MOSCOW, Nov. 20, 2006 (PRIMEZONE) -- NUCON-RF, Inc. (Pink Sheets:NNRF) today announced it has signed 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 highly contaminated former radioactive waste storage site undergoing decommissioning.
Andreyeva Bay contains extremely high levels of radioactive dust that prevent further disposal of more than 150,000 tons of radioactive construction materials, 1.5 million tons of associated metals, and thousands of tons of solid and liquid radioactive waste. Much of this material comes from spent nuclear fuel assemblies of decommissioned Soviet-era nuclear powered submarines. (see: http://www.nti.org/e_research/e3_43a.html)
In decontaminating Building No. 5, NUCON will utilize NuCap(tm), a silicon-geopolymer material that stabilizes, encapsulates and stores nuclear waste for up to 170 years. NuCap(tm) will be used for the containment of radioactive dust, radioactive sludge, broken fuel assembly elements and highly radioactive fuel pieces, and for general containment of radioactive floors and walls. This containment, once complete, will increase the safety for construction personnel to enter a contaminated building to perform decontamination projects.
NuCap(tm) applications are to be engineered and evaluated by Federal State Unitary Enterprise "SevRAO" (Northern Spent Fuel Company) and "DalRAO" for the encapsulation and protection of the thousands of corroding iron drums containing radioactive wastes and the stabilization and encapsulation of reservoirs with toxic wastes where the wastes are put into the NuCap(tm) matrix for long term storage.
NUCON holds an exclusive agent license for NuCap(tm) in the Russian Federation and other CIS Countries from Global Matrechs, Inc., which produces the geopolymer NuCap(tm) at Dow Corning Corporation.
The parties will also evaluate potential sites in the Northwest and Far East of the Russian Federation for the application of FEECOM/BIECOM, moldable, non-toxic polymer-based nuclear energy shielding materials owned by NUCON. They are engineered for multiple worldwide applications including the replacement of the toxic lead walls in nuclear reactors, medical facilities and other buildings using lead as a shielding material.
The total project, which is estimated to last until at least 2012 and cost $4 billion, is allotted $2 billion under a G-8 funded decommissioning plan. $438.5 million of this total in working contracts have been concluded to date.
Working plans detailing NUCON's participation in the project for 2007 and following years will be discussed and agreed between the parties the week of December 18th in Moscow. The Company believes it will be able to develop cash flow projections once these mutual understandings are concluded.
NUCON-RF, a U.S. corporation with executive and operations office 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.