Thorium Power Attends White House Bill Signing Ceremony: Company's Principals Observe Official Opening of Nuclear Trade Relations Between United States and India |
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By: Thorium Power Ltd. Posted: 2006-12-19 21:49:22 |
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Thorium Power Ltd. (OTC Bulletin Board: THPW), the leading developer of non-proliferative nuclear fuel technology for existing and future PWR reactors, yesterday joined legislators and senior government officials at the White House as President Bush signed H.R. 5682 -- the United States and India Nuclear Cooperation Promotion Act of 2006. The agreement, which will allow the United States to ship nuclear fuel and technology to India, follows the recent U.S. trade delegation -- the largest ever trade mission -- to India.
Seth Grae, Thorium's Chief Executive Officer, and Ambassador Dennis Hays, the company's Vice President and Director of Government Relations, joined senior administration officials, members of Congress and representatives of the influential Indian-American community as President Bush officially opened nuclear trade relations between the United States and India. The signing of the agreement will enable Thorium Power to pursue opportunities in a country that currently boasts the fastest growing nuclear sectors in the world. "We applaud the signing of the Nuclear Cooperation Promotion Act. This represents a major milestone for the nuclear energy industry and an enormous opportunity for Thorium Power," noted Grae. "In developing its civilian nuclear energy industry, the government of India has signaled its desire to focus on thorium-powered technologies. We are excited to be working with India's leading scientists, business leaders and government officials as we collectively pursue the expansion of the nuclear energy market." India possesses the world's largest deposits of thorium and its nuclear energy market will expand exponentially in the coming years. Thorium Power is currently engaged in preliminary discussions with leading representatives of India's government, nuclear power industry, and scientific institutes. The company will focus on negotiating deals once the approval process is complete. About Thorium Power Ltd: Thorium Power Ltd. is involved in the nuclear power sector. Its focus is on technologies and services that will benefit from, and help lead to, expanded use of nuclear power generation. The company has assembled an International Advisory Board comprised of key national and international leaders in the fields of Nuclear Energy, Finance, Government Affairs, Non- proliferation and Diplomacy. Thorium Power Ltd. also has put together a Technical Advisory Board made up of top scientists and practitioners from the world's major nuclear companies. Thorium Power Inc., a wholly-owned subsidiary of Thorium Power Ltd., is a leading developer of proliferation resistant nuclear fuel technologies. Thorium Power Inc. designs nuclear fuels, obtains patent protection on these fuels, and coordinates fuel development with commercial entities and governments. The company has been working in Russia with Russian nuclear engineers and scientists for over a decade. DISCLAIMER This press release may include certain statements that are not descriptions of historical facts, but are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. 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 the proposed merger and other 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. These risks, as well as other risks associated with the merger, will be more fully discussed in any joint proxy statement or prospectus or other relevant document filed with the Securities and Exchange Commission in connection with the proposed merger. 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. |
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