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Russell Industries Receives Initial DOE Response

^{Published on 2008-12-22 06:50:53, Last Modified on 2008-12-22 06:51:31 - Market Wire}
 

HOUSTON--([ BUSINESS WIRE ])--Russell Industries, Inc. (OTC:RUSL), has received an initial response from Department of Energy regarding its funding proposal for an Algae Farm to be located in the Houston area. The response acknowledges that DOE has considered algae as a potential feedstock for producing transportation fuel for a number of years. However, funding and authorization for algal research grants has not been appropriated in the amount needed for this proposal, according to the Department of Energy. "The Company is continuing to work with DOE representatives and has asked assistance from U.S. Congressional representation to find a way for DOE to participate in our project before the Company goes to the public capital market," said Rick Berman, President and CEO.

Russell Industries, a Nevada Corporation, was incorporated in 1997. The Company is a holding company that will possibly acquire assets in the energy, mining, healthcare and financial industries. The Company owns a majority ownership interest in 255 unpatented uranium and Vanadium Mining Claims in San Juan County, Utah as of December 22, 2008.

Safe Harbor

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and as such, may involve risks and uncertainties. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations, are generally identifiable by the use of words such as "believe," "expect," "intend," "anticipate," "estimate," "project," or similar expressions. These forward-looking statements relate to, among other things, expectations of the business environment in which the Company operates, projections of future performance, potential future performance, perceived opportunities in the market, and statements regarding the Company's mission and vision. Investors should be aware that the Company raises equity capital by selling its stock as per SEC Regulation D, Rule 504 Exemption to Accredited Investors. One result to date of this method of financing is a large amount of issued and outstanding free trading common stock in the market.