WASHINGTON, DC, Oct. 21, 2002 -- Nuclear Solutions Inc. announced that it will be releasing the first disbursement of funds for the commercial development of GHR radioactive wastewater treatment technology.
The funds are intended for the Institute for Industrial Mathematics, Inc (IIM), in Beer-Sheva, Israel, which is contracted with Nuclear Solutions, Inc. to develop the commercial-grade GHR wastewater treatment units.
"The funding is being provided to us on an exceptional basis," said Patrick Herda, Vice president of Nuclear Solutions, Inc. "A private funder has committed to loaning us the money required to fulfill our contractual obligation with IIM for the commercial development of GHR technology as well as supporting market penetration activities in the U.S. The funder has done this based upon his confidence in the potential of GHR technology, the strength of our management team, and business model. It is also important to note that the funds are to be repaid to the lender after GHR operations begin based upon 1% of the profit generated by GHR technology over the course of 5 years," concluded Patrick Herda.
"We've not made it a secret that our primary goal right now is to build shareholder value in the company by providing innovative products and services to the nuclear industry. I consider this just the first of multiple market opportunities that we will be discussing over the course of the next couple of years. Since the GHR program is now being funded, we are getting closer to being able to address a tremendous issue by treating billions of gallons of radioactive wastewater," Said John Dempsey President and CEO of Nuclear Solutions, Inc.
Water contaminated with tritium is produced in significant quantities as a by-product of nuclear reactor operations and weapons complex activities. While Tritium has a half-life of only 12.5 years, it poses a significant heath risk since tritiated water is absorbed by plants, animals and humans like ordinary water.
Tritium can also become transformed into other chemicals or proteins needed by the body, as well as integrating itself into DNA. Tritium is also known to affect developing fetuses. Regulations for restricting the concentrations of tritium in drinking water are based primarily on cancer risk to adults.
The GHR process, which is envisioned for rapid processing as well as low energy usage, has the potential to offer a cost-effective solution to industry as well as be profitable to operate.
NSOL plans to capitalize on GHR technology by forming strategic alliances and joint ventures with well-established leaders in the nuclear cleanup industry. Continued revenue streams are expected through operation and licensing of the technology.
Source: Nuclear Solutions, Inc.