Thorium Power Enters Into Two New Five-Year Agreements to Provide
Strategic Advice for Planning and Implementation of Nuclear Energy in
the UAE
MCLEAN, VA--(Marketwire - August 01, 2008) - Thorium Power, Ltd.
(OTCBB: THPW), the leading developer of non-proliferative nuclear
fuel technology and provider of comprehensive advisory services for
emerging nuclear programs, today announced that it has entered into
two new agreements for consulting and strategic advisory services.
The agreements are consistent with, and a result of, the UAE policy
published in April 2008, for the evaluation and potential
implementation of peaceful nuclear energy. Under one agreement,
Thorium Power will provide strategic advice for the structuring and
launch of Emirates Nuclear Energy Corporation (ENEC), the vehicle of
the Government of the Emirate of Abu Dhabi that will develop and
oversee nuclear energy development. Pursuant to the other agreement,
Thorium Power will provide strategic advice for the development and
launch of an independent nuclear regulatory agency in the UAE --
Federal Authority for Nuclear Regulation (FANR). The new agreements
provide for pre-payment of $10 million USD upon signing by the
government of Abu Dhabi with an additional pre-payment of $7 million
USD to be paid upon formation of ENEC and FANR.
Seth Grae, CEO of Thorium Power, stated, "Thorium Power is committed
to supporting the UAE nuclear energy program for the long term, and
we are proud of their confidence in our company as reflected in these
new five-year agreements. We are advising the UAE on the design,
development and management of the key organizations required to
implement a nuclear energy program according to the highest
international standards. Since last year we have worked closely with
senior decision makers in the UAE government to develop a roadmap for
the country's potential future nuclear energy program and more
recently to manage critical path activities for the program."
Erik Hallstrom, COO of Thorium Power, added, "The two new agreements
provide a long-term platform for our consulting business launched in
2007. Our strategic advisory services are based on unique and
innovative expertise integrated across a wide range of competence
areas and with particular emphasis on non-proliferation, safety and
long-term economics. Our consulting business gives us the opportunity
to generate revenue early in the nuclear renaissance while
simultaneously pursuing longer term upside from our technology
licensing business."
About Thorium Power, Ltd.
Thorium Power (OTCBB: THPW) is a pioneering U.S. nuclear energy
company based in McLean, VA. The Company develops non-proliferative
nuclear fuel technology and provides comprehensive advisory services
for emerging nuclear programs based on a philosophy of transparency,
non-proliferation, safety and operational excellence. Thorium Power's
technologies, which are aimed at both existing and future reactors,
include nuclear fuel designs optimized to address key concerns
regarding traditional nuclear power, including proliferation of
weapons usable nuclear materials and reduction of nuclear waste. The
Company maintains a seasoned team with unparalleled experience from
the nuclear energy industry, regulatory and government affairs,
non-proliferation and diplomacy. It leverages those broad and
integrated capabilities by offering consulting and strategic advisory
services to commercial entities and governments with a need to
establish or expand nuclear industry capabilities and infrastructure.
Thorium Power also maintains long-standing relationships with leading
Russian nuclear entities, providing expert resources and facilities
for its nuclear fuel development activities. The Company enters into
partnerships with participants in the global nuclear industry,
allowing it to address a wide range of international opportunities.
DISCLAIMER
This press release may include certain statements that are not
descriptions of historical facts, but are forward-looking statements.
These forward-looking statements may include the description of our
plans and objectives for future operations, assumptions underlying
such plans and objectives, statements regarding benefits of new
agreements and other statements identified by forward-looking
terminology such as "may," "expects," "believes," "anticipates,"
"intends," "expects," "projects" or similar terms, variations of such
terms or the negative of such terms. There are a number of risks and
uncertainties that could cause actual results to differ materially
from the forward-looking statements made herein. Such information is
based upon various assumptions made by, and expectations of, our
management that were reasonable when made but may prove to be
incorrect. All of such assumptions are inherently subject to
significant economic and competitive uncertainties and contingencies
beyond our control and upon assumptions with respect to the future
business decisions which are subject to change. Accordingly, there
can be no assurance that actual results will meet expectations and
actual results may vary (perhaps materially) from certain of the
results anticipated herein. Reference is made to the risk factors
contained in our latest annual report as filed with the Securities
and Exchange Commission. These factors may cause actual results to
vary from the forward-looking statements contained in this release.
Further information is available on Thorium Power, Ltd.'s website at
http://www.thoriumpower.com
Contact:
For more information:
Peter Charles
Thorium Power, Ltd.
Tel: (703) 918-4932
Email: ir@thoriumpower.com
