SOURCE: Nuclear Solutions, Inc.

January 16, 2007 06:20 ET

Fuel Frontiers Inc. Invited to Apply for Federal Loan Guarantee Program

Submits Pre-Application to U.S. Department of Energy

WASHINGTON, DC -- (MARKET WIRE) -- January 16, 2007 -- Fuel Frontiers, Inc. (FFI), a subsidiary of Nuclear Solutions, Inc. (OTCBB: NSOL), announced that it has responded to an invitation from the U.S. Department of Energy (DOE) to submit a pre-application to secure Loan Guarantees for Innovative Technologies under Title XVII of the Energy Policy Act of 2005.

This submittal concerns the construction of a proposed waste-to-fuel synthesis plant that intends to utilize commercially available and proprietary technologies to transform certain refinery wastes into synthetic GTL fuel.

In August of 2006, U.S. Department of Energy's Secretary, Samuel W. Bodman announced DOE program guidelines for a total of $2 billion in loan guarantees to help spur investment in projects that employ new energy technologies. "With these loan guarantees we hope to encourage creativity and ingenuity that will help us strengthen our nation's energy security," stated Secretary Bodman.

According to the DOE, loan guarantees will enable the Department to share some of the financial risks of projects that employ emerging or significantly improved energy technologies that avoid, reduce, or sequester air pollutants and greenhouse gases. Projects supported by loan guarantees will help fulfill the President's goals for diversifying the United States' energy sources, while reducing the nation's reliance on foreign sources of energy and encouraging energy efficiency. The loan guarantee program was authorized in Title XVII of the Energy Policy Act of 2005 (EPAct) and was signed into law on August 8, 2005.

With its global Strategic Alliance Agreement with Connecticut-based Startech Environmental Corporation (http://www.startech.net), FFI gains access to Startech's innovative, proven and proprietary Plasma Converter™ System, which is proposed for use in FFI's planned facilities to transform feedstock materials into synthetic fuels.

Currently, FFI reports its operations and financial results on a consolidated basis within Nuclear Solutions, Inc.'s public filings. Visit www.fuelfrontiers.com for additional information.

DISCLAIMER:

The matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties such as our plans, objectives, expectations, and intentions. You can identify these forward-looking statements by our use of words such as "to be constructed," "centers," "to handle," "are taking," "is intended," "seems to be," "plan to use," "intends," "when," "preliminary," "ongoing," "subject to," "exploring," "possibly," "to obtain," "initial," "planned," "possibility," "seek," "endeavor," "proposes," "proposed," "is proposed for use," "planned, or other similar words or phrases. Some of these statements include discussions regarding our future business strategy and our ability to generate revenue, income and cash flow.

With regards to forward-looking statements on the proposed waste-to-fuel facility, a facility like this has never before been constructed or operated and there are inherent risks associated with the establishment of such new operations. There could be unexpected problems or delays in the funding, construction and operation of the facility. There is no guarantee that we will be successful in raising the capital required for this project. While we believe that the appropriate technologies for waste-to-fuel conversion are commercially available, we cannot guarantee that commercially available technologies will be suitable under all circumstances for producing synthetic or GTL fuels in the proposed Fuel Frontiers, Inc. facility. The Company intends to secure funding required for the waste-to-fuel project primarily through debt and/or equity financing.

Overall, actual future results for Nuclear Solutions, Inc., and its subsidiary Future Fuels, Inc., could differ significantly from statements contained in the press release. Factors that could adversely affect actual results and performance include, among others, the companies' limited operating history, dependence on key management, financing requirements, technical difficulties commercializing any projects, government regulation, technological change, and competition. In any event, undue reliance should not be placed on any forward-looking statements, which apply only as of the date of this press release. Additionally, patent pending status or licensing does not guarantee that a patent will issue or that the technology will be commercially successful. Accordingly, reference should be made to Nuclear Solutions, Inc.'s periodic filings with the U.S. Securities and Exchange Commission, also available through the Web site at www.nuclearsolutions.com.

Contact Information

  • CONTACT:

    Nuclear Solutions, Inc.
    Investor Relations
    (202) 536-4653