Tuesday August 31 4:08pm
WASHINGTON--(BUSINESS WIRE)--Aug. 31, 1999--Kurchatov Research Holdings, Ltd.(OTCBB: KRHL) is pleased to announce that the first revenue generating project using EKOR is expected to commence at Chernobyl Nuclear Reactor No. 4 in the immediate future.
Based upon an agreement between Kurchatov Research Holdings, Ltd. and Eurotech, Ltd.(OTC: EURO) the two companies have an equal interest of 50% (percent) of the net profits generated by Eurotech, Ltd. from the sale or licensing of EKOR. As a result, Kurchatov Research Holdings, Ltd. will financially benefit from every contract negotiated and signed by Eurotech, Ltd. in accordance to the previously announced net-profit sharing agreements between KRH and Eurotech.
Kurchatov Research Holdings, Ltd. and Eurotech expect that the first revenue-generating project to employ the EKOR compound will be a site-wide application at the Chernobyl nuclear reactor. The future application of EKOR at Chernobyl would occur some time after a successful application demonstration of EKOR requested by the Chernobyl authorities to suppress nuclear dust and isolate fuel-containing masses under the various conditions present at the reactor.
In 1997, the G-7 nations approved the Shelter Implementation Plan (SIP) to increase the safety and stability of the shelter by 2005 using international funds. So far, $760 million has been allocated since SIP began in 1998. The total clean-up cost to suppress dust at Chernobyl is estimated at over $3.1 billion by the Ukraine Ministry.
EKOR is a patented silicon geopolymer developed by scientists at the Kurchatov Research Institute in Moscow specifically for use at Chernobyl. Application of an EKOR foam layer will prevent radioactive dust from leaving the area surrounding Chernobyl because it forms a permanent barrier between the soil and the air thus trapping the contamination. The EKOR barrier will not permit water penetration and will remain in place for centuries without degrading. For nuclear fuel encapsulation, EKOR is effective for extended periods of time because it does not degrade under radiation as most material such as glass. An EKOR coating will eliminate the threat of radioactive materials leaking to the air, soil, surface or ground water from these dangerous fuel-containing masses.
Furthermore, per Eurotech's press release dated August 30, 1999, Eurotech is "in the final negotiation stages for agreements to use radiation-resistant EKOR technology for nuclear waste encapsulation in the United States and Europe. More details are expected when negotiations are complete. Best estimates of the results of these negotiations are that the EKOR contracts could generate significant revenues - in the tens of millions of dollars."
Kurchatov Research Holdings, Ltd. is a diversified technology holding company organized to identify, assess, acquire and commercialize technologies developed by scientists, engineers and research institutes worldwide.
This release may include "forward looking statements" within the meaning of various provisions of federal and state securities laws and judicial interpretation of such laws. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking and, accordingly, such statements involve estimates, assumptions and uncertainties which could cause actual results to differ materially from those expressed in the forward-looking statements. Whether actual results will conform to KRH's expectations and predictions is subject to the risks and uncertainties described above that may cause actual results to differ materially. Any forward-looking statement speaks only as of the date on which such statement is made, and KRH undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events.
For additional information, please contact: Hans Joachim Schuerholz at 011 49 171 630 6100 or Ms. Yolanda Velazquez at International Media Solutions, Inc. at (407) 786-0990.
Contact: Kurchatov Research Holdings, Ltd.
Hans Joachim Schuerholz, 011 49 171 630 6100
or
International Media Solutions, Inc.
Yolanda Velazquez, 407/786-0990.
Source: BusinessWire |
