For Release on August 31, Trading Symbol: NQB Pink Sheets: NNRF

 
NNRF, Inc. Receives $2.5 Million Revolving Credit Facility
 

MOSCOW, Aug 31, 2007 (PRIME NEWSWIRE) -- NNRF, Inc. (Pink Sheets: NNRF) formerly known as NUCON-RF, today announced that on August 28, 2007, NNRF, Inc. (the ``Company'') entered into a $2,500,000 revolving credit facility agreement (the ``Credit Facility'') with Professional Offshore Opportunities Fund, Ltd. (the ``Lender''). Under the terms of the Credit Facility, the Company may borrow up to $2,500,000 from Lender, with $500,000 advanced on closing and additional amounts to be advanced in increments not to exceed $250,000, or more if the parties agree, in any thirty-day period, unless waived by Lender, in which case the loan amount could exceed $250,000 in that period. The Company is required to repay all principal and accrued but unpaid interest on amounts advanced pursuant to the Credit Facility no later than August 28, 2009.

The material terms of the Credit Facility are as follows: The Company has arranged for restricted shares of common stock to be pledged as collateral for the loans. Lender may reduce the amount of the outstanding loans by retaining for its own account pledged stock, subject to the volume restrictions of Rule 144 (no more than 1 percent of the outstanding shares for a 90 day period). The loans bear interest at eight-percent per annum. On each advance, the Company must repay any accrued but unpaid interest and Lender may withhold two months interest from any advance as prepaid interest. The Company may prepay the principal and interest on the loan without penalty. In addition, Lender may withhold from any advance a retention fee equal to five percent of the amount loaned. In connection with the issuance of the loan, the Company provided Lender a Commitment Fee equal to $50,000 and common stock equal to $250,000, which is subject to piggyback registration rights.

 

Safe Harbor Statement

Statements in this press release that are not historical facts are forward-looking statements, including statements regarding announcements of financial results, business potentiality and other prospective presentations by NUCON-RF, Inc. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, our ability to obtain additional financing that will allow us to continue our current and future operations and whether demand for our products in domestic and international markets will continue to expand. NUCON-RF undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in NUCON-RF's expectations with regard to these forward-looking statements or the occurrence of unanticipated events.

CONTACT:

NNRF, Inc. Theresienstrasse 6-8 D-80333 München Tel.: +49 89 288 904 88 Fax: +49 89 288 904 5

NNRF, Inc. 1574 Gulf Rd. #242 Point Roberts, WA 98281 Internet www.nnrf.com