MOSCOW, Dec. 13, 2007 (PRIME NEWSWIRE) -- NNRF, Inc. (Pink Sheets:NNRI) today announced that it has signed an agreement with ECNC to design and develop new Type B(U) nuclear radioactive waste (radwastes) containers.
Type B(U) Container Project
On December 4, 2007, NNRF signed an agreement with Engineering Center of Nuclear Containers OOO (ECNC), Moscow, to design and develop Type B(U) dual purpose transport and storage containers for solid high level radioactive waste. These containers will be used for transportation and storage of radwastes generated at nuclear radiation facilities such as Nuclear Power Plants, nuclear waste storage facilities and other facilities generating radwastes. NNRF and ECNC have agreed to form an equal joint venture in January 2008. The parties also agreed that the joint venture will have marketing and sales operations in countries of interest outside Russia. NNRF will be responsible for all international marketing and sales activities. At Atomeco 2007, ECNC and NNRF representatives met with American attendees who expressed interest in purchasing these containers as a final product for the American market.
The joint venture will own the intellectual property related to all design and development of these Type B(U) containers.
ECNC has production and design facilities in Moscow and St. Petersburg, Russia, and currently manufactures, under sub contract, nuclear waste containers designed for other types of nuclear and toxic waste. At Atomeco 2007, held in Moscow on December 4-5, ECNC received an award for advanced nuclear waste container technologies from the Federal Agency of Nuclear Energy of the Russian Federation.
The line of containers will include units from 10-80 tons and are designed for transportation and long term dry storage of high level radioactive waste. Radiation protection of these containers will meet all limits established by the International Atomic Energy Association for containers of this type.
The head of the Russian Agency of Atomic Energy (Rosatom), Mr. Sergey V. Kirienko, stated at Atomeco 2007 that the Russian government has budgeted $11 billion dollars for nuclear waste management under its program for nuclear power development and nuclear radiation maintenance and safety. Of this amount, approximately $1.4 billion will be for waste containers. Russia has to deal with approximately 60,000 tons of high level nuclear waste. Russia will require approximately 2,100 containers from 2010 to 2020 for the storage of high level nuclear waste. With the development of the new Type B(U) containers, NNRF and ECNC hope to secure a significant portion of this $1.4 billion container budget. The future joint venture intends to design these containers to allow transport and storage of high level solid waste in countries outside Russia and establish marketing offices internationally.
A report on the signing of this agreement can be found at the Russian Federal Agency of Atomic Energy site http://www.minatom.ru/News/Main/view?id=51173&idChannel=681 in addition to several other Russian media websites.
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.