Thorium Power Enters into a Follow-on Agreement for Consulting and Strategic Advisory Services with Foreign Government-Owned Entity
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Tuesday March 18, 9:00 am ET
Company to Oversee High-Priority Planning Activities for Foreign Nation's New Nuclear Energy Program
MCLEAN, Va.--(BUSINESS WIRE)--Thorium Power Ltd. (OTC Bulletin Board: THPW - News), 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 a follow-on agreement for consulting and strategic advisory services with a foreign government-owned entity. Thorium Power will manage high-priority planning activities in the country’s feasibility evaluation of a future nuclear energy program.
The new agreement follows a $5 million USD agreement with the same entity announced by Thorium Power on December 3, 2007 for a 15 week effort to develop a roadmap with recommendations related to timelines, organizational structure and priorities for subsequent phases of the country’s future nuclear energy program. The terms of the follow-on agreement call for an upfront payment by March 31, 2008 of professional fees to Thorium Power of $4.285 million USD for the 3 month effort. Expenses, capped at 20% of professional fees, will be billed separately.
The scope of services under the agreement has been defined in consultation with appropriate authorities in the U.S. government in compliance with all applicable U.S. export controls. As previously stated, Thorium Power intends to communicate additional details about the client relationship once certain governmental tasks are completed in both countries relating to potential additional work.
Seth Grae, CEO of Thorium Power, stated, “We are pleased to see our client’s confidence in our capabilities reaffirmed with this new agreement. Our team includes expertise in technology, reactor procurement and deployment, and international relations. As we recently announced, our team also includes leading nuclear regulatory specialists. We are currently in the process of adding additional management and experts from the nuclear energy industry to our organization.”
Erik Hallstrom, COO of Thorium Power, added, "The new agreement further validates our new consulting business aimed at providing strategic advice for emerging nuclear energy programs. We offer unique and innovative solutions for such markets, differentiated from other service providers through integrated advice across a wide range of competence areas and with emphasis on key concerns such as proliferation, waste, and economics. We believe that our consulting and strategic advisory services add an attractive and scalable business component to Thorium Power. Overall, we are positioned to capitalize on the nuclear renaissance by pursuing a knowledge-based strategy with a combination of immediate consulting revenue and subsequent technology opportunities.”
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