Exhibit
99.1
Guerra
Press Release
|
Media
Contact:
|
David
K. Waldman/Klea K. Theoharis
|
David
Bassiouni
|
Crescendo
Communications
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Weber
Shandwick
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(212)
671-1020
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(917)
403-1136
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dbassiouni@webershandwick.com
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FOR
IMMEDIATE RELEASE
THORIUM
POWER APPOINTS JAMES D. GUERRA AS CHIEF FINANCIAL OFFICER AND
TREASURER,
EXECUTIVE VICE PRESIDENT
McLean,
Virginia – October 23, 2007 – Thorium Power Ltd. (OTCBB:
THPW),
the
leading developer of low waste, non-proliferative nuclear fuel technology for
existing and future reactors, today announced the appointment of James D. Guerra
as Chief Financial Officer and Treasurer, Executive Vice President.
A
seasoned financial executive, Mr. Guerra’s experience encompasses the domestic
and international markets as well as a diverse range of industries including
nuclear energy. Most recently, he served as Vice President of Finance and Chief
Financial Officer of Exelon Business Services Company from 2002 to 2007. Exelon
Business Services Company is the corporate services and operating company of
Exelon, the largest producer of nuclear energy in the United States. Prior
to
joining Exelon, Mr. Guerra was Vice President of Finance and Treasurer and
Controller of Grupo Dina, the Mexico City-based manufacturer of trucks and
the
largest producer of motor coaches and bus spare parts in North America. Earlier
in his career, Mr. Guerra served in senior financial management
positions
with
AT&T, Citigroup, and Beatrice Companies.
Seth
Grae, Chief Executive Officer of Thorium Power, stated: “Jim Guerra is a
highly-valued financial expert in the nuclear energy industry. At Exelon, Jim
was an integral member of the financial team that engineered one of the most
significant turnarounds in the history of nuclear energy. During his tenure,
Exelon became one of the nuclear power industry’s top performers. Jim’s track
record speaks for itself and we are honored to welcome him aboard at this
exciting time.”
Mr.
Guerra noted, “I am pleased to join Thorium Power as we gear up for what is
quickly becoming a very dynamic period for the nuclear energy industry, and
I am
impressed by the significant opportunities the company is ready to embark upon.
I look forward to working with this high-caliber team in establishing a new
standard in non-proliferation and nuclear fuel efficiency.”
Mr.
Guerra holds a B.A. in Economics from the University of Notre Dame and an M.M.
in Accounting/Finance from the Kellogg School of Management at Northwestern
University. He is a licensed CPA in the State of Illinois.
About
Thorium Power, Ltd.
Based
in
McLean, VA, Thorium Power, Ltd. is a nuclear energy pioneer and the leading
provider of low-waste, non-proliferative nuclear fuel technology for existing
and future reactors. The Company's technologies include nuclear fuel designs
optimized to address key concerns about traditional nuclear power, including
nuclear proliferation and nuclear waste. Thorium Power plans to license its
technologies to commercial and government owned reactor operators and nuclear
fuel fabricators aiming to benefit from thorium-based fuels. The Company is
targeting new reactors in countries without a nuclear industry today, as well
as
currently operating and new reactors in countries with an established industry.
Thorium Power is also leveraging its nuclear technology, business and regulatory
expertise and relationships by offering consulting and strategic advisory
services to commercial entities and governments looking to establish or expand
nuclear industry capabilities and infrastructure. In addition to leveraging
its
International and Technical Advisory Boards comprised of key national and
international leaders in the fields of nuclear energy, finance, government
affairs, non-proliferation and diplomacy, the Company maintains long-standing
relationships with leading Russian nuclear entities, providing expert resources
and facilities for its nuclear fuel development activities. To support the
implementation of its business model, Thorium Power has plans to form
partnerships with various types of participants in the nuclear industry,
allowing the Company to address multiple nuclear reactor types internationally.
DISCLAIMER
This
press release may include certain statements that are not descriptions of
historical facts, but are forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. These forward-looking statements may include the
description of our plans and objectives for future operations, assumptions
underlying such plans and objectives, statements regarding benefits of the
proposed merger and other forward-looking terminology such as "may," "expects,"
"believes," "anticipates," "intends," "expects," "projects" or similar terms,
variations of such terms or the negative of such terms. There are a number
of
risks and uncertainties that could cause actual results to differ materially
from the forward-looking statements made herein. These risks, as well as other
risks associated with the merger, will be more fully discussed in any joint
proxy statement or prospectus or other relevant document filed with the
Securities and Exchange Commission in connection with the proposed merger.
Such
information is based upon various assumptions made by, and expectations of,
our
management that were reasonable when made but may prove to be incorrect. All
of
such assumptions are inherently subject to significant economic and competitive
uncertainties and contingencies beyond our control and upon assumptions with
respect to the future business decisions which are subject to change.
Accordingly, there can be no assurance that actual results will meet
expectations and actual results may vary (perhaps materially) from certain
of
the results anticipated herein.
Further
information is available on Thorium Power, Ltd.'s website at
http://www.thoriumpower.com
For
more
information:
Peter
Charles
Thorium
Power, Ltd.
Ph:
(703)
918-4932
Email:
ir@thoriumpower.com
SOURCE:
Thorium Power