Inter-Americas enters 'substantial negotiations' in $110 million buyout offer of Nuclear Solutions

By Jennifer Chiou

New York, Jan. 18 - Inter-Americas, Inc. said that it is moving forward after a positive response to its $1.50 per share buyout offer for Nuclear Solutions, Inc.

The deal could close within 30 days, it said.

In a Jan. 17 response letter, Nuclear Solutions chairman and chief executive officer Patrick Herda indicated that a buyout offer would be of interest to management and expressed desire for further discussions.

"Receiving a very positive response from Nuclear Solutions' board of directors in their Jan. 17, 2008 letter, we have entered into substantial negotiations to move forward with our intended offer for the company, including all fully diluted shares," Inter-Americas president Larry Romano said in a news release.

"While awaiting prior requested reports, we are proceeding expeditiously on this process and with Nuclear Solutions' shareholder approval; the merger should be completed within 30 days."

Inter-Americas offered $110 million to purchase Nuclear Solutions in an unsolicited bid for the company in a Dec. 21 letter. Inter-Americas said it intended to buy "all outstanding common stock (on a fully diluted basis), assets, technologies, current and future business operations" of the company as well as its wholly owned subsidiary Fuel Frontiers, Inc.

Herda noted in the letter that shareholders must approve the sale and merger.

Nuclear Solutions engages in the research, development and commercialization of product technologies and processes for homeland security and defense, nuclear remediation, synthetic ethanol production and nano-technology applications and is based in Washington, D.C.

Inter-Americas is a private financial resources and investment company based in Woodstock, Ill.

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