MOSCOW, June 11, 2008 (PRIME NEWSWIRE) -- NNRF, Inc. (the Company) (Pink Sheets:NNRI) is pleased to announce that at a recent Board of Directors meeting of ZAO ATOLL EMBP (ATOLL), the Directors declared a dividend payable to shareholders of record as of December 31, 2007 of twenty-five million Rubles -- approximately one million U.S. Dollars. As previously reported, ATOLL has been self financing its increasing growth and this has put limitations on ATOLL's ability to issue dividends without jeopardizing future cash requirements. ATOLL's Directors and senior management reviewed ATOLL's forecasted cash needs in conjunction with 2007 results and believe that the Company's cash flow generation will allow it to commence issuing dividends.
NNRF and its wholly owned subsidiary OOO Nucon RUS will receive approximately five hundred thousand U.S. Dollars from this dividend. NNRF has been advised by ATOLL management that ATOLL will commence payment of this dividend in the second week of June 2008. NNRF will use these funds for working capital requirements.
NNRF believes that the issuance of this dividend is a further significant step in the development of its business plan and a reflection of the hard work and success of ATOLL management and the continued strengthening relationship between the ATOLL and NNRF management teams.
The Company has been informed by management of ATOLL that their auditors are in the final stages of completing their quarterly review for the quarter ended March 31, 2008. NNRF has been advised that this delay has been related to the conversion of Russian GAAP statements to U.S. GAAP statements. The Company expects that this review will be completed shortly and the Company will file its Q1 promptly after inclusion of the ATOLL Q1 results in NNRF's financial statements and final review by NNRF's U.S. auditors.
ABOUT NNRF:
NNRF is a U.S. corporation with executive and operations offices in Moscow Russia, Munich Germany and North America. NNRF through its Russian based partners 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's management team has extensive industry and government service including extensive in-house expertise in all aspects of radiological protection and radiological waste management.
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.