MOSCOW, May 16, 2007 (PRIME NEWSWIRE) -- NUCON-RF, Inc. (Pink Sheets:NNRF) today announced that, effective May 1, 2007, Mr. Victor D. Akhunov, former department head of the Department for Decommissioning of Nuclear and Radiation Hazardous Facilities of the Federal Agency for Atomic Energy of the Russian Federation, has joined NNRF as Head of Decommissioning Projects as well as the company's Board of Advisors.
Mr. Akhunov is recognized as the most knowledgeable and experienced expert on current and future decommissioning projects in the Russian Federation by the European Union ("EU"), the European Bank of Reconstruction and Development and the donor countries of the G-8. Mr. Akhunov has been involved since inception in the planning and execution of the projects located at Andreyeva Bay, Sayda Bay, Gremikha Bay, the nuclear storage vessel LEPSE in Murmansk harbor, and the decommissioning projects in the Far East at Valadivostock. An initial $4 billion dollars has been pledged for these major projects, which are anticipated to continue through the year 2015.
Mr. Akhunov's primary responsibility with NNRF will be managing the relationships with multinational nuclear service companies, the Federal Agencies of Nuclear Energy of the Russian Federation and with the European Bank of Reconstruction and Development as the disbursement agent for the G-8 in the decommissioning projects, both current and future, in the Russian Federation.
NNRF previously announced on November 20, 2006 that it had entered into an agreement with the Department of Nuclear Sites Decommissioning of the Federal Agency of Nuclear Energy of the Russian Federation to supply nuclear safety technologies, products and equipment for Russian and G-8 funded nuclear waste decontamination projects. Chief among these is the decontamination of Andreyeva Bay, Building No. 5, a contaminated former radioactive waste storage site.
Mr. Akhunov is initially focused on the engineering and specific applications of the NNRF technology portfolio for the projects at Gremikha Bay, Building No. 5 at Andreyeva Bay, Svezdochka/Starlet. He also will be actively involved in establishing strategic partnerships with multinational nuclear energy engineering companies with which he has had a working relationship for over a decade. Additionally, Mr. Akhunov will assist in the organization of technology transfers and specific applications of the NNRF nuclear safety technologies with these companies. NNRF believes that these potential relationships may position the company's engineering services, manufactured products for nuclear reactors and nuclear safety technologies in additional global markets outside the Russian Federation.
Mr. Akhunov's responsibilities will also focus on expanding NNRF's participation in various decommissioning consortiums of various Russian Federation agencies. NNRF believes that by participating in these consortiums it will enlarge the scope of its present portfolio of manufactured equipment, particularly in the field of long-term storage of nuclear wastes in proprietary waste containers.
Mr. Akhunov joins Professor Valery Lebedev, CEO of NNRF and the former Russian Vice Minister of the Federal Ministry of Atomic Energy, and Dr. Hans-Jurgen Engelmann, Head of NNRF's shielding and decommissioning technologies and a member of the Contact Energy Group, an advisory committee to the EU, as members of NNRF management. With the addition of Mr. Akhunov, NNRF management consists of some of the most recognized experts in the fields of nuclear safety, decommissioning and disposal of nuclear wastes.
Dr. Engelmann, stated, "We are extremely proud to have a world renowned expert in decommissioning join the NNRF team. We believe that Mr. Akhunov's established relationships with the multinational nuclear companies that service and supply the nuclear industry and are involved in the current decommissioning projects in Russia, including British Nuclear Fuel Corporation, Areva, Fluor and others. NNRF believes that Mr. Akhunov's relationship with the EU and the European Bank of Reconstruction and Development will provide a substantial and important addition to the management base for NNRF in executing its business model. We believe Mr. Akhunov will provide a substantial impetus to the continued growth of the Company."
ABOUT NNRF:
NNRF is a U.S. corporation with executive and operations offices in Moscow, Berlin and Washington. NNRF 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 owns manufacturing facilities and provides both equipment and services for nuclear power plants and compliance, shielding, transport and interim and final storage requirements for government agencies and nuclear service companies. NNRF also owns or licenses proprietary leading edge technologies which provide NNRF with a market edge in manufacturing, design, engineering and services capabilities. 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. NNRF has entered into strategic alliance agreements with government agencies of the Russian Federation. Access through NNRF's strategic alliances to key processing and disposal facilities in the Russian Federation enables it to complete a broad range of projects efficiently and cost effectively. NNRF believes that this access provides vertically integrated services that distinguish it from competitors. NNRF manufactures nuclear power plant equipment in Russia and has multi-year sales contracts for a significant portion of current production with ROSATOM, the owner and operator of all Russian nuclear reactors. NNRF also provides products, services and proprietary technology based solutions through its strategic alliances to multilateral and bilateral funded projects located in Northwestern Russia known as the Northern Dimension Environmental Partnership (NDEP). This area contains the largest repository of spent nuclear fuel and radioactive waste in the world. The projects involve the decommissioning and disposal of nuclear powered naval vessels of the former Soviet Union. The projects are funded by G-8 member countries. NNRF currently is expanding its marketing to include the European Union, China, India and North America in 2007-08 through strategic marketing partnerships with multinational energy service companies. NNRF is currently engaged in the due diligence phase of potential further acquisitions in 2007-2008 which are intended to substantially increase its current asset and revenue base.
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.