WASHINGTON, June 7, 2004 (PRIMEZONE) -- Nuclear Solutions, Inc. (OTCBB:NSOL) today said it will submit a funding proposal for its new technology to detect shielded nuclear materials and nuclear devices to the U.S. Department of Homeland Security.
The company previously announced that it is developing a new technology to be integrated into passive, primary portal systems to screen trucks and shipping containers in real time for the presence of nuclear weapons materials such as uranium (U-235) and plutonium (Pu-239).
Nuclear Solutions CEO Patrick Herda said, "In order to obtain government support for this project, we anticipate submitting a full proposal for funding the prototype development of our proprietary nuclear weapons detection technology to the Homeland Security Advanced Research Projects Agency (HSARPA). The proposal will be in response to HSARPA's solicitation for "Detection Systems for Radiological and Nuclear Countermeasures" (DSRNC BAA04-02) and is due by the end of June.
Nuclear Solutions' proposed project will come under Parts B and C of the agency's solicitation. Those sections address development of next generation detection capabilities. According to the HSARPA, "Part B solicits complete system solutions, and Part C solicits enabling component technologies in the context of a specific Part B system solution."
HSARPA award announcements will begin August 25. (More information, including timetables for submission and awards, is available at http://www.hsarpabaa.com).
"Our mission is to develop product technologies for application in the areas of homeland security, nanotechnology, and environmental technology," Herda explained. "In general, we are making steady progress with patent applications and business development activities. Our overall goal right now is to leverage our technologies to strengthen the financial position of the company over the next few months and we expect to make further announcements as certain milestones are reached.
"Our goal is to provide enabling technologies that will allow partner companies to offer new and improved products in these areas," the Nuclear Solutions CEO added.
In its solicitation, HSARPA explains that it "invests in programs offering the potential for revolutionary changes in technologies that promote homeland security" and it "accelerates the prototyping and development of technologies that reduce homeland vulnerabilities."
Disclaimer: A limited amount of funding is available under the HSARPA Detection Systems for Radiological and Nuclear Countermeasure program and is awarded on a competitive basis. There is no guarantee that Nuclear Solutions will receive funding for this program and or that the program will be successful. The matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties. 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. Accordingly, reference should be made to the Company's periodic filings with the U.S. Securities and Exchange Commission.
About Nuclear Solutions, Inc:
Nuclear Solutions, Inc. (OTCBB: NSOL) is dedicated to developing proprietary product technologies responding to the needs and opportunities of the 21st Century in the areas of Homeland Security, Nanotechnology, and Environmental technology. The company's business model centers on developing product technologies that can be licensed to industry or government for further commercialization.
Homeland Security and Defense: Development of new technologies and services to detect shielded nuclear materials and nuclear devices.
Nanotechnology: Development of long-lived nuclear micro-power sources, based on three U.S. Patents, to power applications related to Homeland Security and the emerging field of Nanotechnology such as Micro-Electro-Mechanical Systems.
Environmental Technology: Development of tritiated water remediation technology.
More information about Nuclear Solutions, Inc. may be found on its website, www.nuclearsolutions.com.