COVINGTON, Ky., June 28, 2011 /PRNewswire/ -- Valley Forge Composite Technologies, Inc. (OTCBB: VLYF), a developer, manufacturer and distributor of next-generation detection systems, announces that it has agreed to participate in the creation of a company in Troitsk, Russian Federation. The exclusive purpose of this company is to conduct research activities focused on the photonuclear detection system that is a major subcomponent of THOR, Valley Forge's explosive, narcotic and fissile detection system for cargo containers and luggage.
Aspects of the research may include expanding the photonuclear 'fingerprint' database of explosive and narcotic compounds, and investigating addition possibilities to apply this technology. All work will be under the research category "Nuclear Technologies".
This new company will be 50% owned by Valley Forge Composite Technologies, Inc. and 50% owned by the Russian scientists and engineers who worked on the original CRADA project.
About Valley ForgeMore information about Valley Forge Composite Technologies, Inc. can be found at www.vlyf.com. Forward-Looking Statement 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. ContactValley Forge Composite Technologies, Inc.