CONCORD, Mass., Feb. 17 /PRNewswire/ -- Starmet Corporation (Nasdaq: STMT)
announced today that its wholly-owned subsidiary, Starmet CMI, has recently
been awarded a contract add-on valued at approximately $1.1 million as part of
its existing contract with Rocky Mountain Remediation Services to convert and
stabilize depleted uranium metal into oxide using DUCRETE(TM) technology.
This brings the total contract value to approximately $2.3 million.
DUCRETE(TM) technology was developed at the Idaho National Engineering and
Environmental Laboratories and Starmet has received the license for exclusive
commercial production rights as part of a strategic alliance with Teton
Technologies, an Idaho Falls, Idaho corporation. In the DUCRETE(TM) process,
uranium materials are thermally processed into a chemically stable form
yielding a dense aggregate. The aggregate, when combined with cement, can be
used to produce low cost radiation shielding for a variety of nuclear waste
applications.
Starmet CMI, established in 1983 as Carolina Metals, Inc., provides
uranium metal products and related services to both the commercial and
government markets.
Starmet Corporation, formerly Nuclear Metals, Inc., is a diversified
metallurgical technology company based in Concord, Massachusetts.
Note:
Statements contained herein that are not statements of historical fact are
"forward-looking statements." Forward-looking statements include, without
limitation, statements concerning the Company's expectations concerning the
completion of work, and the timing of revenues to be realized under, the
contract described above.
Such forward-looking statements are based on a number of assumptions and
involve a number of risks and uncertainties, including uncertainties which are
commonly present in any litigation, such as the availability of injunctive
and other equitable relief in the discretion of a court. Accordingly, actual
results could differ materially from those projected in the forward-looking
statements. Additional factors that may cause such differences include, but
are not limited to, those factors described in Exhibit 99 to the Company's
quarterly report on Form 10-Q for the fiscal quarter ended March 31, 1997.
SOURCE Starmet Corporation
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Related links:
http://www.starmet.com
CONTACT:
Frank J. Vumbaco, Vice President, Corporate
Communications of Starmet Corporation, 508-369-5410
CNOC: http://www.prnewswire.com or fax, 800-758-5804, ext.
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