News out!!!!!!!!!!!!!!
WASHINGTON, D.C., Jan 27, 2006 (PRIMEZONE via COMTEX) -- Future Fuels, Inc. (FFI), a subsidiary of Nuclear Solutions, Inc. (NSOL), announced today that it has retained Regulatory Compliance Consulting, LLC (RCC), headed by Jack McCrossin, to direct a competitive bidding process aimed at selecting an operator to manage and maintain operations at its first waste-to-ethanol production facility to be constructed in Toms River, New Jersey.
A major component of FFI's business model centers on hiring an external operator or management company -- rather than relying on internal resources -- to handle all aspects of operations at its waste-to-ethanol production facility, including hiring and training personnel and meeting necessary regulatory, compliance and safety issues. FFI will utilize the expertise of RCC and Mr. McCrossin to evaluate candidate operators and also to oversee subsequent performance of the operator based on their extensive experience in project coordination, operations, supervision, management, and evaluation in the environment, health, safety, and security fields.
"We welcome the assistance of Regulatory Compliance Consulting in hiring an operator to manage our Toms River, New Jersey waste-to-ethanol conversion facility. The strategy we are taking in implementing our business model is intended to significantly reduce risk and is the best path to getting our first facility up and running in the most efficient manner possible. Most importantly, it allows us to focus on what we do best as a company -- namely bring together the necessary components, such as land, sources of feedstock suitable for conversion into ethanol, and the right technological process, to launch a facility -- while contracting out the day-to-day operations and management of that facility. We plan to use this same strategy at additional waste-to-ethanol conversion facilities at other potential sites across the country," explains FFI President Jack Young.
In addition to moving forward with the operational strategy for its facility, FFI is also close to releasing details of the technological processes it intends to use to convert waste to ethanol. FFI's strategy is to use technology building blocks that are already commercially available or proven. One of the benefits of utilizing such commercially proven technology is the ability to obtain performance guarantees on key subsystems, thereby significantly reducing the risks normally associated with the construction and operation of a facility of this nature. This approach to management boosts confidence levels not only in the success of the facility's operations but also in securing financing, including negotiating most favorable underwriting terms for FFI's $84 million bond offering.
When further details of FFI's technological process are unveiled in the near term, look also for the release of FFI's official Web site.
To date, FFI has secured land, environmental permits, a waste source suitable for conversion into ethanol, and preliminary approval for an $84 million bond authorization from the state of New Jersey to operate a 52 million gallon waste-to-ethanol production facility in Toms River, New Jersey. With today's announcement, other aspects of the business model have been rolled out.
FFI focuses on implementing technology to transform low-value, end-of-life carbonaceous waste materials such as waste coal, used tires, wood wastes, raw sewage, discarded corn stalks, and other agricultural byproducts into high-value, environmentally friendly, clean-burning ethanol. FFI's operations and financial results will be reported on a consolidated basis within Nuclear Solutions, Inc.'s public filings. Contact 202-536-4653 for more information about FFI.
