Thorium Power Provides Business Update for the Third Quarter of 2007
October 25, 2007: 09:08 AM EST
money.cnn.com
Thorium Power Ltd. (OTCBB: THPW), the leading developer of low-waste, non-proliferative nuclear fuel technology for existing and future reactors, today provided a business update for the third quarter ended September 30, 2007.
Seth Grae, CEO of Thorium Power, stated, "During the quarter we continued to execute on our business plan and made important progress on corporate, R&D, and commercialization activities. On the corporate side, as we announced earlier this week, we were extremely pleased to welcome Jim Guerra as our new Chief Financial Officer. Having served as a senior financial executive at Exelon, the largest producer of nuclear energy in the United States, we believe that Jim's addition to Thorium Power marks a milestone in the Company's development. Larry Goldman, who has been serving as acting-CFO and Treasurer, will continue as a financial consultant with the Company."
Mr. Grae continued, "On the R&D side we successfully continued the research reactor demonstration of our fuel designs. We are pleased with the growing interest in thorium-based nuclear fuel technology around the world. Acknowledging our leading role in this field, as previously reported, we participated prominently during the International Atomic Energy Agency's (IAEA) international conference this week in Istanbul, Turkey on "Thorium-based fuels and fuel cycle options for PHWR, LWR and HTGR." The IAEA conference was hosted by the Turkish Atomic Energy Authority (TAEK), and Cekmece Nuclear Research & Training Center, where I delivered the keynote address and led two sessions with leading international experts on thorium fuel. Dr. Andrey Mushakov, our Executive Vice President, International Nuclear Operations, also addressed the conference and participated in expert panel discussions. The meeting illustrated that after fifty years of being treated as a curiosity, thorium is finally coming into its own as a nuclear fuel option and the IAEA is now actively involved with this development."
Mr. Grae concluded: "On the commercialization side, we continue to have strong interest from multiple countries in our non-proliferative and low-waste fuel technology. We are also actively responding to demand for our advisory services, particularly from markets without an established nuclear energy industry."
Total revenue for the three months ended September 30, 2007 was $0, compared to $0 for the same period in 2006. Operating loss for the three months ended September 30, 2007 was $2.4 million, compared to operating loss of $7.9 million for the same period last year. Net loss for the three months ended September 30, 2007 was $2.3 million, or $0.01 per share, compared to net loss of $7.9 million or $0.07 per share, for the same period in 2006. As of September 30, 2007, the company had approximately $6.5 million of cash and cash equivalents and $6.0 million of working capital.
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