FOR
IMMEDIATE RELEASE
THORIUM
POWER APPOINTS JAMES D. GUERRA
AS
CHIEF OPERATING OFFICER
Nuclear
Industry Veteran to Oversee Operations During Rapid Period of
Growth
MCLEAN,
Va., Nov 20, 2008 (BUSINESS WIRE) -- Thorium Power Ltd. (OTCBB: THPW),
the
leading developer of non-proliferative nuclear fuel technology and provider
of
comprehensive advisory services for emerging nuclear programs, today announced
the appointment of James D. Guerra as Chief Operating Officer (COO). He
succeeds
Erik Hallstrom, who is leaving the Company to pursue other interests. In
addition to his new role, Mr. Guerra will also serve as the interim Chief
Financial Officer (CFO) pending the appointment of a
successor.
Mr.
Guerra has served as the CFO of Thorium Power for the past year. As CFO,
he was
instrumental in overseeing the Company's first revenue generating contacts
and
subsequent profitability. Under Mr. Guerra's leadership, Thorium Power
professionalized its accounting and information technology systems, upgraded
its
internal business processes and corporate facilities, and expanded its
international corporate presence.
Seth
Grae, Chief Executive Officer of Thorium Power, stated: "I am pleased to
announce the promotion of Jim Guerra. Over the past year, Jim has proven
himself
to be a proactive and results-oriented manager with comprehensive knowledge
of
the nuclear power industry. I greatly value Jim's judgment and insight.
He has
been a key player in growing our company to meet new challenges in the
consulting field and has overseen our transition to profitability. With
his
expert knowledge of financial systems and extensive managerial experience,
he
will give us the executive expertise needed to continue our rapid growth."
Prior
to
joining Thorium Power, Mr. Guerra was the CFO of Exelon Business Services
Company, the corporate services and operating company of Exelon, the largest
producer of nuclear energy in the United States. Earlier in his career,
Mr.
Guerra was Vice President of Finance, Treasurer and Controller of Grupo
Dina in
North America and served in senior management positions with, among others,
AT&T, Citigroup, and the Beatrice Companies. Mr. Guerra holds a B.A. in
Economics from the University of Notre Dame and an M.M. in Accounting/Finance
from Northwestern University's Kellogg School of Management.
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:
(571) 730-1200
Email:
ir@thoriumpower.com