes.
NNRF also announced that similar initiatives are currently under review in the Far East and Latin America. NNRF anticipates that these initiatives will be successfully concluded in the next two quarters.
Dr. Hans Engelmann, the head of shielding and disposal technologies for NNRF stated, "We are gratified that the building process of this last year has resulted in the recognition of the integrated capabilities of NNRF, together with its' strategic partners, in decontamination, containment, decommissioning and final disposal services to address critical global environmental issues. The initiatives currently underway in the Russian, European, Middle Eastern, Latin American and Far Eastern markets are indications of this recognition and the initial acceptance of the Company's core capabilities in these environmental service sectors." Dr. Engelmann concluded, "We are now positioned to commence the provision of these environmental services in global markets and will continue to grow this business model according to the Company's strategic ten year plan."
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.
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