MOSCOW, April 24, 2008 (PRIME NEWSWIRE) -- NNRF, Inc. (Pink Sheets:NNRI) is pleased to announce that its application for a funding grant has been accepted by the State of Lower Saxony, Germany. This grant of 150,000 Euros (approximately $225,000) has been issued as part of the European Fund for Regional Development (EFRD). The funds will be administered by the Fachhochschule Hannover, a University of Applied Sciences located in Hannover, Germany.
The funds will be used to cover research and development costs exclusively related to the development and testing of new specifications of the Company's FEECOM/BIECOM materials. These funds will be used to cover material, production equipment, and the salaries of NNRF staff working on these research and development projects. This research and development work will be supported by the Fachhochschule Hannover. The funds will also be used to conduct other intensive tests at the German Bundesanstalt fur Materialforschung (Federal Institute for Materials Research and Testing). These new specifications will be designed to formulate a new proprietary line of FEECOM/BIECOM which will be owned by NNRF and marketed in other radiation shielding market segments.
The State of Lower Saxony will provide this non-repayable grant over an eighteen-month period commencing June 1, 2008.
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.