Bad News:
I hope that someone can explain this. Even though I am a stock holder and it would seem to me that this company has potential and many qualified people working there, I felt as though I needed to post this article. I know that someone will say I told you so and laugh but here it is anyway:
11.07.2007 // Interfax
Wednesday, Atomenergomash OJSC disproved the report about a JV with NUCON-RF Inc. (US)
Atomenergomash has no contacts with NUCON-RF and has not entered into a joint venture with that company, says Atomenergomash’s press service.
Tuesday evening, NUCON-RF announced that it had completed a key strategic initiative by entering into a joint venture with the Russian company Atomenergomash to jointly meet the growing demand in the nuclear power plant market for power generation, both in Russia and abroad. The JV is reportedly located at Izhora Works and is able to produce no less than two 1000 MW reactors a year.
Atomenergomash has no information about NUCON-RF’s activities: “That company has never built reactors in Russia or supplied any equipment for local NPPs,” says the press service of Atomenergomash.
Earlier, NUCON-RF Inc. announced that it had filed a registration statement to the Securities and Exchange Commission in order to become a fully reporting company. They in Rosatom believe that by reporting a JV with Atomenergomash NUCON-RF sought to attract investors before entering the market.
“The very fact that a US company has announced a nuclear JV with a Russian partner proves that peaceful nuclear projects are becoming a guarantee of reliability in the financial world,” a Rosatom representative has told Interfax. “However, in this particular case, Atomenergomash was absolutely right to disprove the news: it would be wrong on its part to raise some unreal expectations.”
In Russia NUCON-RF has an interest in ZAO «EMBP» ATOLL, a St. Petersburg-based manufacturer of parts and equipment for nuclear power plants. NUCON-RF reports to have 50% interest in ATOLL, but, as much as Rosatom knows, it has just 13%.
