SOURCE: Thorium Power
December 04, 2008 09:15 ET
Thorium Power Ltd. & Punj Lloyd Group Sign Memorandum of Understanding
NEW DELHI, INDIA--(Marketwire - December 4, 2008) - Thorium Power Ltd. (OTCBB: THPW), the
leading developer of non-proliferative nuclear fuel technology and provider
of comprehensive advisory services for emerging nuclear programs and Punj
Lloyd Group, the diversified engineering, procurement & construction (EPC)
conglomerate, today announced the signing of a Memorandum of Understanding
(MOU).
The MOU establishes a framework to explore and identify the strengths of
Thorium Power in areas of the deployment of Thorium Power's nuclear fuel
designs in India, Southeast Asia and other territories; to expand
consulting activities for the development of nuclear power generation
regionally and worldwide; and to pursue the establishment of a joint
venture between Thorium Power and Punj Lloyd to best capitalize on the
emerging nuclear renaissance.
Mr. Seth Grae, President and CEO of Thorium Power, stated: "I am honored to
enter into this relationship. Punj Lloyd, Ltd. is one of the most dynamic
and successful companies in India and has a solid reputation for quality,
value and on-time delivery of services. Through this collaboration we will
explore the full range of options available to both our companies in areas
as diverse as marketing our non-proliferative fuel designs, providing
advisory services to emerging national nuclear programs and exploring
development and investment opportunities in the nuclear industry. Atul Punj
is a prime example of India's great visionary business leaders, and I look
forward to working with him."
Present on the occasion, Mr. Atul Punj, Chairman - Punj Lloyd Group, said:
"The Indo-US civil nuclear deal has opened up investment opportunities
which will make the Indian industry robust and competitive. The nuclear
space is very promising and with this partnership we aim to take forward
India's long-standing commitment to the thorium fuel cycle, notwithstanding
the opening up of trade in conventional uranium technology. India has the
second largest deposit of thorium in the world and the successful launch of
thorium technology will make India self reliant with its own fuel in the
long run."
"With immense opportunities in the Engineering, Procurement and
Construction (EPC) space, it is a privilege for us to be working with the
nuclear energy pioneer Thorium Power. Continuing our expansion in
high-growth areas, we believe that this MoU will play a vital role in
strengthening our expertise," he further added.
About Punj Lloyd Group
Punj Lloyd Group (BSE: PUNJLLOYD) (NSE: PUNJLLOYD) is a globally
diversified services and development specialist, with interests in
engineering, construction, aviation, defence and marine sectors. The Group
is known for its capabilities in delivering mega projects 'on-time,'
thereby ensuring repeat customers. The Group possesses a rich experience,
having successfully delivered projects across the globe, while maintaining
the highest standards of health, safety, environment and quality (HSEQ).
Further information about the Group is available at www.punjlloydgroup.com
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. Further information about Thorium
Power Ltd. is available at http://www.thoriumpower.com
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of historical facts, but are forward-looking statements. These
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significant economic and competitive uncertainties and contingencies beyond
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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.