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Radiant Energy Corporation Provides an Update on Its Norwegian Operations

Written by thomas · Filed Under Aeronautics News 

July 23, 2008

thomas

TORONTO, ONTARIO–(Marketwire – July 22, 2008) – Radiant Energy Corporation, (TSX VENTURE:RDT) (“Radiant” or the “Company”), the developer and marketer of the radiant de-icing systems, announced that its Norwegian subsidiary, Radiant Aviation Services Europe AS (“RASE”), is in default of the terms of a loan from Innovations Norway, which has demanded repayment. The Company has begun initial discussions with the lender on behalf of RASE. The loan of NOK 9,000,000 ($1.8 million) is secured by a cash deposit of NOK 3,272,100 ($0.6 million) which the lender has taken possession of, a deicing facility located at the Oslo airport owned by RASE, and by a guarantee from the Company. It is anticipated that if a settlement is not reached in this matter, the lender may attempt to recover the amount guaranteed by the Company. The cost of the facility in Oslo was written off in 2007.

Larrie Shepherd, President and CEO, commented, “our attempts to work with the Oslo airport, major potential airline customers and airline operations companies have not resulted in a workable solution for the facility that was built at the Oslo airport, and it is important that the Company focus its resources on the market opportunities in the North American market, where initial success has been shown. The Company is reviewing the processes required to dispose of the assets and settle liabilities of its Norwegian subsidiary”.

About Radiant Energy Corporation

Radiant is the developer and marketer of Radiant Deicing Systems. The Company’s product is the only non-glycol based alternative approved by the US Federal Aviation Administration for the pre-flight ground deicing of aircraft. Aircraft deicing with Radiant’s technology offers savings to airports and airlines over the use of conventional glycol-based deicing systems, reducing aircraft treatment costs and significantly reducing the negative impact of glycol on the environment.

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