WASHINGTON, Sept. 16, 2005 (PRIMEZONE) -- Nuclear Solutions, Inc. (OTCBB:NSOL) recently disclosed intentions of entering the renewable fuels sector through a wholly owned subsidiary and announced today that it has officially formed Future Fuels, Inc. to assess, develop, construct and operate technology to convert waste such as trash, raw sewage, discarded corn stalks and other agricultural byproducts into renewable fuels such as clean-burning ethanol.
In another step forward, Future Fuels, Inc. signed a confidential, non-binding letter of intent with multiple business entities to acquire technology, land, permits, feedstock, and management expertise to facilitate the design, construction and operation of a waste-to-ethanol production facility in the northeast United States. This letter of intent creates a solid framework for continuing negotiations and completing the necessary due diligence to reach a mutually-acceptable agreement that could potentially lead to the opening of a production facility.
"I am pleased to report that we are employing a prudent and systematic progression in the creation of Future Fuels, Inc. and its intended business operations. Currently, we are in the early stages of development and negotiations are ongoing.
"This letter of intent—between promising and enterprising business entities—represents our latest efforts in laying the groundwork for securing the elements required to create a unique and innovative waste-to-ethanol conversion facility. We are excited to participate in such an opportunity that has the potential to impact the environment in tremendously beneficial ways.
"With such positive enthusiasm driving the formative process among the entities involved, we believe what is outlined in the letter of intent could be finalized in the near future, provided all parties are ultimately satisfied with the terms and conditions and have confidence in the technological processes to convert certain waste streams into ethanol," states President and CEO of Nuclear Solutions, Inc. Patrick Herda.
The business model of Future Fuels, Inc. is significantly different from the parent company Nuclear Solutions. Future Fuels, Inc. will operate as an independent subsidiary with a separate board of directors, management team and operations personnel. Nuclear Solutions, Inc. will retain an oversight role and report Future Fuels, Inc.'s operations and financial results on a consolidated basis within its public filings.
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," "intended," "pursue," "could," "estimate," "continue," "plans," "planning," "potentially," "would," "forward," "intent," "creates," "formative," "outlines," "to reach," "announced," "ongoing," "are employing," 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 or businesses described herein. Management intends to secure funding for the events described herein through the use of debt or equity. 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 or licensing 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.
Nuclear Solutions, Inc. is an innovative technology development company committed to exploring, developing, and commercializing viable products in the areas of nanotechnology, environmental technology, as well as homeland security and defense. Explore www.nuclearsolutions.com for more information about the company.