NNRF, Inc. Announces German State Funding Grant of Approximately $225,000
MOSCOW, April 24, 2008 (PRIME NEWSWIRE) -- NNRF, Inc. (Pink Sheets:NNRI) is pleased to announce that its application for a funding grant has been accepted by the State of Lower Saxony, Germany. This grant of 150,000 Euros (approximately $225,000) has been issued as part of the European Fund for Regional Development (EFRD). The funds will be administered by the Fachhochschule Hannover, a University of Applied Sciences located in Hannover, Germany.
The funds will be used to cover research and development costs exclusively related to the development and testing of new specifications of the Company's FEECOM/BIECOM materials. These funds will be used to cover material, production equipment, and the salaries of NNRF staff working on these research and development projects. This research and development work will be supported by the Fachhochschule Hannover. The funds will also be used to conduct other intensive tests at the German Bundesanstalt fur Materialforschung (Federal Institute for Materials Research and Testing). These new specifications will be designed to formulate a new proprietary line of FEECOM/BIECOM which will be owned by NNRF and marketed in other radiation shielding market segments.
The State of Lower Saxony will provide this non-repayable grant over an eighteen-month period commencing June 1, 2008.