WASHINGTON, D.C., March 13, 2006 (PRIMEZONE) -- Future Fuels, Inc. (FFI), a subsidiary of Nuclear Solutions, Inc. (OTCBB:NSOL), announced today the selection of Startech Environmental Corporation (OTCBB:STHK) (Startech) as its technology provider through a mutually exclusive global strategic alliance agreement. Startech manufactures an innovative, proven and proprietary Plasma Converter(tm) System, which will be used in FFI's facility to transform feedstock materials such as used tires, municipal solid waste and biomass into ethanol. The Startech Plasma Converter System quickly and cleanly transforms these feedstock materials into a gas rich in carbon, hydrogen and oxygen that is well suited for the production of ethanol through FFI's catalytic ethanol synthesis process. This integrated system will first be installed in FFI's Toms River, New Jersey 52 million gallon waste-to-ethanol production facility, for which FFI has already successfully secured land, environmental permits, feedstock sources suitable for conversion into ethanol, a ten year ethanol purchase contract, and preliminary approval for an $84 million bond authorization from the state of New Jersey.
According to the terms of the Strategic Alliance, FFI agrees to purchase Startech's Plasma Converter Systems for use in its waste-to-ethanol conversion process. Both FFI and Startech agree to cooperate in identifying and pursuing business opportunities in which Startech's products and equipment are integrated with FFI's equipment and production process to operate waste-to-ethanol conversion facilities not only within the U.S. ethanol market but also internationally. For instance, Startech's international marketing efforts to process waste with its Plasma Converter Systems will be expanded to include FFI's ethanol production potential.
"FFI examined many plasma processing technologies over the past year, and selected Startech for its expertise and extensive operational experience given its Plasma Converter System, and we are impressed with Startech's practicality. With this agreement and our joint vision, I anticipate the rapid implementation of a program to establish multiple FFI waste-to-ethanol facilities to supply the U.S. ethanol market. At the same time, FFI welcomes working closely with Startech to examine sales opportunities for integrating FFI's catalytic process with the needs of Startech's existing clients and in conjunction with initiatives they are actively pursuing throughout Europe, Asia and South America. This represents enormous expansion potential for FFI and our initial entry into the international market," states FFI President Jack Young.
The heart of Startech's Plasma Converter System contains a plasma field that reaches temperatures up to 30,000 degrees Centigrade. The plasma breaks down feedstock materials-such as waste coal, used tires, wood wastes, raw sewage, municipal solid wastes, biomass, discarded roofing shingles, coal waste known as culm, discarded corn stalks, and other agricultural by-products-to their core elements in a clean and efficient manner. The resulting Plasma Converted Gas(tm), a rich mixture of carbon, hydrogen and oxygen, is the input for FFI's catalytic ethanol synthesis process. FFI's approach, a modified Fischer-Tropsch process similar in nature to one Dow Chemical pioneered in the mid 1980s, applies heat, pressure and a catalyst to chemically transform the Plasma Converted Gas into ethanol. From start to finish, the conversion process from waste feedstocks to Plasma Converted Gas and finally to ethanol is safe and environmentally friendly. FFI's Toms River facility, employing Startech's Plasma Converter System technology, will become the flagship model for building and operating many waste-to-ethanol conversion facilities domestically and internationally.
"FFI and Startech together make a perfect fit to produce sales in the rapidly growing ethanol market. We look forward to joining FFI in its new Toms River, New Jersey waste-to-ethanol plant, and also to being an integral part of FFI's sales and marketing program for the U.S. ethanol market. This agreement will now allow us take FFI and its ethanol systems with us into each of the areas of the growing international market for our Plasma Converter Systems," said Startech President and CEO Joseph Longo. Connecticut-based Startech (www.startech.net) has a corporate office in Wilton and has its engineering, demonstration and training center in Technology Park in Bristol.
Nuclear Solutions, Inc. President and CEO Patrick Herda adds, "Announcing the global strategic alliance between FFI and Startech is the tipping point for setting FFI apart from the pack with its economically innovative approach for the environmentally friendly production of ethanol fuels. Now that the technology platform is set for FFI's Toms River waste-to-ethanol production facility, we believe that the model of mutually-beneficial cooperation between FFI and Startech will set a new standard in how alternative fuels are produced in the U.S. and abroad."
FFI employs a unique business model-very different from Nuclear Solutions, Inc.'s core business areas and competences-that implements commercially available and proven technology to transform low-value, end-of-life carbonaceous waste materials into high-value, environmentally friendly, clean-burning ethanol. Currently, FFI reports its operations and financial results on a consolidated basis within Nuclear Solutions, Inc.'s public filings. For more information, call FFI Investor Relations at 202-580-8330.
DISCLAIMER
The matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties such as our plans, objectives, expectations, and intentions. You can identify these forward-looking statements by our use of words such as "will be used," "to transform," "will first be installed," "agree to cooperate," "will be expanded," "I anticipate," "potential," "actively pursuing," "to examine," "represents enormous expansion," "will become," "look forward," "to being," "we believe," "will set a new," "innovative approach," or other similar words or phrases. Some of these statements include discussions regarding our future business strategy and our ability to generate revenue, income and cash flow.
With regards to forward-looking statements on the proposed waste-to-ethanol facility, a facility like this has never before been constructed or operated and there are inherent risks associated with the establishment of such new operations. There could be unexpected problems or delays in the funding, construction and operation of the facility. There is no guarantee that we will be successful in raising the capital required for this project through the issuance of tax-free bonds discussed herein. While we believe that the appropriate technologies for waste-to-ethanol conversion are commercially available, we cannot guarantee that commercially available technologies will be suitable under all circumstances for producing ethanol in the proposed Future Fuels, Inc. facility.
Overall, actual future results for Nuclear Solutions, Inc., and its subsidiary Future Fuels, Inc., could differ significantly from statements contained in the press release. Factors that could adversely affect actual results and performance include, among others, the companies' limited operating history, dependence on key management, financing requirements, technical difficulties commercializing any projects, government regulation, technological change, and competition. In any event, undue reliance should not be placed on any forward-looking statements, which apply only as of the date of this press release. Additionally, patent pending status or licensing does not guarantee that a patent will issue or that the technology will be commercially successful. Accordingly, reference should be made to Nuclear Solutions, Inc.'s periodic filings with the U.S. Securities and Exchange Commission, also available through the web site at www.nuclearsolutions.com.