MOSCOW, May 20, 2008 (PRIME NEWSWIRE) -- NNRF, Inc. (Pink Sheets:NNRI) advises that due to delays in completion of the March 31, 2008 Q1 review of its investee partner ZAO EMBP ATOLL (ATOLL) by ATOLL's Russian audit firm, the Company will not file its Q1 2008 review on May 20, 2008. ATOLL's auditors are currently conducting their review and expect to have this completed and forwarded to NNRF's auditors shortly. ATOLL's auditors attribute this delay to the unanticipated length of time that was required to translate review programs received from NNRF's auditors and used by the Russian based firm in their Q1 review. NNRF and ATOLL management are very concerned with the timeliness of the work of ATOLL's Russian based auditors. ATOLL and NNRF management will be discussing this issue with the General Director of the Russian based audit firm to rectify this problem.
The review of NNRF's financial statements, excluding the ATOLL results for the Q1 2008 period, have been completed by NNRF's U.S. based audit firm. Upon receipt of ATOLL's Q1 2008 financial statements and the report thereon, NNRF's auditors will finalize their review and the Company will submit its quarterly filing.
NNRF directors and officers recognize that the timeliness of its financial reporting is of utmost importance to its shareholders and continue to work with ATOLL and other investees to ensure that all future financial reporting will be completed in accordance with regulatory requirements.
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 experience 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.