COVINGTON, Ky., Dec. 3, 2012 /PRNewswire/ -- Valley Forge Composite Technologies, Inc. (OTC BB: VLYF), developer of state-of-the-art detection systems, including the THOR-LVX photonuclear detection system, today announces that it has two agreements which will provide for updating the electronics, hardware and software of its THOR-LVX photonuclear detection system. The Company executed the agreements on November 28, 2012 and the Company believes the aggregate cost of the agreements to the Company will be approximately $1,160,000 (U.S. currency). The result of this work is anticipated to be improved signal collection and processing as well as reduced cost of the entire system.
The Company believes this work falls under the current pending patent applications as the method and apparatus for detection are not changed.
This modernized variant is being constructed and should be shipped for any first sale of THOR-LVX photonuclear detection system.The agreements are with Minitron of the Russian Federation and include numerous scientists who participated in the original Non-Proliferation Cooperative Research and Development Agreements (CRADA). The work is scheduled for completion sometime in 2013. About Valley Forge Valley Forge Composite Technologies, Inc., has positioned itself to develop and acquire advanced technologies. Between 1996 and 2012, the Company won numerous contracts to produce various momentum wheels, momentum wheel components and other mechanical devices for special applications, some in aerospace. Historically, and in 2012, all of the Company's sales have been derived from these momentum wheels, momentum wheel components and other mechanical devices. The Company purchases components from a variety of sources and engages in direct selling to its customers. Since September 11, 2001 the Company has focused much of its energy on the development and commercialization of its counter-terrorism products. These products consist of an advanced detection capability for illicit narcotics, explosives, and bio-chemical weapons hidden in cargo containers, the THOR-LVX photonuclear detection system , and a passenger weapons scanning device, ODIN. In late 2009, the Company and its partners completed the development of THOR-LVX photonuclear detection system in Russia, and the system has been demonstrated through testing conducted by P.N. Lebedev Physical Institute of the Russian Academy of Sciences, the premiere physics laboratory in the Russian Federation, to be operational and performing to the Company's satisfaction. Valley Forge Composite Technologies, Inc. was founded in 1996 and is headquartered in Covington, Kentucky. More 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. All statements, other than statements of historical facts, that address activities, events or developments that the Company intends, expects, projects, believes, estimates, plans or anticipates will or may occur in the future are forward-looking statements. The words "believes," "anticipates," "estimates," "expects," "plans," "intends," "projects" and similar expressions are intended to identify these forward-looking statements, but are not the exclusive means of identifying them. 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. In particular, there can be no assurances that the Agreements will be completed on time and the technology will work. As stated above, the Company believes this is the first commercial development and delivery of a THOR-LVX photonuclear detection system and there can be no assurances that such a system will work successfully in the commercial environment.