GMTech (PK) (USOTC:GMTH)
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Today Global Matrechs, Inc. (OTCBB: GMTH)
http://www.globalmatrechs.com announced an update on NuCap(TM), its
highly radiation- and corrosion-resistant technology, following the
recent 20th anniversary of the accident at Chernobyl. NuCap(TM),
formerly known as EKOR(TM), was originally applied at the Chernobyl
reactor in 2000, at the site of the worst nuclear accident to date.
The radiation-resistant material was successfully applied on a
fuel-containing mass located at the bubble pool under the reactor and
is still stable and on-site.
The original formula for EKOR was created specifically for the
purpose of addressing the Chernobyl Shelter. The technology has been
advanced and improved upon since its introduction to the U.S. under
Global Matrechs, Inc.'s direction, to meet U.S. standards and testing.
The company had announced previously that it was in negotiations
with an American company with offices in Berlin and Moscow for
exclusive marketing and distribution rights for NuCap(TM) to Eastern
European governments, with a particular focus on the Ukraine and, in
particular, the Chernobyl site. According to the company, these
negotiations are continuing.
Michael Sheppard, C.E.O. of Global Matrechs, reported that "We are
moving forward with our plan and expect to complete our Master
Manufacturing Agreement with Dow Corning and a Sales Agreement with a
company that will represent us in Eastern Europe. Once completed, we
believe we will be in a position to service the needs of this sector
in the area of nuclear waste encapsulation. The advent of this is very
exciting to the company, and we believe it will mark the achievement
of a significant milestone for NuCap(TM) on its road to becoming a
commercially successful product offering."
With quality assurance programs for U.S. nuclear storage,
including the program at the Yucca Mountain facility, currently under
review, Global Matrechs, Inc. is increasing its efforts to obtain
approval for the use of NuCap(TM) in the U.S. The Company had
previously announced its receipt of a commercial order for NuCap(TM)
for the Hanford Nuclear Site located in Richland, WA. The Company
believes NuCap(TM) would be used to cover the walls of a "pit" in
which there has been a radiation spill.
NuCap(TM) has been engineered for use in a wide variety of
applications in settings presenting low- to high-level radiation and
other environmental challenges. NuCap(TM)'s applications range from
in-situ, stabilization, D & D, containment and encapsulation to
transportation and final storage and disposal. The company believes
NuCap(TM) may also have applications that could assist in resolving
the special challenges faced by operating reactors in nuclear power
plants and research facilities, uranium/thorium and other mining
venues, nuclear medicine and the chemical industry.
About Global Matrechs: www.globalmatrechs.com
Global Matrechs operates a licensed technologies business. Through
its licensed technologies, Global Matrechs seeks to convert the
licenses it has acquired in emerging technologies in the nuclear
energy, environmental and chemical industries into manufactured
products primarily through sub-licenses of those technologies to
manufacturers.
"Forward-Looking Statements"
Investors are cautioned that certain statements contained in this
document, as well as other statements in periodic press releases and
some oral statements of Global Matrechs, Inc. officials during
presentations, are "forward-looking" statements within the meaning of
the Private Securities Litigation Reform Act of 1995 (the "Act").
Forward-looking statements include statements which are predictive in
nature, which depend upon or refer to future events or conditions, or
which include words such as "expects," "anticipates," "intends,"
"plans," "believes," "estimates," "hopes," "seeks," or similar
expressions. In addition, any statements concerning future financial
performance (including future revenues, earnings or growth rates),
ongoing business strategies or prospects, and possible future actions,
which may be provided by management, are also forward-looking
statements as defined by the Act.
Some of the factors that could significantly impact these
forward-looking statements in this press release include, but are not
limited to: insufficient cash flow to continue to fund the development
and marketing of the Company's products and technologies; the failure
of the Company's products and technologies to become commercially
marketable; the loss of key personnel; changes in financial markets
and general economic conditions; and, disputes as to the Company's
intellectual property rights, including the Company's rights to the
technologies that it licenses from Eurotech, Ltd. Forward-looking
statements are based upon current expectations and projections about
future events and are subject to risks, uncertainties, and assumptions
about Global Matrechs, its licenses, products, economic and market
factors and the sectors in which Global Matrechs does business, among
other things. These statements are not guarantees of future
performance and Global Matrechs has no specific intention to update
these statements. More detailed information about those factors is
contained in Global Matrechs's filings with the Securities and
Exchange Commission.