Contact:
Peter
Charles
Thorium
Power
571-730-1213
Thorium
Power, Ltd. Announces Completion of a 1-for-30 Reverse Stock Split
MCLEAN,
Va. -- Sept. 25, 2009 – Thorium Power, Ltd. (OTCBB: THPW), the leading developer
of non-proliferative nuclear fuel technology and provider of comprehensive
advisory services for civil nuclear energy programs, today announced the
completion of a 1-for-30 reverse stock split of the Company’s common stock,
effective for shareholders of record on September 18th,
2009. The reverse stock split will be effective for trading purposes
on or about September 28, 2009.
Thorium
Power shareholders will receive one new share of the Company’s common stock for
every 30 shares held. The reverse split will reduce the number of shares issued
from 301.8 million to approximately 10 million, and will not negatively affect
any of the rights that accrue to holders of Thorium Power common stock,
convertible debentures, options, deferred stock units or other securities
convertible into the company’s common stock.
“The
completion of the reverse split is an integral step in the process of our
securing a listing on NASDAQ, and that listing will be another important
milestone in our development,” stated Seth Grae, Thorium Power’s President
and CEO. “We’re an emerging player in the growing global nuclear
energy industry, we’ve expanded our strategic partnerships and relationships
through our consulting work in the UAE and work on the nuclear fuel technology
side with Areva, and we have a depth of talent that is widely recognized and
respected in the industry. All of these factors, together with this
reverse split, future NASDAQ listing and corporate name change to Lightbridge,
will permit our company and stock to attract more attention from the investment
community and provide investors a more viable opportunity to follow our
progress.”
About Thorium Power,
Ltd.
Thorium
Power 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 seeks and forms partnerships with
participants in the global nuclear industry, allowing it to address a wide range
of international opportunities.
Further
information is available on Thorium Power, Ltd.'s website at:
http://www.thoriumpower.com