SOURCE: Thorium Power

August 18, 2008 17:27 ET

Thorium Power Taps Nuclear Industry Veterans for Senior Management Team

Yessian and Byus Join Company as Key Advisors

MCLEAN, VA--(Marketwire - August 18, 2008) - Thorium Power, Ltd. (OTCBB: THPW), the leading developer of non-proliferative nuclear fuel technology and a key provider of comprehensive advisory services, today announced the appointment of two new members to its senior management team. Kevin Yessian will serve as Thorium Power's Vice President for Consulting Services while Linda Byus will be an Advisor on Investment Relations. The addition of these two officials will further strengthen Thorium Power's core competencies as the company grows to meet new business opportunities and an accelerated technological development timetable.

Mr. Yessian is a veteran senior executive with more than thirty years of energy experience in manufacturing, contracting, and service industries involving nuclear and highly technical components. He most recently served as President and COO of UST&D/Holtec, a company that he restructured and moved into the international nuclear component arena. Prior to that, Mr. Yessian served as Vice President for Supply Management with the Exelon Corporation, and earlier in his career held senior positions with Chicago Bridge & Iron, Indeck Energy Services, and the El Paso Energy Corporation of Houston, Texas.

Ms. Byus is a financial analyst with over twenty-five years experience in fundamental investment research including equity valuation, credit analysis and investor communications with a specific focus on energy companies and major utilities. She is currently a Principal in BYI Consulting and from 2001-2004 was the Vice President for Investor Relations and Shareholder Services at Exelon Corporation. Prior to joining Exelon, Ms. Byus was the Head of US Utility Research at both Dresdner Kleinwort Wasserstein Securities and Nesbitt Burns Securities. She began her career as a Health Physicist at Commonwealth Edison Company.

Jim Guerra, the CFO of Thorium Power stated, "We are immensely pleased to have two experienced and distinguished individuals of the caliber of Kevin Yessian and Linda Byus join our company. Kevin Yessian is well recognized for his contributions in driving process improvements and sustainable cost reductions for the Exelon Supply organization. Linda Byus led an award winning Investor Relation team at Exelon and we will benefit from her broad Investor Relations experience, extensive track record and key achievements.

"With the signing of two new five year agreements in the United Arab Emirates and the quickening pace of research and development of our non-proliferative fuel designs it is important that we bring onboard stellar professionals to carry our ambitious but carefully developed timelines forward. Kevin and Linda are well known and greatly respected practitioners in the nuclear and energy fields. They are welcome additions to our team."

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 Information

  • Contact:
    For more information:
    Peter Charles
    Thorium Power, Ltd.
    Tel: (703) 918-4932
    Email: Email Contact