WASHINGTON, D.C., April 22, 2005 (PRIMEZONE) -- Patrick Herda, the CEO of Nuclear Solutions, Inc. (OTCBB:NSOL) released the following statement:
"This year has proven itself to be very rewarding and challenging. We sold our first license on March 15, 2005, and are now realizing revenues. Because of this, we are poised to grow and transform this company. Furthermore, I anticipate enhancements to our productivity, creativity, and ultimately shareholder value. Along with the positive benefits of growth and progress, come the expected growing pains. Some are the natural result of increased activity within the company and some are a result of increasingly complex securities regulation and compliance requirements.
"Recently, new rules were enacted under the Sarbanes-Oxley legislation that require small, publicly traded companies such as Nuclear Solutions to make significant changes in the way our SEC filings are audited and reported.
"The auditing process now required by the SEC is more complicated and requires a level of detail much greater than has ever been required in the past. In order to complete a proper audit under these new rules, we have been required to invest much more in terms of time and financial resources in the auditing process. We are anxious to complete our 2004 audit so that we may present our shareholders with the clearest view of the company's financials.
"We believe that our auditing firm is impeccable in terms of expertise and professionalism. I am confident that they are capable of servicing all of our current and future needs as we continue to grow and hopefully progress towards a listing on a national exchange.
"Unfortunately, the combination of the new SEC rules and the integration of a new auditing process has made it necessary for us to delay the filing of our annual report which was required to be filed on April 15, 2005. Moreover, this delay is necessary to protect our shareholders equity and ensure that our annual filing is accurate and in full compliance with SEC rules.
"We are fully confident that our annual filing will be completed and filed before the allotted thirty day period expires, as there exists no material issues, that we are aware of, which would prevent the completion of a successful audit. I further ensure you that we will not be de-listed as a result of the delay in the filing.
"Overall, while the delay is regrettable, I view this as a positive development for the company. When our filing is completed, our shareholders should have a better perspective on the company and its prospects for success," concluded Herda.
About Nuclear Solutions, Inc.:
Nuclear Solutions, based in Washington, D.C., is an emerging innovative technology development company. We are committed to exploring, developing, and commercializing viable product technologies that will enable partner companies to offer new and improved products in the following areas:
Nuclear Weapon Detection for Homeland Security and Defense.
The development of advanced technology to detect shielded nuclear materials and terrorist nuclear weapons.
Nanotechnology/MEMS applications
The development of long-lived nuclear micro-power sources, based on three U.S. Patents (5,087,533; 6,118,204; 6,238,812), to power applications in the emerging field of Nanotechnology, Micro-Electro-Mechanical Systems, and the new generation of low-power microelectronics.
Environmental Technology
Development of a patent pending process to remediate tritiated water via an advanced separation technique.
More information about Nuclear Solutions, Inc. may be found on its website: www.nuclearsolutions.com.
Disclaimer: The matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties such as our plans, objective, expectations and intentions. You can identify these statements by our use of words such as "may," "when," "expect," "believe," "anticipate," "intend," "could," "estimate," "continue," "plans," "planning," "potentially," "would," or other similar words or phrases. Some of these statements include discussions regarding our future business strategy and our ability to generate revenue, income, and cash flow. Additional funding is required to develop the technology described herein. The actual future results for the Company could differ significantly from those statements. Factors that could adversely affect actual results and performance include, among others, the Company's limited operating history, dependence on key management, financing requirements, technical difficulties commercializing any projects, government regulation, technological change, and competition. In any event, undue reliance should not be placed on any forward-looking statements, which apply only as of the date of this press release. Additionally, patent pending status does not guarantee that a patent will issue or that the technology will be commercially successful. Accordingly, reference should be made to the Company's periodic filings with the U.S. Securities and Exchange Commission.