FOR
IMMEDIATE RELEASE
THORIUM
POWER ENTERS INTO TWO NEW FIVE-YEAR AGREEMENTS TO PROVIDE STRATEGIC ADVICE
FOR
PLANNING AND IMPLEMENTATION OF NUCLEAR ENERGY IN THE UAE
McLEAN,
Va. — August 1, 2008 — Thorium Power Ltd. (OTC Bulletin Board: THPW),
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 two new agreements for consulting and
strategic advisory services.
The
agreements are consistent with, and a result of, the UAE policy published
in
April 2008, for the evaluation and potential implementation of peaceful nuclear
energy. Under one agreement, Thorium Power will provide strategic advice
for the
structuring and launch of Emirates Nuclear Energy Corporation (ENEC), the
vehicle of the Government of the Emirate of Abu Dhabi that will develop and
oversee nuclear energy development. Pursuant to the other agreement, Thorium
Power will provide strategic advice for the development and launch of an
independent nuclear regulatory agency in the UAE - Federal Authority for
Nuclear
Regulation (FANR). The
new
agreements provide for pre-payment of $10 million USD upon signing by the
government of Abu Dhabi with an additional pre-payment of $7 million USD
to be
paid upon formation of ENEC and FANR.
Seth
Grae, CEO of Thorium Power, stated, “Thorium Power is committed to supporting
the UAE nuclear energy program for the long term, and we are proud of their
confidence in our company as reflected in these new five-year agreements.
We are
advising the UAE on the design, development and management of the key
organizations required to implement a nuclear energy program according to
the
highest international standards. Since last year we have worked closely with
senior decision makers in the UAE government to develop a roadmap for the
country’s potential future nuclear energy program and more recently to manage
critical path activities for the program.”
Erik
Hallstrom, COO of Thorium Power, added, “The two new agreements provide a
long-term platform for our consulting business launched in 2007. Our strategic
advisory services are based on unique and innovative expertise integrated
across
a wide range of competence areas and with particular emphasis on
non-proliferation, safety and long term economics. Our consulting business
gives
us the opportunity to generate revenue early in the nuclear renaissance while
simultaneously pursuing longer term upside from our technology licensing
business.”
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:
For
more
information:
Peter
Charles
Thorium
Power, Ltd.
Tel:
(703)918-4932
Email:
ir@thoriumpower.com