MOSCOW, Dec. 21, 2006 (PRIME NEWSWIRE) -- NUCON-RF, Inc. (Pink Sheets:NNRF) today announced that Lawrence C. McQuade, formerly Vice Chairman of Prudential Mutual Fund Management and Executive Vice President with W.R. Grace & Co., will join the Company as Chairman of the Board as of January 15, 2007. Mr. McQuade, who since 1995 has interfaced extensively within the Russian financial industry as a fund manager and consultant, will be primarily responsible for guiding NUCON in its business mission within the Russian Federation, in selected European and Asian markets and the financial markets of the U.S.
Mr. McQuade has more than 40 years experience in top levels of international business and government service. Since 1997, as founding partner of River Capital International, he managed the Volga Fund, an open-ended limited partnership investing in Russian securities. For the two years prior, he served as Chairman of Qualitas International, a consulting company advising the Russian Federal Securities Commission on the start-up of the Russian mutual fund industry.
From 1988 to 1995, Mr. McQuade served as Vice Chairman of Prudential Mutual Fund Management, Inc., a subsidiary of Prudential Securities and Prudential Insurance Co. that manages and administers investment companies. From 1975 to 1987, Mr. McQuade served as the Executive Vice President and Director at W.R. Grace & Co., where he spearheaded all administrative functions, except finance, of that corporation's chemical, natural resources and selected consumer businesses. For the six years prior, he served as President and CEO of Procon Incorporated, the engineering and construction subsidiary of Universal Oil Products Company.
Mr. McQuade has served on the Boards of many public service organizations, including posts as Expert Advisor, U.N. Commission on Transnational Corporations (1988-1992); Director, Foreign Policy Association (1985-1992); Director, Atlantic Council of the United States (1969-1989); and Chairman, Committee on Multinational Enterprises & Investment, U.S. Council on International Business (1976-1996).
He also served as United States Assistant Secretary of Commerce from 1963 through 1969 and at the U.S. Department of Defense, as Assistant to the Assistant Secretary for International Security Affairs, in the administration of John F. Kennedy.
"I am very pleased to be joining NUCON-RF as Chairman," said Mr. McQuade. "After watching the company's steady evolution and progress since its initial conception, I strongly believe its mission of acquiring companies and technologies designed to create an integrated holding company able to solve leading engineering and environmental challenges in the global markets -- focused on international multilateral projects -- is one that can and will be accomplished in a relatively short space of time.
"I look forward to helping this plan succeed."
Mr. McQuade holds a Bachelor of Arts from Yale University, a Bachelor of Arts (Jurisprudence) and a Master of Arts from Oxford University, and an LLB degree from Harvard Law School. He is also a Rhodes Scholar.
NUCON-RF, a U.S. corporation with executive and operations offices in Moscow and Berlin, provides product, technological and engineering solutions for a wide range of environmental, wastewater, power quality and radioactive waste challenges. These solutions address compliance, shielding, transport and storage requirements, design and manufacture of replacement parts for nuclear reactors, plant and facilities equipment protection, energy efficiency, and remediation and decommissioning solutions for diverse radioactive and toxic wastes. The company possesses extensive in-house expertise in all aspects of radiological protection and radiological waste management and is currently involved in providing materials and services for multilaterally funded decommissioning projects in Northwestern Russia.
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.