WASHINGTON, Dec. 5, 2005 (PRIMEZONE) -- Future Fuels, Inc. (FFI), a subsidiary of Nuclear Solutions, Inc. (OTCBB:NSOL), announced today that the resolution for the preliminary approval of $84 million in tax-exempt bond financing by the New Jersey Economic Development Authority (NJEDA) is now fully executed and officially adopted by the State of New Jersey.
The official resolution approval enables FFI to proceed with the bond rating, underwriting, and placement process necessary to secure the funds. The tax-exempt bonds will be used for the design, construction, and initial start-up operations of the first-of-its-kind 52 million gallon waste-to-ethanol production facility located in Toms River, New Jersey.
FFI intends to build several strategically located waste-to-ethanol plants in the United States and is in preliminary discussions to secure additional sites in the Northeast Corridor, Midwest and the West Coast. Details on additional proposed plants will be announced upon signing of each site agreement.
Previously, FFI entered into a lease agreement to develop an approximate six-acre site in Toms River, New Jersey for its proposed waste-to-ethanol production facility. Along with the lease agreement, it secured access to pre-approved state and local environmental permits to operate the facility as well as an on-site, immediately available source of feedstock suitable for conversion into ethanol.
Future Fuels, Inc., a subsidiary of Nuclear Solutions, Inc., focuses on implementing technology to transform low-value, end-of-life carbonaceous waste materials such as waste coal, used tires, wood wastes, raw sewage, discarded corn stalks, and other agricultural byproducts into high-value, environmentally-friendly, clean-burning ethanol. Future Fuels, Inc.'s operations and financial results will be reported on a consolidated basis within Nuclear Solutions, Inc.'s public filings. Contact 202-536-4653 for more information about Future Fuels, Inc.
DISCLAIMER
The matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties such as our plans, objectives, expectations, and intentions. You can identify these forward-looking statements by our use of words such as "what is proposed to be," "first-of-its-kind," "will be used," "since," "must be taken," "enables," "will meet," "to bring," "indicates," "lends," "to secure," "preliminary," "entered into," "proposed," "intends," "to proceed," and 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.
With regards to forward-looking statements on the proposed waste-to-ethanol facility, a facility like this has never before been constructed nor operated and there are inherent risks associated with the establishment of such new operations. There could be unexpected problems or delays in the funding, construction and operation of the facility. There is no guarantee that we will be successful in raising the capital required for this project through the issuance of the tax-free bonds discussed herein. While we believe that the appropriate technologies for waste-to-ethanol conversion are commercially available, we cannot guarantee that commercially available technologies will be suitable for producing ethanol in the proposed Future Fuels, Inc. facility.
Overall, actual future results for Nuclear Solutions, Inc., and its subsidiary Future Fuels, Inc., could differ significantly from statements contained in the press release. Factors that could adversely affect actual results and performance include, among others, the companies' 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 Nuclear Solutions, Inc.'s periodic filings with the U.S. Securities and Exchange Commission, also available through the web site at www.nuclearsolutions.com.