MOSCOW, July 6, 2006 (PRIMEZONE) -- NUCON-RF, Inc. ("NUCON") (Pink Sheets:NNRF) and MERCER CAPITAL, LTD., a New York based NASD Member investment banking and full service securities brokerage firm ("MERCER"), announced today that they have entered into an Investment Banking Agreement in which MERCER has agreed to use its best efforts to raise up to US$7,000,000 for NUCON. It is anticipated that this funding will be completed in September, 2006.
MERCER has also agreed to use its best efforts to raise bridge financing during July 2006 in an amount of up to $1,500,000.
The proceeds of these financings are intended to be utilized by NUCON to (i) complete the acquisition of ZAO ELECTRO MACHINERY BUILDING PLANT "ATOLL," a manufacturing and research concern located in St. Petersburg, Russia; (ii) acquire additional identified companies to augment the capacities of ATOLL in producing replacement parts for nuclear power plants and handling equipment for nuclear waste containers for long-term storage of nuclear wastes and spent fuels; and (iii) acquire additional leading edge technologies and new materials it has identified in Russia and Western Europe.
NUCON believes that these acquisitions will continue to augment its fundamental platform of products and services and provide the full spectrum of specialized manufactured products, engineering services, and proprietary technology applications to State enterprises in the Russian Federation and foreign markets for radiological waste management and environmental protection.
NUCON's strategic plan is to expand upon its established base with additional acquisitions of Russian manufacturing facilities and application specific technologies and new materials to enable it to engage in a broad range of radioactive and toxic waste remediation projects which will support the company's mission as the prime supplier of replacement parts and technologies for the domestic Russian nuclear industry as well as foreign domains.
NUCON has the capability to provide product, technological and engineering support addressing environmental, wastewater, power quality and radioactive waste challenges. These include compliance, shielding, transport and storage requirements, plant equipment protection, energy efficiency and development of techniques for a broad range of radioactive and toxic wastes. NUCON also has 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 potentiality and other prospective presentations by NUCON-RF, Inc. 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. NUCON-RF 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 NUCON-RF's expectations with regard to these forward-looking statements or the occurrence of unanticipated events.