Valley Forge Composite Technologies, Inc. Announces Developments in its THOR-LVX Photo-Nuclear Detection System
COVINGTON, Ky., June 30, 2011 /PRNewswire/ — Valley Forge Composite Technologies, Inc. (OTCBB: VLYF) announces developments in its THOR-LVX(TM) photo-nuclear detection system for cargo containers and airline baggage.
THOR-LVX is a high-energy detection system designed to detect nuclear material, explosives, narcotics and other contraband hidden in cargo containers and baggage, even through shielding.
The company announces that a fully functioning unit is expected to be available for viewing later this year. The unit will be located in the United States. Viewings will be available by appointment for qualified buyers and government representatives.
Separately, the company is pursuing further research related to extending its database of photo-nuclear fingerprints and investigating additional applications for the technology, as referenced in a prior disclosure. This work is being performed in conjunction with engineers and scientists in the Russian Federation and in the United States. The results of this research may include applications in fields such as bio-technology, nano-technology and nuclear technology.
The company is filing patents through the PCT to protect key aspects of the technology. The company is also pursuing exclusive rights agreements. Both activities are pursuant to the CRADA under which the project was initially funded by the United States Department of Energy.
The company is in the process of creating manufacturing plans to provide limited production of 2 to 3 machines per month. These manufacturing capabilities are expected to be on-line at approximately the same time as when the unit is available for viewing.
The company anticipates that once the product is ready for viewing in the United States and available for qualification testing by potential purchasers that sales would follow.
About Valley Forge
Valley Forge Composite Technologies, Inc. develops, manufactures and distributes next-generation detection systems. More information about Valley Forge Composite Technologies, Inc. can be found at www.vlyf.com.
The Private Securities Litigation Reform Act of 1995 provides a ‘safe harbor’ for certain forward-looking statements. Statements in this press release that relate to Valley Forge Composite Technologies, Inc.’s future plans, objectives, expectations, performance, events, reports made by others and the like, including a statement about the assumptions underlying a forward-looking statement, are forward-looking statements protected by the safe harbor. Investors should understand that future events, risks and uncertainties, individually or in the aggregate, are factors that could cause our actual results to differ materially from those expressed or implied in our forward-looking statements. These factors could include changes in economic conditions or government policies that may change the demand for the Company’s products and services and could include other factors discussed in the sections of the Company’s report on Form 10-K for the year ended 31 December, 2010 as filed with the U.S. Securities and Exchange Commission, entitled ‘Business,’ ‘Management’s Discussion and Analysis of Financial Condition and Results of Operations’ and ‘Risk Factors.’ This release is comprised of interrelated information that must be interpreted in the context of all of the information provided and care should be exercised not to consider portions of this release out of context. Investments in the Company should be considered speculative and prior to acquisition, should be thoroughly researched. Valley Forge Composite Technologies, Inc. does not intend to update these forward-looking statements prior to its reporting of its quarterly or annual results.
Valley Forge Composite Technologies, Inc.
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SOURCE Valley Forge Composite Technologies, Inc.