(
EMAILWIRE.COM, April 29, 2011 ) ATCO, NJ -- Today, Nuclear Solutions, Inc. (PINK SHEETS:
NSOL.PK) issued a statement from the company’s new President and Chief Executive Officer, Harry Bagot.
Dear Shareholders,
Having concluded my first few weeks as President and CEO, I feel it is appropriate to report on positive developments regarding our day-to-day business structure and corporate governance. I will also provide comments of our proposed Coal to Synthetic Fuel Plant in Kentucky.
At the Boards direction we have formed an Executive Committee that will be an instrument utilized to streamline decision-making as we manage our business. The executive committee consists of Stanley Drinkwater, Bill Chady, Ken Faith and myself as the Signatory.
We are very pleased how our management team has evolved and are poised to work effectively for the Board of Directors with a proactive management environment.
We retained Mr. Fred Frisco to handle investor relations, and his official title is Director of Investor Relations. Mr. Frisco’s background and prior experience with our company makes him an excellent conduit to provide shareholders with pertinent information about the company and our projects on a regular basis.
I was selected for this position based on my past experience as a Real Estate Executive and most recently as Project Manager for the $400 Million-Dollar family housing privatization project at McGuire Air Force Base and Ft. Dix Military Base. The team developed and built 1635 new homes while renovating 449 existing homes. The selection process and development of preliminary plans took almost two years. During the development and construction process the Air Force provided consistent and thorough oversight regarding every aspect of the project. Federal and state regulatory compliance and in-depth due diligence for each phase of the project were monitored by the creation of over twenty-five business plans. The plans were written to ensure that both construction and management operations complied with the represented scope. In addition to new construction, the scope called for the demolition of 1915 older homes, construction of new infrastructure consisting of new street, storm water management, water and sewer mains, and moving electric overhead power lines underground. Over 18 Million Dollars of contaminated soil was removed from the project site. The project also included the construction of two community centers, fifty playgrounds, interconnecting walking jogging trails and management of an electric substation.
I plan on providing the Kentucky CTL synthetic fuel project with the same level of oversight and due diligence. One of the keys of success in the Maguire/Ft. Dix project was the persistence of team members to remain on task and not to lose sight of the primary goal. I want to bring this same persistence and critical path management to our CTL projects.
At this time, our team is focused on developing and building a coal-to-synthetic fuel plant in Muhlenberg, Kentucky. We are analyzing the pro forma, reviewing both hard and soft construction costs, and evaluating the existing site purchased by our subsidiary Fuel Frontiers, Inc. Current budget inputs such as the current cost for coal feedstock, and proposed off-take agreements are being adjusted to account for current economic conditions.
Today with crude oil selling for over $110.00 a barrel and, the national average price of gasoline over $4.00 per gallon, shareholders frequently ask the question, “why is NSOL different from the other alternative energy companies?”
The difference is in NSOL’s strategic approach to the multifaceted fuel requirements of our society. Instead of limiting our business model to production of one specific kind of fuel, such as synthetic diesel, our vision is fortified with the potential to create new ventures addressing the requirements for synthetic jet fuel and synthetic gasoline when technology and economic viability converge to produce opportunities for us.
From our perspective, no other producer that we are aware of has considered the component of production-side fuel flexibility. The choice fuel of the future is unclear. Because of this, having the potential for production-side flexibility is a priority. I believe that the potential to capitalize on the needs for various fuels as the market shifts and evolves will strengthen our business model. The future for our company is not committing to a single alternative fuel but having the ability to adapt and adjust to market demands.
Very truly yours,
Harry R. Bagot
Quelle:http://www.emailwire.com/release/62185-New-President-and-CEO-of-Nuclear-Solutions-Inc-Issues-Statement.html
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