MOSCOW, March 31, 2008 (PRIME NEWSWIRE) -- NNRF, Inc. (Pink Sheets:NNRI) today announced it has filed with the SEC for an extension on the submission of its fiscal year 2007 audited financial statements. The 2007 financial statement audit of ATOLL by ATOLL's auditor CJSC Independent Consulting Group 2K Audit ("2K Audit") was completed March 14, 2008. The translation of documentation and working papers required by NNRF's U.S. based auditors for their review have taken unexpected additional time in this first equity-based accounting audit.
At the end of fiscal year 2006 (ended December), NNRF, Inc. owned 13.5% of ZAO EMBP ATOLL (ATOLL). To date, the investment has been accounted for on a cost accounting basis in accordance with U.S. GAAP. At December 31, 2007, NNRF's ownership interest in ATOLL was 50%, and as reported in December 2007, Mr. Todd Sinclair, NNRF's CFO and Mr. Peter Goerke, NNRF's Executive Vice-President were appointed to ATOLL's Board of Directors in November 2007. These appointments and other actions taken during the fourth quarter enabled for the first time NNRF's ability to equity account for ATOLL.
Laying the groundwork for the future, 2K Audit in the second half of 2007 became a registered firm with the United States Public Company Accounting Oversight Board (PCAOB). Further, in February 2008, NNRF's U.S. based auditors worked closely in Moscow with 2K Audit during the ATOLL audit. The conversion to equity accounting from cost accounting in accordance with U.S. GAAP is necessary for regulatory purposes and NNRF, Inc. believes it will aid in the recognition of the value of its foreign investments.
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. For more information, visit http://www.nnrf.com
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.