Aug 25 2005
Nuclear Solutions has announced that it is in the process of forming Future Fuels, Inc., a wholly owned subsidiary intended to pursue business in the renewable fuels sector. Future Fuels mission stands apart from that of Nuclear Solutions, Inc. because the new subsidiary plans to focus primarily on developing renewable fuels technology together with constructing and operating facilities to convert waste -- trash, raw sewage, discarded corn stalks and other agricultural byproducts, etc. -- into renewable fuels such as clean-burning ethanol.
"Nuclear Solutions has identified attractive opportunities to enter the market and produce value within the realm of renewable fuels. The passage of the recent energy bill mandating the increased use of and subsequent demand for renewable fuels is stimulating the tremendous potential of this market.
"In recognizing that potential, Nuclear Solutions also realizes that the business model required to successfully operate in the renewable fuels field is significantly different from the model we use in the fields of technology development in which we currently engage.
"The business dynamics of nuclear technology and renewable fuels are clearly and vastly different. Because of our understanding of these key differences, forming a wholly owned subsidiary, with its own focused and dedicated management and personnel teams experienced in the industry, is the most strategic and effective way to proceed. This approach ensures that resources are not diverted from Nuclear Solutions, and the subsidiary receives the expert attention it needs to fully develop and grow," explains President and CEO of Nuclear Solutions, Inc., Patrick Herda, on the creation of Future Fuels, Inc.
Future Fuels, Inc. is being formed to operate as an independent subsidiary with a separate board of directors, management team and operations personnel. Nuclear Solutions, Inc. will retain an oversight role and report Future Fuels, Inc.'s operations and financial results on a consolidated basis within its public filings.