MOSCOW, Jan. 3, 2007 (PRIME NEWSWIRE) -- NUCON-RF, Inc. (Pink Sheets:NNRF) announced today that its New York-based investment banker, Mercer Capital Ltd., had raised a total of $1.95 million on the company's behalf. The proceeds are being used by NUCON for working capital and as payment for 13.25% of ZAO ATOLL ("ATOLL"). ATOLL is a Russian manufacturer of equipment for nuclear power plants and a participant in various multi-lateral decommissioning projects where proprietary technologies of NUCON-RF will be utilized. NUCON-RF believes that ATOLL will become a strategic focus for the company's marketing efforts in radioactive waste markets of the Russian Federation, CIS countries, Asia and North America in 2007.
Mercer raised a total of $1.5 million via sale of two-year, 8% Convertible Notes and Warrants to purchase 750,000 shares of NUCON-RF common stock pursuant to the terms of a Term Sheet and Note Purchase Agreement dated September 8, 2006, and subsequently completed an over-allotment of the Notes and Warrants totaling $450,000 on November 29, 2006.
Mercer and NUCON-RF have agreed upon similar terms to raise $5 million for NUCON by the end of the first quarter of 2007.
NUCON intends to complete and file FORM 10-SB during January, 2007.
NUCON-RF, a U.S. corporation with executive and operations offices located in Moscow and Berlin, is a technical solutions company focused on environmental markets in the Former Soviet Union, Eastern Europe and Asia. NUCON has the capability to provide product, technological and engineering support addressing environmental, power quality and radioactive waste challenges. These solutions address compliance, shielding, transport and storage requirements, plant equipment protection, energy efficiency and remediation techniques for diverse radioactive and toxic wastes. The company possesses 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.